Increasing concerns over the prospects for world economic recovery have led the International Monetary Fund to make its second downward revision to GDP growth forecasts since April. In its July update, the IMF predicts that the global economy will expand by 3.1% this year (which is the same growth rate as in 2012), before accelerating to 3.8% in 2014. Both projections have been cut by 0.25% from the growth rates anticipated in the IMF's original World Economic Outlook, which was published 3 months ago.
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