International Monetary Fund not formally approached by Pakistan for financial assistance: chief economist

IMF predicts 7.3% growth rate for India in current fiscal year

IMF predicts 7.3% growth rate for India in current fiscal year

The IMF's baseline forecast for the global economy is 3.7% growth in 2018, 2019 and 2020.

IMF-WB meetings organizing committee Susiwijono, who is also secretary to the Coordinating Economic Minister, stressed that the government had anticipatory measures in place for managing natural disasters in coordination with relevant institutions like the Bali Police and the National Disaster Mitigation Agency (BNPB).

The latest of these exchanges saw US President Donald Trump impose a 10 percent tariff on $200 billion (£153 billion) worth of Chinese goods in September, which would increase to 25 percent by the end of 2018.

The IMF expects the US economy to grow 2.9 per cent this year, the fastest pace since 2005 and unchanged from the July forecast.

Maurice Obstfeld, the IMF's chief economist, said at a media briefing about the fund's latest World Economic Outlook: "When you have the world's two largest economies at odds, that's a situation where everyone suffers".

Global trade is projected to expand by 4.2 per cent this year, six tenths less than expected in July and almost a full point lower than the forecast in April.

The IMF warned that the world faced a permanent hit to growth if the USA followed through on a threat to impose a 25% on all imported cars, and global tariffs hit business confidence, investment and borrowing costs.

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Ramaphosa is setting a tough new standard for corruption issues. "I'd like to call it the Nene Standard , or benchmark or rule". Ramaphosa's spokeswoman told Reuters his office was not aware of Nene's request.

Global trade tensions would also have a bearing on the eurozone's 2018 growth forecast, which was cut to 2 percent from 2.2 percent previously.

Adjustments would occur as domestic production displaces higher-priced imports, the model shows, but in the long run, the US GDP would still be 1.0 per cent below a baseline without these tariffs, while China's GDP output would be one half percent below the baseline.

But the USA tax cuts and rising spending that have boosted growth, helping compensate for the impact of the growing trade conflict, could spark a sudden "inflation surprise", and in turn lead to faster-than-expected rise in United States interest rates, according to the fund.

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. German growth was revised down to 1.9 percent in both 2018 and 2019 due to a slowdown in exports and industrial production. It noted that risks from "further disruptions in trade policies" have become more prominent.

The organisation added that the ongoing Brexit negotiations had also created "pervasive uncertainty" about future trade costs.

The Washington-based fund said in Nigeria and Angola, tighter monetary policy and moderation in food price increases contributed to tapering inflation.

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