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In the given sentence, is the preposition of more appropriate than the preposition for?

The international monetary fund maintained its forecast of / for weak global growth.

According to my understanding, of should be used as the news of weak global growth makes up the forecast and hence is a part of the forecast. Of is used to show that something is a part of something, for example:

The mountain ranges of India.

Similarly, is it " Forecast of weather" or "Forecast for weather"?

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The choice of preposition will depend on the context.

Thus, especially when the forecast deals with a product, time or location, and when no specific amount or range is mentioned, you will probably choose for:

The (weather) forecast for the next week
The forecast for gold in the short term
The forecast for the cyclone season
The forecast for the country this weekend

On the other hand, when amounts, ranges or weather phenomena are concerned, of is more likely:

There's of forecast of five to six inches of rain this weekend
The forecast of gale-force winds...
The forecast of snow and sleet over a wide area...

In some contexts, both of and for are possible:

A forecast of/for a sunny weekend.....

Although we would speak of the forecast for global growth in general, in your example I would use the forecast of weak global growth, using of ahead of weak (or another modifier).

On the other hand, the forecast for weak global growth is perfectly acceptable too. It might depend on what follows or simply personal preference.

However, you cannot make fixed rules concerning the use of prepositions as the choice is governed largely by idiom.

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