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Updating its growth projection from the one it issued in April 2017, the IMF said in 20 India is projected to grow at a rate of 7.4 %. "In India, economic activity remains buoyant, but the growth forecast for 2016-17 was trimmed slightly, reflecting a more sluggish investment recovery," the IMF said. Maury Obstfeld, IMF Economic Counsellor and Director of the Research Department said the UK's June 23 vote to leave the 28-nation European Union adds downward pressure to the world economy at a time when growth has been slow amid an array of remaining downside risks.

"The first half of 2016 revealed some promising signs for example, stronger than expected growth in the euro area and Japan, as well as a partial recovery in commodity prices that helped several emerging and developing economies.

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The growth rate projection for China in 2016 is 0.1 percent more than the one announced in April.

"Brexit-related revisions are concentrated in advanced European economies, with a relatively muted impact elsewhere, including in the United States and China," the IMF said.

As for the economy on a global level, the fund predicted it will grow by 3.4 percent, and that Latin America as a sub-continent will do so at a slower than expected rate.

According to the report, the region will grow by 1.2 percent in 2017 — 0.4 percent less than what it had estimated last October — and 2.1 percent in 2018.

The growth rate projection for China in 2016 is 0.1% more than the one announced in April.