ECONOMY
THE world's most influential economic group has cut its forecast for global growth, warning there are parallels -between conditions now and those on the eve of the Great Depression. 
However, the International Monetary Fund (IMF) has marginally increased its forecast for Australia's performance, but says the pace of economic growth is still tepid and held back by the transition away from mining.
In its latest six-monthly -report on the economic outlook, the IMF has cut its forecast for this year's global growth from 3.4 per cent to 3.2 per cent.
For Australia, the IMF has upgraded its growth forecast from 2.4 per cent this year to a "below potential" 2.5 per cent.
Unemployment, currently at 5.8 per cent, is -expected to hover around current levels, averaging 5.9 per cent this year, before improving slightly to 5.8 per cent next year.Globally, despite its concerns about the outlook, the fund is tipping growth of 3.5 per cent next year.