IMF Lowers 2019 Global Economic Growth Forecast to 3.3%

The International Monetary Fund (IMF) has again cut its projection for 2019 global economic growth to 3.3%. Based on the World Economic Outlook report released in April 2019, the IMF lowered its projection for world economic growth by 0.2 percentage points from its previous estimate of 3.5%.

This downward revision is due to downside risks caused by ongoing global trade uncertainty and tensions, as well as several other factors. The 3.3% growth projection for this year is 0.3 percentage points below the 2018 figure. However, global economic growth is expected to rebound to 3.6% in 2020.

(Read Databoks: IMF Revises 2019 World Economic Growth Projection Due to Slowdown in Europe and Trade War)

The projected economic growth for advanced economies this year is 1.8%, falling to 1.7% in 2020. The projection for emerging market and developing economies has been lowered to 4.4% this year and is expected to increase to 4.8% in 2020. Meanwhile, the Indonesian government is targeting 5.3% economic growth in 2019, which is still above the average growth of developing countries.

(Read Databoks: Indonesia One of the Highest Contributors to Global Growth 2017-2019)