IMF Keeps Global Growth Forecasts Steady; Doesn't See Near-Term Recession in UK

The International Monetary Fund expects the global economy to grow by 3.1% in 2016, according to data released Tuesday, which held steady from its previous forecast back in July. For the United States, the IMF forecasts 1.6% growth for the year, lower than its July estimate of 1.8%. As for 2017, growth is expected to inch higher, rising 2.2% amid expectations of higher oil prices. As for the United Kingdom, which is gearing up for a withdrawal from the European Union, the IMF expects its economy to grow 1.8% in 2016 and 1.1% in 2017. Many economists were worried Brexit would trigger a recession. TheStreet's Scott Gamm reports from Wall Street.