Tuesday, 20 November, 2018

International Monetary Fund cuts global economic growth target to 3.7%

Pakistan       by Usman Arshad | Published Pakistan by Usman Arshad | Published
| 13 October, 2018, 05:03

In its latest World Economic Outlook, released on Tuesday, the International Monetary Fund predicted global growth to expand by 3.7% in 2018, 0.2 percentage points lower than its forecast in July causing the FTSE 100 to fall to a six-month low, dropping 0.5% to 7,198 points.

It predicted 2.9 percent US growth this year, dropping to 2.5 percent next year, and to 1.8 percent in 2020, as the effect of USA tax cuts wears off and the trade war with China inhibits growth.

The IMF slashed China's growth rate to 6.6 per cent in 2018 and further down to 6.2 per cent in 2019, from 6.9 per cent in the previous year.

IMF Managing Director Christine Lagarde confirmed that Pakistan had requested the loans after meeting with Finance Minister Asad Umar in Indonesia, without saying how much the Pakistanis had asked for.

The body now expects the US economy to grow at a rate of 2.5 percent in 2019, a 0.2 percentage point decline from its April estimates.

On the global ratings, International Monetary Fund cut its global growth forecasts due to the trade tensions between the US and trading partners.

In particular, the report said global growth would be "significantly" harmed by any further increase in trade tensions.

The Pakistani government has chose to approach the International Monetary Fund (IMF) for a bailout to address the mounting balance of payments crisis faced by the South Asian country, Finance Minister Asad Umar announced on Monday.


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 USA products entering China. The estimate for 2018 is 0.2 percent lower than its earlier forecast.

The IMF also warned the new government that growth would likely slow and inflation rise further if it does not act fast.

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.

Pakistan is also seeking fresh loans from China, which has already heavily invested in transport and energy, as well as Saudi Arabia.

The UK economy is expected to grow by 1.4 percent this year - down from April's prediction of 1.6 percent - while predicted growth for 2019 remains at 1.5 percent, a slowdown from 1.7 percent in 2017.

It found that global GDP output under this scenario would fall by more than 0.8 per cent in 2020 and remain roughly 0.4 per cent lower in the long-term compared to levels without these effects, which "inflict significant costs to the global economy, especially through its impact on confidence and financial conditions".

"Nigeria's growth, 1.9 percent this year; 2.3 next year".

Recommended

Google has officially unveiled Pixel 3 and Pixel 3 XL Google has officially unveiled Pixel 3 and Pixel 3 XL Google's smaller 7.1-inch display looks a lot like the screen on the back of an airplane seat, especially given the large bezels. Another thing we're expecting on the original Pixel , Pixel XL, Pixel 2 and Pixel 2 XL is Gmail's new Smart Compose tools.

Melania Trump on her marriage: 'Yes, we are fine' Melania Trump on her marriage: 'Yes, we are fine' She went on to admit that the speculation still isn't "pleasant". "I know what is right and what is true and not true". During the interview Melania reveals what she actually feels about Donald's alleged affair with Stormy Daniels .

US Christian pastor freed from Turkey after Trump admin deal US Christian pastor freed from Turkey after Trump admin deal I love Turkey", an emotional Brunson, who had maintained he was innocent of all charges, told the court during Friday's hearing. His wife Norine watched from the visitors' seating area as he listened to testimony from defence and prosecution witnesses.

Grassley says Judiciary Committee wouldn't consider Supreme Court vacancy in 2020 Grassley says Judiciary Committee wouldn't consider Supreme Court vacancy in 2020 Trump drew fresh ire last week when he ridiculed Christine Blasey Ford , the first of Kavanaugh's three women accusers. But until then, the only thing that the Republicans seem to recognize and respect is strength", Clinton said.

Trump, Kanye Meet In The Oval Office Trump, Kanye Meet In The Oval Office He also criticized the 13th Amendment, which abolished slavery , calling it a "trap door". "This right here is the iPlane 1. Below are the 17 most surreal, weird and only-in-the-Trump-White-House moments.

India vs Windies: Team India sweats it out ahead of 2nd Test India vs Windies: Team India sweats it out ahead of 2nd Test In the bowling department, Kohli will stick to three spinners - Ravichandran Ashwin , Ravindra Jadeja and Kuldeep Yadav . Leg-spinner Devendra Bishoo claimed four wickets in an otherwise toothless West Indies bowling attack.

Status Orange Weather Warning For Dublin And 12 Other Counties Status Orange Weather Warning For Dublin And 12 Other Counties Ireland will bear the brunt of the storm, but gusts of 80mph are expected in parts of Scotland, with up to 10cm of rain falling. It comes on top of existing yellow Met Office warnings for high winds and heavy rain across most of the country.

IMF Raises Russia's GDP Growth Forecast to 1.8% in 2019 IMF Raises Russia's GDP Growth Forecast to 1.8% in 2019 Russian Federation was among the few energy-rich emerging market countries whose growth forecasts were bumped up. It also assumes that Trump imposes a 25 percent tariff on imported cars and auto parts.

Melania rounds off tour in Egypt Melania rounds off tour in Egypt Melania Trump is getting a lot of attention over a hat she wore during her visit to Africa this week - and not in a good way. As well as the national park, she visited an orphanage and watched a children's performance at the city's national theatre.

How 'pensioner' Tito Mboweni keeps it lit on Twitter How 'pensioner' Tito Mboweni keeps it lit on Twitter The announcement led to a strengthening of the South African currency, the rand, which had weakened after earlier reports of Mr. The former minister said he had met the Guptas six times between 2009 and 2014.

The Dishonesty of Susan Collins The Dishonesty of Susan Collins While her vote spurred criticism, Collins was cheered by Republicans including past and former presidents. Her grandmother, Mary Dickson, a maid and seamstress, was named Maine State Mother of the Year in 1950.

The Everest barrier draw succeeds despite protest The Everest barrier draw succeeds despite protest The Opera House did not immediately respond to a request for comment, but has previously directed Reuters to the state government. A plan to project a racing advertisement on the famed sails of the Sydney Opera House has sparked controversy in Australia.

Drone video shows deadly limo crash site in upstate NY Drone video shows deadly limo crash site in upstate NY The modified limo that crashed and killed 20 people wasn't even supposed to be on the road, New York's governor said Monday. Federal transportation records say Prestige Limousine was owned by Shahed Hussain and was based at a motel in Gansevoort.

Brazil’s far-right presidential candidate Jair Bolsonaro works on a coalition Brazil’s far-right presidential candidate Jair Bolsonaro works on a coalition That made Bolsonaro the odds-on favorite in a runoff election later this month that could hurl Brazil into new political territory.

Dana White Talks Possible Fines and Suspensions, Says Both Checks on Hold Dana White Talks Possible Fines and Suspensions, Says Both Checks on Hold However, White said neither fighter was blameless, and described McGregor as a "superstar". "I will be very hard on this". Those of you that have been to many events, you've never seen this many metro police officers in the building.