It added that in a few cases, this reassessment also reflects the impact of increased social unrest.
Likewise, Japan's economic growth, hobbled by an aging workforce, is expected to decelerate from 1% last year to 0.7% this year to 0.5% next year.
The agency has said that growth in China is projected to inch down from an estimated 6.1 per cent in 2019 to 6.0 per cent in 2020 and 5.8 per cent in 2021. These early signs of stabilization could persist and eventually reinforce the link between still-resilient consumer spending and improved business spending.
The agreement also envisaged higher Chinese purchases of US agricultural goods and it was seen as a temporary truce in a two-year-long dispute between Washington, D.C., and Beijing.
Chief Economist Gita Gopinath, on January 20, said India is the biggest contributor to the downward revision in growth projections for emerging market and developing economies. It projects India to be the second fastest-growing major economy this year and the next, behind China's 6.1 this year and 6.4 next year.
The trade truce led to an upgrade of China's growth forecast to 6.0 percent in 2020, with a slight slowdown to 5.8 percent projected for next year.
"Globally the big story is this extraordinary pivot by central banks in 2019", BlackRock Vice Chairman Philip Hildebrand said on Bloomberg Television.
On a more optimistic note, the worldwide crisis lender says overall risks are less tilted to the downside compared to October, thanks to tentative signs that a slowdown in manufacturing activity is bottoming out, a shift by central banks to lower borrowing costs (which is growth-boosting) and sporadic "favorable" news on negotiations to resolve the trade war between the United States and China.
"Few signs of turning points are yet visible in global macroeconomic data", it said.
While taking the floor at the Peterson Institute of International Economics in Washington, she cited new IMF research that draws a line between the current economic state and the "roaring 1920s", which climaxed with the 1929 market collapse, assuming grounds for the same trend are already there.
Collective growth in the 19 countries that use the euro currency is expected to gradually pick up: 1.2 per cent in 2019, 1.3 per cent in 2020 and 1.4 per cent in 2021.
IMF Managing Director Kristalina Georgieva said that the world was seeing "a tentative stabilisation, sluggish recovery" from last year's slump, the lowest growth since 2008. The report, however, warned that downside risks remain prominent, including rising geopolitical tensions, notably between the United States and Iran, intensifying social unrest, further worsening of relations between the USA and its trading partners and deepening economic friction between other countries.