The International Monetary Fund (IMF) has trimmed the outlook for world economic growth in its July World Economic Outlook update. Projections for global GDP growth in both 2016 and 2017 have been lowered by 0.1 percentage points to 3.1% and 3.4% respectively. This puts 2016 growth at the same pace as 2015's post-Great Recession low. The downward revisions come despite better than expected performance in 1Q16 (for both Europe the emerging and developing economies) and are due to increased uncertainty following the UK's decision to leave the EU; the "materialisation of an important downside risk for the world economy".
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