The IMF trimmed its growth expectations to 3.5 percent from 3.7 percent. Global growth outlook for 2020 was also cut to 3.6 percent from 3.7 percent.

In the meantime, major markets around the world headed lower on Monday following the news. The CSI 300 index in China fell 1.3 per cent while Hong Kong’s Hang Seng index fell 0.7 per cent

In Europe, the Stoxx 600 index fell 0.6 per cent. London’s FTSE 100 fell 1.1 per cent, while Frankfurt’s Xetra Dax 30 declined 0.8 percent.

“After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising,” said IMF Managing Director Christine Lagarde who presented the latest forecasts during the World Economic Forum in Davos, Switzerland.

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