The agency said global growth will increase modestly from 2.9% in 2019 to 3.3% in 2020 and 3.4% in 2021. The slight downward revision of 0.1 percent for 2019 and 2020, and 0.2 percent for 2021, is due largely to downward revisions for India, the IMF said.

The IMF added that the easing of US-China trade tensions has reduced uncertainty.  The world economy may have hit the bottom, but a sharp slowdown in India is creating a drag worldwide.