The International Monetary Fund will reduce its estimate forglobal growth this year on weakness in investment, jobs andmanufacturing in Europe, the U.S., Brazil, India and China,Managing Director Christine Lagarde said.
“The global growth outlook will be somewhat less than weanticipated just three months ago,” Lagarde said in a speech inTokyo today. “And even that lower projection will depend on theright policy actions being taken.” The new outlook will beannounced in 10 days, after an April estimate of 3.5 percent, shesaid.
Interest-rate cuts in China and Europe yesterday and the Bank ofEngland's boost to an asset-purchase program underscored thefragility of the global recovery as austerity measures and debtburdens weigh on advanced nations. Lagarde is pressing for fiscalunion in Europe to aid growth and financial stability as nationssuch as Greece wrestle with balancing their books.
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