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IMF forecasts growth rates in 2018

2017-10-11 05:25 pm | No Views : 616

The International Monetary Fund (IMF) said on Tuesday that the global economic recovery is strengthening and providing policymakers with an opportunity for reforms but the recovery is still incomplete and may not last forever.

In the latest World Economic Report issued by the IMF, the Washington-based fund raised its global growth forecast for this year to 3.6 percent from 3.5 percent and forecasts for next year to 3.7 percent from 3.6 percent.

The IMF said the expansion was stronger than the 3.2 percent expansion in 2016, which was the weakest since the global financial crisis.

"A remarkable recovery in investment, trade and industrial production, coupled with enhanced business and consumer confidence, supports the recovery," said a report by the International Monetary Fund.

The expansion of the latest rises provides a global environment of opportunities for ambitious policies that will support growth and increase economic resilience in the future, said Maurice Obstfeld, economic adviser and research director of the International Monetary Fund (IMF).

"Policymakers must seize the moment: the recovery is still not full of important aspects, and the window of action that will present the current periodic offers will not be open forever.

Growth forecasts for the developed economies for this year were adjusted to 2.2 per cent, while the forecasts for 2018 remained unchanged at 2 per cent.

The US economy is expected to grow by 2.2 percent this year against 2.1 percent. Next year, growth is expected to rise by 2.3 percent from 2.1 percent in July, and in April, expectations were 2.3 percent and 2.5 percent, respectively.

"The continued near-term growth, above the average, reflects very supportive financial prospects and strong confidence in business and consumers," the IMF said. "In the long term, growth in the United States is expected to decline."

The euro zone is expected to expand 2.1 percent this year, faster than 1.7 percent expected in April and 1.9 percent in July, and next year the economy will grow by 1.9 percent from 1.6 percent in April and 1.7 percent in July.

Strong expectations are that exports will accelerate as global trade rebounds and domestic demand growth continues to be buoyed by financial conditions as political risks and uncertainty in financial policies ease.

Among the four major eurozone members, growth will slow next year in Germany, Italy and Spain, but accelerated in France.

UK growth forecast for April fell to 1.7% this year and 1.5% for 2018, and expectations for July were unchanged.

The IMF said the UK's medium-term growth outlook was very uncertain and would depend in part on new economic relations with the EU and the extent to which barriers to trade, immigration and cross-border financial activity were increased.

Japan is expected to grow by 1.5 percent this year, but this is a pace of expansion. Canada's growth is expected to slow from 3 percent this year to 2.1 percent in 2018.

In the emerging economies group, China's growth is expected to slightly improve to 6.8 percent this year and then drop to 6.5 percent next year.

India's expansion has slowed sharply to 6.7 per cent this year from 7.1 per cent in 2016, but growth is expected to improve to 7.4 per cent next year.

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