IMF Director Christine Lagarde. Photo: Mahendra Moonstar/Anadolu Agency via Getty Images

The International Monetary Fund's projection for global economic growth in 2018–19 has been revised down to 3.7% from the 3.9% forecast in April.

The big picture: Ten years after the financial crisis, the global economy is continuing to recover at a robust pace. Since April, however, new risks like the tightening of U.S. monetary policy, heightened trade tensions and emerging market meltdowns have prompted the IMF to temper its growth projections for a number of major economies, including the U.S., China, the U.K. and the euro area. The Organization for Economic Cooperation and Development's latest report similarly downgraded its global growth estimate from 3.8% to 3.7%.

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 12,970,605 — Total deaths: 570,220 — Total recoveries — 7,154,492Map.
  2. U.S.: Total confirmed cases as of 1 p.m. ET: 3,327,388— Total deaths: 135,295 — Total recoveries: 1,006,326 — Total tested: 40,282,176Map.
  3. Public health: WHO head: There will be no return to the "old normal" for the foreseeable future.
  4. Politics: Mick Mulvaney: "We still have a testing problem in this country."
  5. World: Hong Kong Disneyland closing due to surge.

Cuomo: New York will use formula to determine if it's safe to reopen schools

New York Gov. Andrew Cuomo said Monday that schools will only reopen if they meet scientific criteria that show the coronavirus is under control in their region, including a daily infection rate of below 5% over a 14-day average. "We're not going to use our children as guinea pigs," he added.

The big picture: Cuomo's insistence that New York will rely on data to decide whether to reopen schools comes as President Trump and his administration continue an aggressive push to get kids back in the classroom as part of their efforts to juice the economy.

WHO head: There will be no return to the "old normal" in near future

World Health Organization director-general Tedros Adhanom Ghebreyesus. Photo: Fabrice Coffrini/POOL/AFP via Getty Images

World Health Organization director-general Tedros Adhanom Ghebreyesus warned Monday that "there will be no return to the 'old normal' for the foreseeable future," but that there is a "roadmap" for struggling countries to get the virus under control.

Why it matters: A record 230,000 new cases of COVID-19 were reported to the WHO on Sunday, as total infections approach 13 million worldwide.