In January 2018, coming off of a year in which global growth rose to near 4%, then-IMF managing director Christine Lagarde said the global economy was experiencing "the broadest synchronized global growth upsurge since 2010" and that "all signs point to a continuous strengthening."
On Tuesday, the IMF said it expects global growth to slow to the weakest pace since the 2008 global financial crisis, noting the decline would be a significant drop from its 2017-18 levels.
It was the third time this year the organization has cut its growth projections and the fourth time since 2018, when the Fund anticipated 3.9% growth this year.
"With uncertainty about prospects for several of these countries, a projected slowdown in China and the United States, and prominent downside risks, a much more subdued pace of global activity could well materialize," IMF chief economist Gita Gopinath said at a press conference announcing the Fund's World Economic Outlook and revised projections.
The biggest factor weighing on global growth is the U.S.-China trade war launched by President Trump in April 2018, which Gopinath and the IMF expect will cost the world 0.8% in GDP losses this year.