In its twice-yearly Global Economic Prospects report, the bank said it expected world growth to be 2.4% this year, down on the 3% forecast in June.
The last attempt to launch a round, in Seattle in November 1999, was a missed opportunity: quite how serious this was is now evident as the deterioration in global economic prospects becomes clear.
According to the IMF the prospects for the global economic recovery have weakened as government policies across the world have failed to restore confidence.
Barclays Capital said if the data comes out weaker than expected, especially if inflation is higher than anticipated, it could signal further evidence of slowing economic activity and that would weigh on global growth prospects and risky assets.
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The shift in global economic power to the big emerging countries in Asia means prospects look much brighter for the newer breed of financial hubs, such as Hong Kong and Singapore, than for established centres like London or New York.
Striking a new International Services Agreement will help the global economy at a time when new prospects for building sustained economic growth are rare.
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Even if renewed global financial upheaval is averted, slow growth in America, Europe and Japan will dent economic prospects across the region.
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Reflecting the economic confidence, the price of copper, an industrial metal closely tied to global growth prospects, gained 1.4% to a three-month high.
Today, with a stagnant economy and a global economic slowdown afoot, our debt is rising and continues to rise, further reducing the prospects for near-term growth.
Broadly the same group of global investors lend to governments, banks and businesses, so if they become worried about a country's economic prospects they become wary of lending to any of its economic actors.
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