IMF Raises Russia's GDP Growth Forecast to 1.8% in 2019

PM Imran Khan chairing the Punjab cabinet meeting. — PTI

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.

With much of the U.S. "While Nigeria will grow from 1.9 per cent in 2018 to 2.3 percent in 2019, South Africa and Angola are projected to move from 0.8 to 1.4 and -0.1 to 3.1 per cents respectively".

"Notwithstanding the present demand momentum, we have downgraded our 2019 USA growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation".

The International Monetary Fund (IMF) on Tuesday downgraded its outlook for the world economy, warning that the imposition of import tariffs between the United States and China were taking its toll on global trade.

"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. "Risks to global growth skew to the downside in a context of elevated policy uncertainty".

The latest World Economic Outlook Report has predicted a slightly lower growth rate than it made projections in the April 2018 World Economic Outlook for 2019.

But it predicts that US growth will slow to 2.5 per cent next year as the effect of recent tax cuts wears off and as US President Donald Trump's trade war with China takes a toll. Contributions of 200 words or more will be considered for publication.

It said the ongoing Brexit negotiations had created "pervasive uncertainty" about future trade costs.

Hurricane Michael European Model Shows Storm Intensifying
Heavy rain could trigger the same kind of risky flash flooding in the Big Bend, Panhandle, Georgia and SC , forecasters warned. The Panhandle, as well as south Alabama and south Georgia would see 4-8 inches of rainfall with isolates amounts of 12 inches.

Among major USA trading partners, Japan and the European Union have won exemptions from the planned US auto tariffs while respective trade negotiations with Washington are underway.

It also said inflation in India is on the rise, estimated at 3.6 per cent in fiscal year 2017/18 and projected at 4.7 per cent in fiscal year 2018/19, compared with 4.5 per cent in fiscal year 2016/17, amid accelerating demand and rising fuel prices.

"Japan's medium-term prospects are impeded by unfavorable demographics and a trend decline in the labor force", the report said.

The UK economy, meanwhile, is expected to grow 1.4 percent this year and 1.5 percent in 2019 - falling behind nearly all of Europe, with the exception of heavily-indebted Italy.

Growth forecasts for emerging markets were given a more severe haircut by the Washington-based lender.

Pakistan has been warned not to underestimate the economic risks from its China-funded building projects as the International Monetary Fund's chief economist urged it to carefully examine its relationship with Beijing.

While the International Monetary Fund said United Kingdom interest rate rises would need to rise over the next few years to keep a lid on inflation, it urged the Bank of England to remain "flexible" and ready to move in either direction depending on the outcome of Brexit negotiations.

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