Current Affairs Global - 10 July 2013

1. The IMF has projected world economic growth rate at 3.1% for 2013 and 3.8% for 2014 due to slower economic recovery process. The IMF has also predicted that the overall growth rate in the developing countries would be around 5% as it lowered the forecast for growth rates in the BRICS nations comprised of Brazil, Russia, China, India and South Africa.

2. China has reported an unexpected drop in its exports and imports which will increase concern regarding the economic recovery process of the world-s second largest economy. Exports dropped 3.1% and imports dropped by 0.7% in June compared to same month last year. Drop in imports confirms lower domestic demand due to lower economic activity. This data