IMF trims global growth estimates

WASHINGTON: Improving US-China trade tensions have eased uncertainty and the world economy may have hit bottom but a sharp slowdown in India is creating a drag worldwide, the International Monetary Fund said on Monday. However, while the risks to the global economy have lessened, the Washington-based global lending institution cautioned that outcomes “depend to an important extent on avoiding further escalation” between Washington and Beijing. In the latest update to its World Economic Outlook, the IMF cut the global growth estimate for 2020 by one tenth compared to the prior report released in October, dropping it to 3.3 per cent.