The quarterly global outlook from the IMF:

  • Prior world growth forecast was 3.5%, made in April
  • Prior 2016 world growth maintained at 3.8%
  • US forecast at 2.5% vs 3.1% in April
  • IMF says forecast downgrades reflect weak US Q1, seen as "temporary"
  • Sees UK growth at 2.4% vs 2.7% prior
  • Sees Japan growth of 0.8% vs 1.0% prior
  • Sees 2015 Brazil contraction of 1.5% vs 1.0% prior
  • China growth forecast unchanged at 6.8%
  • Sees 'much heavier toll' than expected on Greek economy
  • Risks to the global economy 'tilted to the downside'
  • Eurozone forecast unchanged at 1.5%
  • Canada growth seen at 1.5% vs 2.2% in April
  • Mexico seen at 3.0% vs 2.4% prior
  • Full text

"Disruptive asset price shifts and a further increase in financial market volatility remain an important downside risk," the fund said in the report.

Chief economist Olivier Blanchard is hosting a press conference. Watch it live.