The global economy has been weakening considerably in the last couple of years, especially the major countries, most likely due to the US-China trade war. But, the monetary tightening of the previous few years has also had an impact on the economic weakness and IMF is now revising GDP growth lower.

• 2019 global GDP growth now seen at 2.9% from 3.0% previously
• 2020 global GDP growth unchanged at 3.3%
• 2021 global GDP growth now at 3.4% from 3.6%
• 2020 Eurozone GDP seen at 1.3% vs 1.4% in October due to manufacturing contraction in Germany
• Boosts China 2020 GDP to 6.0% from 5.8% on trade deal
• Cuts 2020 US GDP to 2.0% from 2.1%
• UK forecast unchanged at 1.4%

Last year was revised a tick lower to 2.9%, while 2020 remains unchanged at 3.3%. But, 2021 is revised two points lower to 3.4% from 3.6% in October. Eurozone growth is revised a tick lower as well, due to the cramp in manufacturing. Although, if Donald Trump starts a trade war with the EU this year, things will go from bad to worse I assume, which will force the IMF top revise growth lower again during the year.