International Monetary Fund forecasts India's 2018 growth at 7.3 pc, praises GST, bankruptcy code

IMF upgrades forecast for Russia's growth to 1.8% in 2019

In the latest report, Taiwan's major trade partner South Korea is projected to grow 2.8% and 2.6% for 2018 and 2019, respectively, downward revisions by 0.2 and 0.3 percentage points from previous forecasts.

The IMF expects growth in Russian Federation at 1.7 percent this year and 1.8 percent next year, it said in an update to its World Economic Outlook on Tuesday.

"U.S. tariffs on China, and more broadly on auto and auto part imports, may disrupt established supply chains, especially if met by retaliation", Obstfeld said.

The IMF said higher trade barriers could disrupt global supply chains, slow the spread of technology and ultimately lower global productivity and welfare.

It is expected Pakistan will need a bigger sum this year to avoid a balance of payments crisis and stabilise a wobbly economy hurt by a shortage of dollars plus ballooning current account and fiscal deficits.

World leaders need to fix global trading systems instead of trying to tear them down, International Monetary Fund chief Christine Lagarde said on October 10, in a rebuke to nationalist politicians pushing tariffs and protectionism.

China's growth is still expected to be more than 6% next year, but the IMF's chief economist Maurice Obstfeld warned Beijing to concentrate on quality and sustainability of growth, not quantity of growth. "The rapid pace of growth in household debt, which is now at the high end for emerging markets, also raises concerns".

"If you compare the position of the renminbi relative to the United States dollar, it has a lot to do with the strength of the dollar", the IMF's managing director said at a press conference during the International Monetary Fund and World Bank Group annual meetings in Bali, Indonesia.

Gulf coast on alert for tropical weather
Currently, Central Florida is only expected to experience some heavy rain Wednesday and Thursday. Landfall will likely occur Wednesday along the Florida panhandle.

The IMF has also projected the economy will grow at an average of 4,7 percent between next year and 2023.

"That said, risks could rise sharply, should pressures in emerging-market economies mount or if trade tensions escalate".

On Monday, it downgraded world growth forecasts for next year, blaming new trade barriers.

Global economic expansion remains strong, but the trade war could potentially shock investor confidence, with "significant adverse consequences" for global macroeconomic activity, Tobias Adrian, IMF monetary and capital markets department director, told reporters.

"We have supported the move of China toward (currency) flexibility", she said, adding that the International Monetary Fund has encouraged Chinese authorities to "go down that path".

The model also includes the effects of a reduction in business confidence that reduces investment and leads to a tightening of financial conditions.

Trump renewed his threat to impose tariffs on $267 billion worth of additional Chinese imports if Beijing retaliates further with its own higher levies on US products entering China.

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