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IMF cuts growth forecast for Australia as world economy picks up momentum

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The International Monetary Fund on Tuesday revealed it is raising its forecast for global growth to 3.6 percent this year. However, the economic institution cut its growth forecast for the Australian economy due to weather-induced hitch.

The global recovery appears widespread, with three-quarters of the world dealing with an upswing. The United States, Japan and China are predicted to grow faster this year.

IMF chief economist Maurice Obstfeld said the improved outlook for the US did not include any expectations that the US will pass big tax cuts. The 2.2 growth this year reflected US growth in the first half of 2017.

As for Australia, the IMF expects........

© International Business Times