United States trade war would make world 'poorer and more dangerous'

United States trade war would make world 'poorer and more dangerous'

United States trade war would make world 'poorer and more dangerous'

The eurozone's 2018 growth forecast was cut to 2.0 percent from 2.2 percent previously, with Germany particularly hard hit by a drop in manufacturing orders and trade volumes.

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

"India's medium-term growth prospects remain strong at 7.75 per cent, benefiting from ongoing structural reform", it added.

He admitted that the continent "will witness growth next year but the growing number of working class coupled with less jobs opportunities, huge public debts and poor infrastructure present a challenge in achieving the developmental goals of the United Nations".

In the fund's latest Global Economic Outlook, it estimated that the South African economy would grow by 0.8% this year, down from its initial projection of 1.5% in April.

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"Up from India's growth rate of 6.7 per cent in 2016, the growth projections for this year and the next reflect "a rebound from transitory shocks" of demonetisation and the implementation of the national Goods and Services Tax" and "strengthening investment and robust private consumption", WEO said.

The IMF releases its annual WEO ahead of its meeting with the World Bank.

The delegation will leave for Bali today, to attend the meeting taking place on the Indonesian island from October 12 to 14.

These include a broader escalation of trade tensions, a no-deal Brexit, renewed concerns about fiscal policy in some highly indebted euro area countries, and a faster-than-expected normalisation of monetary policy in advanced economies, the IMF official warned.

Acceleration in the growth rate from 2017-18 reflects a rebound from transitory shocks (the currency exchange initiative and implementation of the goods and services tax), with strengthening investment and robust private consumption, the International Monetary Fund said.

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It was now predicting 3.7 percent global growth in both 2018 and 2019, down from its July forecast of 3.9 percent growth for both years.

"However, further reforms are needed to increase policy certainty, improve the efficiency of state-owned enterprises, enhance flexibility in the labour market, improve basic education, and align training with business needs", it stated.

If an assistance package is agreed on, it would be Pakistan's second International Monetary Fund bailout in five years and its 13th since the late 1980s.

"Under floating exchange rate regimes, foreign exchange interventions should be limited to addressing disorderly market conditions while protecting reserve buffers", it said. It said core inflation (excluding all food and energy items) in India had risen to about 6 per cent as a result of a narrowing output gap and pass-through effects from higher energy prices and exchange rate depreciation.

It added, "A high interest burden and risks from rising yields also require continued focus on debt reduction to establish policy credibility and build buffers".

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