Trade Agreements: Percent Projection

trade agreements: The 2017 forecast was cut to 3.4 percent from 3.5 percent, according to The Japan Times. The IMF new forecast is based on the assumption that British and EU officials reach new trade agreements that avoid a large increase in economic barriers. The IMF sees global gross domestic product rising 3.1 percent this year, down from April 3.2 percent projection and equal to growth in 2015, according to the fund quarterly World Economic Outlook, released Tuesday in Washington. However, if talks break down, Britain will slip into recession as more financial institutions relocate to the euro area and consumption and investment contract more than expected, the fund said. The real effects of Brexit will play out gradually over time, adding elements of economic and political uncertainty that could be resolved only after many months, IMF chief economist Maurice Obstfeld said in the text of remarks for a press briefing Tuesday. In a severe scenario, global growth is seen sliding to 2.8 percent this year and next. (news.financializer.com). As reported in the news.