IMF Trims Outlook

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    The International Monetary Fund (IMF) has trimmed its economic outlook and says that more government action is needed to prop up a faltering recovery. It now sees global growth at 3.5 per cent in 2012 and 3.9 per cent in 2013, which is marginally lower than in its April forecast. For Canada, the outlook has not really changed, it sees 2.1 per cent growth this year (up 0.1 per cent from its April call) and 2.2 per cent in 2013 (unchanged from April). The global forecasts are based on two important assumptions ‒ that there will be sufficient policy action to allow financial conditions in the euro area to ease gradually and that recent policy easing in emerging market economies will gain traction.