(MENAFN) The International Monetary Fund (IMF) stated that the worldwide economic progress is forecasted to be worse than previously projected as China's economic turmoil and weak commodity prices remains.
The IMF has cut its international development prediction 0.2 percent points to 3.1 percent for 2015 and to 3.6 percent for 2016, as the distribution of threats to global growth remains tilted to the downside.
"In emerging market economies, the ongoing advance weakness reflects several causes, like lower commodity prices and tighter external financial conditions, structural bottlenecks and the rebalancing in China.
"Downside risks to growth for emerging market and developing economies have increased, given the combination of risks from China's growth transition, more protracted commodity market rebalancing, ," said the IMF report.
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