IMF: Risks of eurozone manufacturing crisis could spread to services

In a recently published report, the International Monetary Fund (IMF) on Wednesday announced that it lowered the eurozone growth forecast to 1.2% this year from 1.3% previously estimated and added that it sees the gross domestic product (GDP) expanding by 1.4% both in 2020 and 2021 (previous estimate 1.5% in both years).

The EUR/USD pair paid no attention to these announcements and was last seen trading at 1.1088, adding 0.13% on a daily basis. Below are some additional takeaways, per Reuters.

"Cuts Germany's growth forecast to 0.5% this year from 0.8% previously estimated, sees GDP expanding by 1.2% in 2020 (previous estimate 1.7%)."

"Sees Italy's economy stagnating this year, revises down earlier estimate of 0.1% growth, sees gdp up by 0.5% in 2020 (previous estimate 0.9%)."

"Cuts France growth forecast to 1.2% this year from the previous estimate of 1.3%, revises down estimates also for 2020, 2021."

"Confirms estimate of Britain's growth slowdown this year to 1.2% from 1.4% in 2018, sees a rebound to 1.4% in 2020, assuming orderly Brexit."

"Revises down eurozone inflation forecast to 1.2% this year (previous estimate 1.3%), to 1.4% in 2020 (from 1.6%), to 1.5% in 2021 (from 1.7%)."

"Eurozone's synchronized fiscal response would be suitable to counter an economic slowdown."

"Risks of eurozone manufacturing crisis could spread to services."