IMF Cuts Global Growth Forecast Amid China Slowdown, Plunging Oil

The International Monetary Fund lowered its global growth forecast for 2016 amid a slowdown in China, the world's second largest economy, and falling crude prices. The IMF now expects the world economy to grow by 3.4 percent in 2016, down from its 3.6 percent forecast back in October. Though this is an improvement from the 3.1 percent growth seen in 2015 and things are set to improve even further in 2017 with growth inching up to 3.6 percent. This comes as China's economy expanded by 6.9 percent in 2015 - it's slowest level in 25 years. The IMF says China’s economy should grow by 6.3 percent in 2016. Meanwhile, the plunge in oil prices shocked global markets in recent weeks. Oil is down some 22 percent since the start of the year as more oil is expected to flood global markets. TheStreet’s Scott Gamm reports from Wall Street.

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