PETALING JAYA: Citigroup has once again cut its global growth forecast, as it views growth prospects have continued to deteriorate quickly, both for advanced and emerging economies.
The international financial conglomerate said in a recent report that it expected global economic growth (at current exchange rates) to slow from 4% last year to 3% this year and to 2.9% in 2012. This was a downward revision from its forecast last month of a 3.1% growth for 2011 and 3.2% for 2012. Two months ago, Citigroup was projecting a 3.7% global gross domestic product (GDP) growth for 2012.