The pattern has become familiar. Every April, the International Monetary Fund comes up with a forecast for global economic growth. Within a few months, it becomes clear that the prediction was too optimistic. The IMF then cuts the forecast, adding a warning to its 188 member countries that they need to do more, individually and collectively, to boost activity.
Christine Lagarde, the IMF’s managing director, has made it plain that another downgrade is anticipated when the Washington-based organisation publishes its World Economic Outlook next week. The IMF had been expecting a stronger performance from the advanced economies of the west to compensate for weaker growth in some of the leading emerging markets, such as China and Brazil.
