Stuck in low global growth and India overtaking China – is this the 'new normal'?

The IMF has cut its predictions for world GDP growth in 2015 from 3.9% to 3.5% and for the first time since 1999, India is projected to grow faster than China

The IMF's latest world economic outlook released on Wednesday lacks the gloom that has accompanied previous reports. While there is some suggestion that growth in Australia will be a touch lower and unemployment will rise somewhat higher than was expected in October last year, major downward revisions observed in the past six years have, for the moment, stopped. India has now also overtaken China as the fastest growing major economy in the world.

The absence of gloom in the April report is partly because the IMF put most of its usual depressing revisions in its January update.