IMF Chief Economist Gita Gopinath said in a blogpost that the biggest contributor to the revision of global economic growth was India, where growth slowed sharply owing to stress in the non-banking financial sector and weak rural income growth.

The International Monetary Fund (IMF) has slashed India's growth rate to 4.8 per cent for the current financial year. In October, the IMF had estimated the growth rate at 6.1 per cent.

Regarding her bilateral meetings on the sidelines of the IMF's meetings, the minister stressed that the negotiations between India and the United States to reach a trade deal is underway in "full speed".

The IMF on Tuesday slashed India's economic growth projection for 2019 to 6.1 per cent but said that it might pick up to 7 per cent in 2020.

IMF (International Monetary Fund) has come with statement that India's growth rate during the current fiscal year will be only 6.1 per cent as against 7.3 per cent mentioned some months ago.

It said that to rejuvenate growth, policymakers must undo the trade barriers put in place with durable agreements, rein in geopolitical tensions and reduce domestic policy uncertainty.

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The Americas and Asia Pacific are most affected by concerns about the US-China trade war while Africa is least affected, the IMF said in a new index aimed at quantifying trade uncertainty.

The IMF survey of nearly one million companies from 27 advanced and emerging market economies since the early 2000s shows that firms' average price markup -- the ratio of a company's product price to its production cost -- has increased moderately.

This is the third time in the last six months that the IMF has cut its global outlook forecast. it has also projected a decline in growth for 70 per cent of the world economy this year.