(VOVworld) - The International Monetary Fund has lowered its forecast for global economic growth by 0.2 percentage points.

(Photo: Reuters)

A sharp slowdown in China trade and weak commodity prices were cited for the adjustments. The forecast was lowered to 3.4 percent this year and 3.6 per cent in 2017 - down from projections in October - due to "turbulence" in world markets. US economic growth is now projected at 2.6 percent for both 2016 and 2017, down 0.2 percentage point in both years from the October forecast. The Chinese economy is forecast to grow 6.3 percent in 2016 and 6 percent in 2017. According to the IMF, the shift from an export-led economy to a consumer economy is one of the factors responsible for China’s economic growth in 2016 and 2017.