The International Monetary Fund (IMF) released a chapter of its forthcoming World Economic Outlook (WEO) that showed further declines in the global growth rate, which has slowed steadily since the 2008-2009 global financial crisis.
"Without ambitious steps to enhance productivity, global growth is set to fall far below its historical average," the IMF said, warning that expectations of weak growth could discourage investment, possibly deepening the slowdown.
The global lender said the persistent low-growth scenario, combined with high interest rates, could also restrict governments' ability to counter economic slowdowns and invest in social welfare or environmental initiatives.
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