The International Monetary Fund has cut its global growth forecasts for this year and 2013, a German newspaper said on Friday. Citing excerpts from the IMF’s World Economic Washington-based body predicted world economic growth of 3.3 percent in 2012 and 3.6 percent in 2013.
The week ahead is comparatively light in terms of economic data releases while there are certain important events pertaining especially to Euro Zone and sentiments are likely to be centered around these events. To start with, Euro Area finance ministers will be meeting in Luxembourg today and tomorrow and investors will be looking out for cues on Spanish bailout and issues between Greece and troika of IMF, European Commission and ECB. In the meeting, the ministers are expected to launch their 500 billion euro permanent bailout fund to support distresses euro zone nations. ECB’s Draghi will be speaking at European Parliament Panel on Tuesday and this event will be highly watched out for his comments as he had earlier announced that the outright monetary transactions program was ready for immediate use. Also, German Chancellor visiting Greece on Tuesday and G7 meeting on Thursday are the other important events. Among the economic data, US trade balance and PPI on Thursday apart from the weekly jobless data will be in focus. Earlier today, the German trade balance released showed an unexpected rise in exports in August while industrial production contracted 0.5 per cent from 1.3 per cent in July.
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