International Monetary Fund cuts growth forecasts for next two years – video

The chief economist at the International Monetary Fund, Maurice Obstfeld, speaks on China's slower growth, the fall in commodity prices such as oil and predicts global economic growth will rise from 3.1% in 2015 to 3.4% in 2016 and 3.6% in 2017. As world and business leaders gathered for the annual World Economic Forum in Davos, Switzerland, the FTSE 100 was gripped by panic selling, especially of mining and oil companies that have been hit hard by the global slowdown in manufacturing and trade