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And overall, with unemployment rising, consumption is set to fall.So Wall Street's number-crunchers are busy revising down their predictions.
Draghi made his comments as some financial institutions responded to the poor start for 2016 by revising down their growth forecasts.
Despite revising down its forecasts, the IMF said it was encouraged by the improvement in financial market conditions and believed that the global economy was on the mend.
The prospect of an interest rate rise in the US has receded after the International Monetary Fund signalled that it would be revising down its July prediction of 3.1% growth for this year when it publishes its World Economic Outlook next month.
While expressing relief that the financial markets had stabilised after the turmoil in the days after the UK's EU referendum on 23 June, the IMF signalled that it would be revising down its July prediction of 3.1% growth for this year when it publishes its World Economic Outlook next month.
That sounds plausible in theory, but the facts are rather different; analysts spent December revising down their profit forecasts.A slowdown in profit growth would hardly be surprising, given that profits are at their highest as a proportion of American GDP since the second world war.
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In January, that got revised down to 10.9percentt.
OBR have revised down the deficit in every year.
Growth in the first quarter was also revised down from 2.7%to2.2%2.7%to2.2%
"Those are going to be revised down," he said.
Its forecast for Britain was also revised down, to 1.1%.
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