"Those are the main factors behind the downgrade", Obstfeld said.
The IMF will announce its next World Economic Outlook Update in October. Nigeria's growth is set to increase from 0.8% in 2017 to 2.1% in 2018 and 2.3% in 2019 on the back of an improved outlook for oil prices.
"The widespread political malaise driving many current policy risks, including on the trade front, has roots in several countries' experiences of noninclusive growth and structural transformation, heightened by the financial crisis of 2007-09 and the difficulties that followed", said Obstfeld, who added that without intervention, the political future would darken.
Although the global recovery is in its second year, growth has "plateaued" and become less balanced, and "the risk of worse outcomes has increased", Obstfeld told reporters, and in fact the forecast for this year was revised downward, but was rounded up to 3.9 percent.
The IMF said that China would continue to grow at the slower rates it expected in April, of about 6.6 per cent this year.
International Monetary Fund chief economist Maury Obstfeld warned that "the risk of worse outcomes has increased" for the world economy as trade conflicts widened. India's economy was a key beneficiary of falling crude oil prices between 2013 and 2015, given that low oil prices incentivise consumption.
"That adds to oil and tighter global financial conditions in taking a little bit off growth for next year", he said.
Overall, the WEO sees Emerging and Developing Asia maintaining its "robust performance", posting a growth rate of 6.5 per cent in 2018-19.
Click here for enlarge
The IMF warned that some large economies in Latin America, emerging Europe, and Asia will growth at rates below its April forecasts.
The RBI will now come up with its monetary policy in August amid a five-month-high consumer price index inflation rate at 5 per cent and more than a four-year high wholesale price index inflation rate at 5.77 per cent in June.
Global current account imbalances would widen owing to a relatively high demand growth in the U.S., the report added.
An escalation of tariffs to levels threatened by the United States, China and other countries would not only have a direct effect on demand, but would heighten uncertainty and hurt investment, the International Monetary Fund said.
"Our modeling suggests that if current trade policy threats are realised and business confidence falls as a result, global output could be about 0.5pc below current projections by 2020", the report warned.
"As the focus of global retaliation, the United States finds a relatively high share of its exports taxed in global markets in such a broader trade conflict, and it is therefore especially vulnerable".
The report noted that worldwide migration pressures were "politically destabilising" and could not be dealt with without cooperative action to "improve global security, support the Sustainable Development Goals, and resist climate change and its effects".
‘Oddball’ among 12 new moons discovered around Jupiter
Astronomers who were searching for a planet beyond Pluto discovered 12 previously undetected moons orbiting around Jupiter. This orbital arrangement means Jupiter appears as the largest disc in the sky and will be visible from sundown to sunrise.
Evan Blass leaks a Samsung Galaxy Note 9 render
One of the biggest changes coming to the Galaxy Note series is the stylus officially referred to as the S Pen. A few images that claim to show the Samsung Galaxy Note 9 have made their way online.
A State Department official said the application was without merit and the United States would fight it in the court. The remaining 45 percent payment was remitted in rupees in accounts Iranian oil companies had with the UCO Bank.
Seven protesters were injured in Basra, an important oil port that accounts for more than 95 percent of Iraq's oil revenue. Yet, it remains underdeveloped and has suffered from chronic power outages, poor water quality and uncollected waste.
Simon Mignolet , meanwhile, is expected to leave Anfield this summer after he lost his place to Karius last season. The 25-year-old stopper has spent two years in Italy following his arrival from Internacional in his homeland.
Prior to joining this, Rabii was responsible for developing the Visual Core chip that is used in Google's Pixel smartphones . Besides Facebook , Apple, Google , Amazon, and Baidu have already embarked towards making their own hardware technologies.
On Monday, Bellhops CEO Luke Marklin surprised Carr by giving him his own 2014 Ford Escape , which he drove down from Chattanooga. That's when Knighten and two other officers took him to breakfast. "He is humble and kind and cheerful and he had big dreams".
Meanwhile, at Chelsea , Thibaut Courtois looks to be on his way out of the club as he nears his desired move to Real Madrid . Chelsea sold the 36-year-old to the Gunners for around £10 million three years ago after losing his place to Courtois.
May's government is defeated on an amendment committing the United Kingdom to retaining European Union regulations on medicines. And Liberal Democrat Brexit spokesman Tom Brake said Mrs May's Chequers negotiating strategy was now "in tatters".
He later went on to say that before the meeting, the United States relationship with Russian Federation was a "potential problem". His skepticism drew a quick formal statement - nearly a rebuttal - from Trump's director of national Intelligence, Dan Coats .
The brooch was a gift from former US President Barack Obama , and his wife Michelle when they visited the United Kingdom in 2011. It all started when one social media user tweeted about something interesting they noticed about the Queen's fashion that day.
Add Royal Family as an interest to stay up to date on the latest Royal Family news, video, and analysis from ABC News. The candid photograph shows a glowing Kate Middleton cradling her youngest son - a grinning Prince Louis .
It will still use the light ammunition type. "Two new weapons make their way into Save the World and Battle Royale ". These llamas are exceptionally hard to find during a game of Fortnite , but find one and it will be worth your time.
Hometown slugger wins All-Star Home Run Derby
The event simply lacked the kind of star power that it regularly featured in the past, which might not bode well for the future. The crowd of 43,698 erupted at Nationals Park when Harper downed Muncy 13-12 with 1:11 left on the clock.
Houston Police take suspected serial killer into custody
The victims Last Saturday, a store manager found the body of Allie Barrow between two mattresses at the Mattress Firm on FM 1960. A fifth crime, a home invasion robbery July 9 in northern Harris County also could be linked to Rodriguez, authorities said.
Chennai: Hearing-impaired minor gang raped for 7 months
The complainant told the police that Ravi, a 66-year-old elevator operator, first sexually assaulted her over seven months ago. Police have arrested the development's security guard, lift operator and water supply controller among other suspects.
Texas house guest 'bit off and swallowed woman's nose'
Doctors told Tatiana she needs to have the surgery within two weeks, or it will become more complicated as the wound heals. Collins, seen at right, was released from custody after posting $1000 bond on the misdemeanor charge.
CVS Manager Calls Cops on Black Woman for Using Wrong Coupon
No action was taken when officers arrived. "Profiling or any other type of discriminatory behavior is strictly prohibited". The company reviewed the incident over the weekend, and terminated both employees and issued a public apology to Hudson.
Liverpool make £62m bid for Roma goalkeeper Alisson
Karius found out two weeks later that he had suffered concussion in the game following a collision with Sergio Ramos. But they have now made a decision to swoop for the shot stopper, who they have been watching for over 12 months.