• Downside risks to global economic growth increasing
  • Lowers US 2011 GDP forecast to 2.5% from 2.8% in April, 2012 GDP to 2.7% from 2.9%
  • But lifts euro area 2011 GDP growth forecast to 2.0% from 1.6% in April. Lowers 2012 to 1.7% from previous 1.8%
  • IMF cites Greece, Ireland, Japan and US as countries with biggest need to repair public finances
  • Some emerging markets at risk of overheating, need to tighten monetary policy, rebalance economies