IMF cuts global economic growth forecast to 3.1%, warns of recession risk

The International Monetary Fund lowered its global economic growth forecast for this year to 3.1 percent, down from its January prediction of 3.3 percent. The Washington-based institution warned that the world economy faces a challenging year with the potential for recession, citing a possible military conflict with Iran as the primary risk factor. The IMF indicated that without escalation of Middle East conflicts, it would have revised global growth projections upward by 0.1 percentage points instead.