The International Monetary Fund (IMF) revised its 2013 global economic growth forecast from its previous April forecast. Global growth is now projected at slightly above 3 percent in 2013, identical to 2012. The IMF justifies its reformed expectations as being a result of weaker domestic demand and slower growth among several key emerging economies.
Economic growth is expected to slowdown in many developing economies, particularly among the BRICS and sub-Saharan Africa. Growth of economies in the Middle East and North Africa is also expected to remain weak, due primarily to many countries’ ongoing political turmoil.