The International Monetary Fund forecast a global growth rate of 3.5 percent this year, down from its initial 3.6 percent estimate in October.

The IMF said the slow recovery in the eurozone and uncertainties concerning the U.S. fiscal cliff pose downside risks to the world’s economic growth.

The U.S. is expected to post 2 percent growth, and Japan will grow 1.2 percent due to its stimulus programs.

China would maintain growth above 8 percent, but the eurozone would shrink 0.2 percent, it said.

South Korea’s growth will stand at 3.2 percent, the second highest among the newly industrialized economies, after Taiwan’s 3.9 percent. Singapore will post a 0.4 percent growth, and Hong Kong 0.2 percent.

The IMF expects that the global economy will grow 4.1 percent in 2014.

By Park Hyong-ki (hkp@heraldcorp.com)