"There is no denying that the susceptibility to large global shocks has risen", the IMF's top economist Maurice Obstfeld told reporters after the fund cut its outlook for global GDP growth by 0.2 percentage points to 3.7 per cent for 2018 and 2019.
Last month, the Swiss government, raised its GDP forecast for 2018 to 2.9% from 2.4% and, earlier this year, it was announced that Swiss exports had matched and surpassed their recent growth.
It will be detrimental on both accounts for all participants, Lagarde told a news conference during the annual meetings of the International Monetary Fund and World Bank in Indonesian resort island of Bali.
The IMF expects the U.S. economy to grow 2.9 per cent this year, the fastest pace since 2005 and unchanged from the July forecast.
The impact of the US-China trade conflict is likely to be felt beyond the two economic superpowers.
The Pakistani government has made a decision to approach the International Monetary Fund (IMF) for a bailout to address the mounting balance of payments crisis faced by the South Asian country, Finance Minister Asad Umar announced on Monday.
That includes President Donald Trump's imposition of tariffs on US$250 billion in Chinese goods, as well as on aluminium, steel and other products worldwide.
Camilla at Crathie school during Princess Eugenie royal wedding
Eugenie worked closely with Pilotto and De Vos on the design of the gown, according to a statement from the Royal Family. Wedding watchers thought Princess Eugenie would wear the tiara that her mum wore for her wedding to Prince Andrew .
The Briton Woode institution is also projecting growth of 1.9 and 0.8 percent for Nigeria and South Africa while it is predicting contraction of 0.1 percent for Angola.
The reason for the International Monetary Fund reducing its initial growth estimates is because of the imposition of duties on imports - read between the United States and China - and the under-performance of certain economies both developed and developing, including countries in the European Union, Great Britain, Japan, South Africa, Argentina, Turkey and Brazil.
Elsewhere, the IMF said a key risk to financial conditions was if the Federal Reserve tightened monetary policy faster than market expectations.
The spokesperson was responding to a question on the request made by Pakistan for a $8 billion bailout package. Rather than rising, growth has plateaued at 3.7 percent.
The IMF also said that further disruptions in trade policies could occur owing to downside risks from two major impending regional trade arrangements-the United States-Mexico-Canada Agreement (which awaits legislative approval) and the European Union (with the latter negotiating the terms of Brexit).
Fed rate hikes are already increasing pressure on emerging market economies by fuelling an outflow of capital as investors seek higher returns.
Nigeria's economy recorded slow growth in the second quarter of 2018 as oil sector contracted by 3.95% compared to 14.77% growth in the first quarter and 3.53% year-on-year.