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| IMF's Christine Lagarde warns of more global growth cuts | IMF's Christine Lagarde warns of more global growth cuts |
| (about 2 hours later) | |
| The International Monetary Fund looks likely to cut its forecast for global growth next month when it updates its projections for the world economy. | The International Monetary Fund looks likely to cut its forecast for global growth next month when it updates its projections for the world economy. |
| IMF head Christine Lagarde said in a speech that global growth would "likely be a bit weaker" than anticipated. | IMF head Christine Lagarde said in a speech that global growth would "likely be a bit weaker" than anticipated. |
| Problems in the eurozone and worries about the US economy continued to weigh on investors' confidence, she said. | Problems in the eurozone and worries about the US economy continued to weigh on investors' confidence, she said. |
| She also warned of a slowdown in some of the emerging nations that previously bolstered global economic growth. | She also warned of a slowdown in some of the emerging nations that previously bolstered global economic growth. |
| In July, the IMF cut its global growth projection for 2013 to 3.9%, but left its 2012 forecast unchanged at 3.5%. | In July, the IMF cut its global growth projection for 2013 to 3.9%, but left its 2012 forecast unchanged at 3.5%. |
| Mrs Lagarde, speaking in Washington, said on Monday: "We continue to project a gradual recovery, but global growth will likely be a bit weaker than we had anticipated even in July, and our forecast has trended downward over the last 12 months." | |
| She welcomed recent measures by eurozone governments and the European Central Bank to get a grip on the bloc's problems. | She welcomed recent measures by eurozone governments and the European Central Bank to get a grip on the bloc's problems. |
| Earlier this month, the ECB said it would buy an unlimited number of bonds from distressed eurozone countries. "It was clearly a turning point," Mrs Lagarde said. | Earlier this month, the ECB said it would buy an unlimited number of bonds from distressed eurozone countries. "It was clearly a turning point," Mrs Lagarde said. |
| But she added that region was still "the epicentre" of the crisis. | But she added that region was still "the epicentre" of the crisis. |
| Mrs Lagarde also said the US must avoid plunging off a fiscal cliff of deep government spending cuts and tax increases that could cause another recession and harm the global economy. | Mrs Lagarde also said the US must avoid plunging off a fiscal cliff of deep government spending cuts and tax increases that could cause another recession and harm the global economy. |