Citigroup cuts global economic growth forecasts

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United States investment bank Citigroup cut its growth forecasts for the world economy on Thursday, saying that risks of a global recession were increasing.

Citi cut its forecasts for global economic growth for 2016 to 2.7 per cent from 2.8 per cent, citing pressures from disinflation.

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“Risks to our growth forecasts probably remain to the downside, with increasing risks of global recession,” Willem Buiter, global chief economist at Citi, wrote in a research note.

World stock markets have slumped since the start of 2016, as a slide in the price of oil has rattled investors and raised concerns about a slowdown in the global economy.

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