Maurice Obstfeld, Economic Counsellor and Director of Research Department, IMF, speaks during the World Economic Outlook media briefing during the IMF and World Bank Group 2016 Spring Meetings on April 12, 2016 in Washington, DC. / AFP / MOLLY RILEY
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The International Monetary Fund cut its global growth forecasts for the next two years Tuesday, citing uncertainty over Britain's looming exit from the European Union.Cutting its World Economic Outlook forecasts for the fifth time in 15 months, the IMF said that it now expects global GDP to grow at 3.1 percent in 2016 and at 3.4 percent in 2017 – down 0.1 percentage point for each year from estimates issued in April.The IMF said that the impact will hit hardest in Britain itself, where the institution cut its 2016 growth forecast to 1.7 percent, down 0.2 percentage points from its April forecast. It cut the 2017 U.K. forecast more sharply, by 0.9 percentage points, to 1.3 percent.Under that scenario, Britain would fall into recession and global growth would slow to 2.8 percent in both 2016 and 2017, the IMF said.
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