The International Monetary Fund, the world's leading economic watchdog, warned that the risks to global economy remain on the downside as it reduced its growth forecast for the second time in less than six months.
In an unscheduled update to its semi-annual World Economic Outlook which was issued in October, the IMF said it now expects global GDP to reach 4.1pc this year rather than its initial forecast of 4.4pc, and some way down on the 4.9pc achieved last year.
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"The overall balance of risks to the global growth outlook is still tilted to the downside," the IMF noted. "The financial market strains originating in the US sub-prime sector have intensified, while the recent steep sell-off in global equity markets was symptomatic of rising uncertainty," it continued.
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