IMF cuts global growth forecasts and warns of multiple economic threats

The International Monetary Fund has cut its forecast for global growth in 2016 to 3.2% from the 3.4% it expected in January, with all advanced economies revised downwards.

The UK's growth is expected to slow to 1.9% in 2016 from the 2.2% growth last year, before bouncing back to 2.2% in 2017.

As well as the forecast for the US growth being cut to 2.4% versus 2.6% at the start of the year, the eurozone was revised down to 1.5% for this year from 1.7%.

In a new report titled "Too slow for too long", the IMF's chief economist Maurice Obstfeld called for more monetary stimulus to boost a flagging global economy facing multiple threats.

"The threat of synchronized slowdown, the increase in the already significant downside risks, and restricted policy space in many economies call for bold multilateral actions to boost growth and contain risks at this critical stage of the global recovery," his report said.

Other risks included another bout of financial market turmoil, while a potential vote by Britain to leave the European Union "could do severe regional and global damage".

Nigeria was hit by the deepest downgrade, to 2.3% from the previous forecast of 4.1% due to the country's troubles with its oil industry.

The Russian economy is expected to contract 1.8% (from 1%) and Brazil by 3.8% (from 3.5%).

However, India's forecast was unchanged and China's growth forecast was lifted to 6.5% from 6.3%.