The International Monetary Fund (IMF) has downgraded its estimate for Chinese GDP growth to 7.8pc this year and 7.7pc in 2014, down from its earlier estimates of 8.1pc and 8.3pc in April, respectively. In its World Economic Outlook (WEO) update released today the IMF said global gross domestic product (GDP) was “subdued” and estimated it would only grow by 3.1pc this year, down from a 3.3pc estimated in the original WEO report released in April. Global growth projections for 2014 were also revised downward to 3.8pc from 4pc.
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