International Monetary Fund says global economy will slow after 2019

International Monetary Fund says global economy will slow after 2019

International Monetary Fund says global economy will slow after 2019

There are warnings about the risks ahead, lurking dangers that could lead to the global economy falling short of the IMF's forecasts, in addition to the concerns about trade. The Fund, as it is known, is one of the world's biggest holders of gold.

Mr Obstfeld said the "get tough" approach by the USA in trade talks with China, Mexico Canada and others "will do little to change the multilateral or overall United States external current account deficit, which owes primarily to level of aggregate U.S. spending that continues to exceed total income".

Obstfeld said there was more of a "phoney war" between the USA and China than a return to the widespread use of tariffs in the Great Depression, but that there were signs that even the threat of protectionism was already harming growth.

Governments should take advantage of the good times to make structural reforms and put in place tax policies that raise the potential output of their economies, Obstfeld said.

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It was not "paradoxical" that major economies were "flirting with trade war" while economies were expanding because many households had seen little or no benefit from growth.

In its biannual World Economic Outlook, IMF kept its GDP growth forecast for India unchanged at 7.4% for 2018-19 and 7.9% for 2019-20, holding that economic activity will be lifted by strong private consumption as well as fading transitory effects of demonetisation of high-value currencies and implementation of the national goods and services tax (GST).

The IMF official said that these trends are more due to technology change than to trade, and even in countries where trade backlash is not prominent, public skepticism about policymakers' ability to generate robust and inclusive growth has spread.

As reported, the World Bank remained unchanged its forecast for Ukraine's GDP growth in 2018 to 2019 at 3.5 percent and 4 percent respectively.

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The IMF also said the country's economy could grow by 2.9 percent in 2019, the same expansion as forecast earlier.

The IMF expects Moldova's current account deficit to decrease to 3.7% of GDP in 2018 from an estimated 4.7% of GDP in 2017. This is the highest share of countries experiencing a year-over-year growth pickup since 2010.

Back in 2015 the economy was reported as growing by 26 per cent, leading some to claim it was a case of "leprechaun economics", as the sharp growth rate was largely down to the onshoring of IP by firms such as Apple.

The fund also warned of negative repercussions from protectionist policies and potential trade wars among the biggest economies that could derail growth prospects that need trade to fuel expansion.

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