CBJ — Despite ongoing economic trade wars perpetuated by the U.S. government and also increased oil prices, the International Monetary Fund is keeping its overall forecast for global economic expansion unchanged at 3.9% per cent this year.

While the global forecast appears rosier than expected, the IMF is downgrading the outlook for Europe and Japan.

The IMF now predicts that the economy of the 19-country eurozone will grow 2.2% and not the 2.4% it had previously forecast in April. The outlook for the Japanese economy is now expected to expand 1%, down from the 1.2% forecast in April.

The IMF still expects tax cuts to lift U.S. economic growth to 2.9%, up from 2.3% in 2017.

@CanBizJournal