IMF head Lagarde says likely to cut global growth forecasts

International Monetary Fund head Christine Lagarde says the IMF is likely to revise its estimates for global economic growth down

Reuters reports on an interview Lagarde gave to French newspaper Les Echos

"A forecast of 3.3 percent growth this year is no longer realistic. A forecast of 3.8 percent for next year neither. We will however remain above the 3 percent threshold"

Lagarde citing

• "recovery process" pace is decelerating
• Emerging economies were driving growth but are slowing
• But developed economies momentum is accelerating

The next lot of IMF forecasts are due in October

German Chancellor Merkel and IMF head Lagarde. Merkel is concerned how the weekend's footy results will impact on developed market economies.