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IMF cuts global growth forecasts, citing Europe recession and slowdown in developing countries

The International Monetary Fund is forecasting slower global growth for 2013 and 2014 in an update of its outlook three months ago.

The lending agency cited on Tuesday expectations of a more protracted recession in Europe and a slowdown in key developing countries such as China and Brazil.

The update of the IMF's World Economic Outlook issued in April projects the world economy will grow at 3.1 percent this year, the same rate as last year and down from a forecast of 3.3 percent three months ago. The 2014 forecast was cut to 3.8 percent from 4.0 percent.