The first half of 2016 revealed some promising signs. For example, stronger than expected growth in the Euro zone and Japan. Some recovery of commodity prices. As of June 22nd, we were therefore prepared to upgrade our 2016, 2017 growth projections slightly. But Brexit has thrown a Spanner in the works.
The new WEO update gives our revised numbers compared to April when we were predicting 3.2% global growth of output in 2016 and 3.5% in 2017. Today's WEO update downgrades both of those numbers by 0.01 percentage point.