The International Monetary Fund has scaled back its global growth forecast for this year from 3.5% to 3.3%, saying government spending cuts, including those in the U.S., and Europe's economic stagnation are holding back growth worldwide. The IMF called on the U.S. and the U.K. to relax austerity. The IMF changed its projection for the eurozone from 0.2% contraction to 0.3% shrinkage.

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