The International Monetary Fund (IMF) on Tuesday cut its forecast for global economic growth in 2012 and 2013, citing growing financial strains and rising downside risks as Europe's debt crisis entered a "perilous new phase."
The institution said it expects world economic output to grow by 3.3% in 2012, down from 3.8% in 2011 and from a September forecast of 4%. Global output is forecast to expand 3.9% in 2013, down from a previous
forecast of 4.5%.
The IMF expects the 17-nation euro-zone economy to shrink 0.5% in 2012, followed by growth of 0.8% in 2013. The IMF had previously projected growth of 2.1% in 2012 and 1.5% in 2013.
The IMF left its forecast for U.S. economic growth in 2012 unchanged at 1.8%, but pegged 2012 growth at 2.2%, down from an earlier projection of 2.5%.
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