IMF on the world economy

  • Global growth momentum 'remains on track'
  • Outlook for emerging markets picking up
  • Still sees world GDP growth about 3.5% this year and next
  • Expects slightly firmer economic growth in Europe and Asia
  • US growth prospects somewhat weaker than in April outlook
  • European bank balance sheets still need repair

The IMF had already hinted it would cut US growth but it looks like better growth elsewhere will pick up the slack.

Lagarde said nations need "tangible policy action" to boost growth.