IMF cuts 2019 global growth estimate to 3%, lowest since crisis

The world economy is slowing to its weakest pace since the global financial crisis, amid continuing trade conflicts that have undercut business confidence and investment, the IMF said Tuesday. It cut the growth forecast for 2019 to 3.0 percent in its latest World Economic Outlook report, and lowered the 2020 estimate to 3.4 percent.

The report warned that the global economy is experiencing "a synchronized slowdown and uncertain recovery." International Monetary Fund chief economist Gita Gopinath said "the global outlook remains precarious" and warned "there is no room for policy mistakes."

The IMF cut its outlook for US growth in 2019, but the world's largest economy remains a bright spot on the global stage. With trade tensions weighing on growth, the International Monetary Fund's World Economic Outlook forecast US growth this year of 2.4 percent -- still above trend, but two-tenths below the July forecast.

In 2020, US GDP is expected to expand by 2.1 percent. "For the United States, trade-related uncertainty has had negative effects on investment, but employment and consumption continue to be robust, buoyed also by policy stimulus," IMF chief economist Gita Gopinath said.