The global economy is showing some stability but is failing to break out of the low growth that has been persistent since the 2008 financial crisis, the International Monetary Fund says.
"The world economy is moving sideways," IMF chief economist Maurice Obstfeld says in a press conference on the release of the Washington-based crisis lender's World Economic Outlook.
After worldwide growth was 3.2 per cent in 2015, the IMF report projects growth this year at 3.1 per cent and in 2017 at 3.4 per cent. While emerging markets and developing countries are again leading global expansion, long-term potential growth is now lower in all regions compared to the 1998-2007 period, Obstfeld says.
"Growth has been too low for too long," he says, "and its benefits have reached too few."