The IMF has reduced its outlook for global growth yet again, sounding out yet another alarm about the state of most economies. Weaknesses in China, a slide in commodities and a slew of dismal domestic data from several key economies have repeatedly led to such concerns.To investors, the U.S. still seems to be the best option for finding suitable stocks. However, several good foreign picks are available at attractive prices even as key economies continue to implement aggressive stimulus measures. Picking the right stocks will increase diversification and boost gains for your portfolio. IMF Lowers Outlook, Economic Data Remains DismalThe IMF reduced its growth forecast for the year by 0.2 percentage point from the earlier figure announced in January to 3.2%. The international agency said that it was doing so because of the economic slump in China. Additionally, flagging commodity prices are weighing on emerging markets while prosperous nations are continuing to combat the effects of the financial crisis which had enveloped them in the past.In fact, global markets had declined last Tuesday following concerns over the economic health of developed nations. Besides domestic markets, disappointing output and services data had a negative impact on key indexes in Europe and Japan as well. Germany’s DAX slumped 2.6%, its biggest loss since Feb 24, while the Stoxx Europe 600 declined 1.9% to its lowest settlement since Feb 25. Also, the STOXX Europe 600 Banks index fell 3.4% and Japan’s Nikkei Stock Average declined 2.4%.Does Diversification Still Pay?The question is whether creating a globally diversified portfolio still makes sense at this point in time. Theoretically, creating a globally diversified portfolio reduces country risk, but the U.S. looks like the only good option at this time. However, it may be important to consider that such economies, primarily the Eurozone and China are continuing to pursue aggressive monetary stimulus.Fiscal stimulus and structural reforms are also being concurrently undertaken by Japan and China’s governments. On the other hand, the Fed has committed itself to raising rates over this year, even though this is expected to occur at a slower pace than projected earlier.Additionally, the profits of several companies foreign companies remain relatively low and could provide great impetus to stocks when they rise eventually. Meanwhile, Brazil’s President Dilma Rousseff, who has been under fire because of corruption charges is mulling over cutting the reserve requirements of banks in order to improve credit conditions. This is part of a series of measures designed to boost the economy in case she emerges victorious from impeachment proceedings to be held shortly.Our Choices Despite the relatively secure position of the U.S. economy, international diversification remains important in order to reduce the level of country risk. Additionally, if fundamentally good choices are available at attractive prices, such an approach makes even more sense.This is why it may still make sense to add global options to your portfolio. However, it is important to pick winning stocks from this sector. This is where our VGM score comes in. Here V stands for Value, G for Growth and M for Momentum and the score is a weighted combination of these three scores. Such a score allows you to eliminate the negative aspects of stocks and select winners. However, it is important to keep in mind that each Style Score will carry a different weight while arriving at a VGM score. We have narrowed down our search to the following stocks based on a good Zacks Rank and VGM score.Fibria Celulose S.A. FBR is a Brazil-based company which produces, sells and exports short fiber pulp.Fibria Celulose has a Zacks Rank #1 (Strong Buy) and a VGM Score of B. The company has expected earnings growth of more than 100% for the current year. The forward price-to-earnings (P/E) ratio for the current financial year (F1) is 6.23, lower than the industry average of 12.61. The last closing price of the stock is $8.35.Internet Initiative Japan Inc. IIJI offers a comprehensive range of Internet access services and Internet-related services to customers, including corporations and other Internet service providers, in Japan.Internet Initiative has a Zacks Rank #2 (Buy) and a VGM Score of A. The company has expected earnings growth of 36.7% for the current year. Its earnings estimate for the current year has improved by 10.8% over the last 30 days. The last closing price of the stock is $10.12.Companhia de Saneamento Basico SBS provides public water and sewage services in the state of Sao Paulo, Brazil, which includes Sao Paulo, one of the largest cities in the world.Companhia de Saneamento has a Zacks Rank #2 and a VGM Score of A. The company has expected earnings growth of more than 100% for the current year. It has a P/E (F1) of 10.95, lower than the industry average of 23.00. Its earnings estimate for the current year has improved by 21.6% over the last 30 days. The last closing price of the stock is $7.04.Himax Technologies, Inc. HIMX is a Taiwan based company which designs, develops and markets semiconductors that are critical components of flat panel displays.Himax Technologies has a Zacks Rank #2 and a VGM Score of B. The company has expected earnings growth of more than 100% for the current year. Its earnings estimate for the current year has improved by 70.4% over the last 30 days. The last closing price of the stock is $10.55.Carrefour SA CRRFY is a French company which operates hypermarkets, supermarkets, convenience stores and cash and carry stores in Europe, the Americas and Asia.Carrefour has a Zacks Rank #2 and a VGM Score of A. The company has expected earnings growth of 11.8% for the current year. It has a P/E (F1) of 14.37, lower than the industry average of 17.43. Its earnings estimate for the current year has improved by 2.7% over the last 30 days. The last closing price of the stock is $5.56.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SABESP -ADR (SBS): Free Stock Analysis Report INTERNET INIT J (IIJI): Free Stock Analysis Report HIMAX TECH-ADR (HIMX): Free Stock Analysis Report FIBRIA CELULOSE (FBR): Free Stock Analysis Report CARREFOUR SA (CRRFY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research