Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Gita Gopinath, the IMF's chief economist, and Gian Maria Milesi-Ferretti, the IMF's research deputy director, take questions from the media. Photo: Olivier Douilery/AFP/Getty Images
The International Monetary Fund is now predicting global economic growth will slow to its weakest level since the 2008 financial crisis in its third revision of its 2019 forecast.
The big picture: A sharper-than-expected slowdown in international trade has affected manufacturing and investments, according to the organization's World Economic Outlook.
- IMF chief economist Gita Gopinath said the organization estimates that trade tensions between the U.S. and China will cumulatively reduce the level of global GDP by 0.8% by 2020.
- Conversely, if all tariffs put in place in 2018 and 2019 were removed, it would boost global GDP by 0.8% — bringing expectations for growth to 4.2%.
By the numbers: The IMF lowered its forecast for growth from the 3.2% it predicted in July to 3%.
- The U.S. forecast was cut from 2.6% to 2.4%.
- China's forecast saw a downward revision from 6.2% to 6.1%.
- The Eurozone area is expected to see 1.2% growth, down from 1.3%.
Our thought bubble, via Axios' Courtenay Brown: The IMF says global trade tensions, particularly the U.S.-China trade war, is dragging down growth. That leaves a revival of the global economy in the hands of politicians, not central bankers whose tools may not be enough to stave off a trade war-prompted slowdown.
Go deeper: A synchronized global slowdown