More global economic gloom

The International Monetary Fund has cut its growth forecasts for the global economy for this year and the next.

It predicts growth of 3.2 per cent in 2019, down from its April forecast of 3.3 per cent.

Growth next year is set to pick up to 3.5%, which is still below its earlier forecast of 3.6%.

The IMF says growth "remains subdued" and there's an urgent need to reduce trade and technology tensions.