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		</div><p>A slowdown in the output of advanced economies in the first three months of the year will peg back global growth in 2015, the International Monetary Fund (IMF) has said.</p>
<p>In its latest World Economic Outlook, the IMF predicted world growth of 3.4% this year, from its previous projection in April of 3.5%.</p>
<p>The IMF said world growth had been hampered in the first quarter by “unexpected output contraction in the United States” with spillovers into Canada and Mexico.</p>
<p>It also cited one-off factors such as harsh winter weather, port closures and stiff reductions in spending in the oil industry as contributing to the US slowdown.</p>
<p>The IMF said this year it expected to see advanced economies gradually pick up, and emerging economies slowdown.</p>
<p>It said: “The distribution of risks to global economic activity is still tilted to the downside.”</p>
<p>It added in advanced economies these risks included increased financial market volatility and disruptive asset price swings, while lower output remained a medium-term risk.</p>
<p>In emerging nations it said lower commodity prices posed risks to the outlook of “low-income developing economies after many years of strong growth”.</p>
<p>The report said that oil prices had rebounded more than expected, after falling by more than half since last summer due to the crisis in the Ukraine and overproduction.</p>
<p>It said the rise in the price of oil reflected higher demand and expectations that oil production growth in the US would slow faster than previously forecast.</p>
<p>It expected the average price of oil to be US$59 per barrel over the year.</p>
<p>The IMF said despite the rise in oil prices, inflation in advanced economies remained broadly stable and well below inflation objectives.</p>
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