IMF says global economy is weak, calls for G20 to take action - from TRUNEWS

(TRUNEWS) The International Monetary Fund said the global economy is weak and “highly vulnerable to adverse shocks”.

They blamed it on “increasing financial turbulence and falling asset prices”, according to BBC.

The report was released just in time for the G20 meeting of finance ministers and central bankers, which is set to take place in Shanghai in the coming days.

China’s economic downturn isn’t helping and is fueling global concerns.  The country’s growth is at its slowest rate in 25 years.

The IMF is calling for the G20 to take dramatic action, including boosting public spending on infrastructure to help spur growth, as reported by The Guardian.

The group believes a more severe downturn could be coming.

The International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the 2013 Spring Meeting of the International Monetary Fund and World Bank in Washington, April 18, 2013. REUTERS/Yuri Gripas

The Organization for Economic Cooperation and Development (OECD) release its report last week, also lowering expectations for global growth, and warning about austerity.  They projected world economic growth would be at 3 percent for this year, according to International Business Times.

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