What\u2019s all the fuss about? Maybe the world economy isn\u2019t in such terrible shape, after all. New projections from the International Monetary Fund, published Tuesday, show that expansion still has some legs. Growth will be a not-too-shabby 3.3% this year. That\u2019s down from a previous forecast of 3.5%. So, yes, it\u2019s a cut. But not a dramatic one. These numbers are a ways from one IMF definition of recession, 2.5%, and miles from the contraction recorded in 2009. Superlatives about the lowest growth since the Great Recession are misleading. These updates from the IMF also make you wonder where all the drama\u2014so prevalent in headlines\u2014is coming from. A bounce in US job growth last month, signs of a partial recovery in China and a dovish pivot from big central banks give some comfort. Read | This year\u2019s festive season to be brighter for auto sales than the last; stumbling sales may revive Let\u2019s not get too giddy, though. A recession in, say, the US is inevitable at some point. The current expansion will this year become the longest ever. Germany is flirting with recession and China is on a long-term trajectory of slower growth. On the surface, the IMF numbers don\u2019t say anything dire. Their direction does make an impression\u2014this was the third time the lender has marked down its numbers in six months. You have to give them credit for staying current. Is the IMF\u2019s track record perfect? Far from it. (I\u2019m writing this column from Indonesia, scene of one of the IMF\u2019s most contentious programmes). Private sector doomsayers deserve equal scrutiny. Next time you see a survey showing recession odds, question why and how far it deviates from consensus. Same with the hagiographies accorded some individual investors whose prognostications just glide by without review. I\u2019m all for putting the IMF under the microscope; let\u2019s do the same for others. Also read | After Gita Gopinath raises data concerns, Pronab Sen says, India never charged with lack of transparency The list of risks outlined by the IMF in its World Economic Outlook could use a little refreshing. Trade wars? Check. Brexit? Sigh. What else you got? IMF chief Christine Lagarde calls this a \u201cdelicate moment\u201d for the world economy. Central banks have a role to play as well, in the US, Europe and Asia. As I wrote late last month, the idea of interest rate cuts from the Federal Reserve was a fringe theory that\u2019s now come into the mainstream, even if it\u2019s not quite consensus. If cuts do come to pass, it won\u2019t be because the Oval Office wants it. It will be because of reasoned analysis that inflation is too low, or at risk of being so, and that risk management requires the Fed to take out some insurance. It\u2019s entirely possible the world economy muddles through this year. It might be messy and there will be regional divergences aplenty. The economy may not feel great, particularly depending on where you are. That doesn\u2019t mean it\u2019s terrible.