The global economy has slowed sharply since last summer and will rely on a “precarious” boost from a few emerging markets to reverse the loss of momentum, the IMF has predicted in its latest economic forecast.

Cutting its outlook for 2019 and 2020, the fund judged that advanced economies would “continue to slow gradually” into next year while emerging economies would play a more positive role, led by an end to crisis conditions in Turkey and Argentina and stabilisation in the all-important Chinese growth rate.

Global growth slowed sharply in the second half of 2018 from 3.8 per cent in the first half to only 3.2 per cent, the IMF said with industrial production and world trade hit hard. Growth rates would have fallen further without consumer sentiment holding up strongly.