The UK economy is expected to grow by 1.4 percent this year - down from April's prediction of 1.6 percent - while predicted growth for 2019 remains at 1.5 percent, a slowdown from 1.7 percent in 2017. Meanwhile, the benchmark Nikkei 225 Index fell 1.32 percent or 314.33 points to 23,469.39 points at the close. The FTSE 100, which closed at 7,233.33, is forecast to open 10 points higher when trading begins shortly.
The downgrade reflects a confluence of factors, including the introduction of import tariffs between the United States and China, weaker performances by eurozone countries, Japan and Britain, and rising interest rates that are pressuring some emerging markets with capital outflows, notably Argentina, Brazil, Turkey and South Africa.
Growth is expected to "remain strong elsewhere in emerging and developing Asia", the International Monetary Fund said, forecasting Indian growth to increase to 7.3 percent in 2018 and 7.4 percent in 2019.
In its suggestions to boost growth, the International Monetary Fund said the United Kingdom should look at easing planning restrictions to boost housing supply, improve the quality of transport infrastructure, and facilitate the relocation of workers in industries that are likely to be more affected by higher trade barriers after Brexit.
It also said inflation in India is on the rise, estimated at 3.6 per cent in fiscal year 2017/18 and projected at 4.7 per cent in fiscal year 2018/19, compared with 4.5 per cent in fiscal year 2016/17, amid accelerating demand and rising fuel prices. Overall, global growth will remain steady - about 3.7 percent this year - and exceed that of 2012-2016.
However, Bank Indonesia's senior deputy governor Mirza Adityaswara said that despite the stronger fundamentals, the economy still faces a widening current account deficit.
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India's debt is below the average of advanced economies and below the average of emerging market economies, he said.
The IMF had, in a publication last week, noted that South-east Asia's largest economy has also undergone dramatic transformation since the Asian financial crisis 20 years ago and boosted its fundamentals.
"This year the growth doesn't look so good, what is different, is the trade, the tensions, protectionism, the tit-for-tat, the retaliations", Gurria said.
He called on countries to ensure inclusive growth, which he said was "more important than ever".
But the outgoing chief economist - who retires from the Fund later this year - added that it was a "mixed picture" with some Latin American and African nations getting growth forecast upgrades.
"In several key economies, moreover, growth is being supported by policies that seem unsustainable over the longer term".
She said a safer global economy also means tackling the issue of sustainability, including the existential threat of climate change.