IMF: Softness in global economy to extend into 2016 as developing world drags

A relentless deceleration in the economies of the developing world will cause global growth to slow this year and only pick up a bit more pace in 2016, the head of the International Monetary Fund said on Wednesday. In a speech that previewed a report on global growth due next month, IMF Managing Director Christine Lagarde held back from giving specific estimates. But her comments appeared to be more pessimistic than the global lender's forecast made in July, just before global financial markets erupted into turmoil over concerns that China's economy could crash. Lagarde said China needs to keep trying to rebalance its economy away from commodity-intensive investment but also must be careful to safeguard "demand and financial stability." To read more click the (VIEW LINK)