The fund attributed the downward revision primarily to the United Kingdom's surprise vote to leave the European Union last month and continued uncertainty in global markets.

“The Brexit vote implies a substantial increase in economic, political, and institutional uncertainty, which is projected to have negative macroeconomic consequences, especially in advanced European economies,” IMF said in its latest World Economic Outlook Update.

“Brexit has thrown a spanner in the works,” added IMF Chief Economist and Economic Counselor Maurice Obstfeld, noting that with the event still unfolding, it is still very difficult to quantify potential market repercussions.

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