While the U.S. has been enjoying some economic success of late, much of the world is looking gloomier. The IMF made a big cut in its World Economic Outlook Update released today. Global growth for 2015 was revised down to 3.5% from 3.8%, a big cut. The outlook for 2016 was also cut by .3 percentage points to 3.7% growth.
IMF economist Olivier Blanchard said of the ramifications “At the country level, the cross currents make for a complicated picture. It means good news for oil importers, bad news for oil exporters. Good news for commodity importers, bad news for exporters. Continuing struggles for the countries which show scars of the crisis, and not so for others. Good news for countries more linked to the euro and the yen, bad news for those more linked to the dollar.”