The IMF cut global growth estimate to 3.3% this year from an earlier 3.4% projection and to 3.4% in 2021 from 3.6% previously.
The IMF also expects the expansion in the US and Chinese economies, the world's two biggest, to slow down this year and next. The US economy is seen growing 2% in 2020 and 1.7% in 2021, slower than the estimated 2.3% expansion in 2019.
China, on the other hand, will rise 6% this year and 5.8% in 2021, down from an estimated 6.1% growth in 2019.
"There are preliminary signs that the decline in manufacturing and trade may be bottoming out. This is partly from an improvement in the auto sector as disruptions from new emission standards start to fade. A US-China Phase I deal, if durable, is expected to reduce the cumulative negative impact of trade tensions on global GDP by end 2020—from 0.8 percent to 0.5 percent.
The projected recovery for global growth remains uncertain.
The service sector remains in expansionary territory, with resilient consumer spending supported by sustained wage growth. The almost synchronized monetary easing across major economies has supported demand and contributed an estimated 0.5 percentage point to global growth in both 2019 and 2020.
In advanced economies, growth is projected to slow slightly from 1.7 percent in 2019 to 1.6 percent in 2020 and 2021. Export dependent economies like Germany should benefit from improvements in external demand, while US growth is forecast to slow as fiscal stimulus fades."
News 
Market Data 
Discover 
