United States dollar augmented to Rs134 in interbank market

United States dollar augmented to Rs134 in interbank market

United States dollar augmented to Rs134 in interbank market

It found that global GDP output under this scenario would fall by more than 0.8 percent in 2020 and remain roughly 0.4 percent lower in the long-term compared to levels without the effects of a trade war.

Senior Pakistan Tehreek-i-Insaf (PTI) leader Ali Zaidi said that the jump in the exchange rate would "affect everyone, even us ministers".

While the IMF's outlook for the Chinese economy stayed at 6.6% this year, its forecast for next year of 6.2% represents the slowest growth rate the Asian country has seen since 1990.

It said the global economy will grow 3.7 percent this year, the same as in 2017 but down from the 3.9 percent it was forecasting for 2018 in July.

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Before his departure for Bali, Indonesia, for attending the annual meeting of IMF/WB from Oct 8 to 14, Federal Minister for Finance Asad Umar announced the government's decision for approaching the IMF for getting the 22nd programme of the Fund.

United States stimulus also adds to the "already-unsustainable" debt and deficit that will undercut future growth, the report warned. It is therefore closer to the government's forecast for 2.5 percent growth, and the latest projection by the European Commission (in July) for 2.3 percent. "We see the future of industry as being bleak as investors are trying hard to sustain growth momentum", Syed Mazhar Ali Nasir, senior vice president of the Pakistan Chambers of Commerce and Industry, told Arab News.

The fund also slightly lowered its forecast for Japan's economy to 1.1 per cent growth in 2018, down 0.1 of a percentage point from an April estimate, but maintained a prediction for a 0.9 per cent Japanese expansion in 2019.

Some energy-rich emerging market countries have fared better due to higher oil prices, with Saudi Arabia and Russian Federation seeing forecast upgrades.

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"In the United States, momentum is still strong as fiscal stimulus continues to increase, but the forecast for 2019 has been revised down due to recently announced trade measures, including the tariffs imposed on $200 billion of USA imports from China", IMF report said. The report said that aggregate growth in the emerging market and developing economy group stabilised in the first half of 2018.

Trade tensions are expected to continue although Fund officials view US-Mexico-Canada trade agreement as a positive sign.

The last one was in September, 2013 when the International Monetary Fund approved a Dollars 6.6 billion loan support to the government's programme to stabilise its economy and boost growth while expanding its social safety net to protect the poor.

"Where we are now is we've gotten some bad news". That is because new risks are building as long-term interest rates rise in the U.S.

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"The forecast does not incorporate the impact of further tariffs on Chinese and other imports threatened by the United States, but not yet implemented, due to uncertainty about their exact magnitude, timing, and potential retaliatory response", according to the International Monetary Fund.

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