Global economic growth rate unlikely to exceed 3% in 2016 - Ulyukayev

The forecast offered by the International Monetary Fund (IMF) is overly optimistic, Russian Economic Development Minister has said.

The forecast offered by the International Monetary Fund (IMF) for global economic growth in 2016 is overly optimistic and will have to be reviewed later, Russian Economic Development Minister Alexei Ulyukayev has said.

Speaking at the World Economic Forum in Davos on Saturday, IMF chief Christine Lagarde said the IMF expects growth of 3.4% this year as opposed to 3.1% in 2015.

"I disagree with this. I think the growth rate will be lower [than the IMF forecast]," said Ulyukayev, who is attending an informal ministerial meeting of the World Trade Organization on the sidelines of the Davos forum.

"I don't think global growth will be above 3% in 2016," he said.

"The IMF always begins a year [from fairly optimistic forecasts], then downgrades each quarter, and it turns out that the next year again will be the same as the previous one," Ulyukayev said.

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