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Citigroup, UBS Cut Global Forecasts

Citi now sees 3.8% global growth this year, 3.3% in 2012.

By Simon Kennedy, Bloomberg News | Updated on August 26, 2011

Central bankers began arriving for their annual policy symposium in Jackson Hole as economists from Citigroup Inc. to UBS AG cut forecasts for global growth and predicted interest rates will stay on hold until at least 2013.     

Citigroup said the world economy will grow 3.8 percent this year and 4 percent in 2012 in purchasing power parity terms, down from 4.2 percent and 4.4 percent. UBS cut its estimate for expansion next year to 3.3 percent from 3.8 percent and Societe Generale SA pared its forecast to 3.9 percent from 4.6 percent.     

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