The IMF released today its global growth forecast for 2016. Fears over slowdown in the Chinese economy and severe recession in Brazil have led it to reduced its forecast for to 3.4 percent and for 2017 to 3.6 percent. The forecast for both years is 0.2 percent lower than earlier IMF estimates released in October last year. Looks like Brazil is the main culprit: “The revisions are largely accounted for by Brazil, where the recession caused by political uncertainty amid continued fallout from the Petrobras investigation is proving to be deeper and more protracted than previously expected; the Middle East, where prospects are hurt by lower oil prices” and slowdown in China, the IMF said in its report ‘World Economic Outlook’. China’s outlook is unchanged at 6.3 percent and IMF’s chief economist Maurice Obstfeld warned that other economies may also have a slow growth this year.