Saturday, 17 November, 2018


Finance minister to attend annual IMF, World Bank meetings

Govt decides to ‘immediately’ approach IMF IMF warns trade friction, market turmoil to hurt Asian growthsitename%%
Conrad Doyle | 12 October, 2018, 11:45

The IMF said Monday that 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.

Thor Equities CEO Joe Sitt on the increasing USA trade tensions with China. The fund expects U.S. economic expansion to peak at 2.9 per cent this year and start to slow down next year as the economic stimulus introduced in the wake of the 2008 global credit crisis begins to wind down and tariff impact begins to hurt.

Growth of less than five percent would be unprecedented for China since it began its economic reforms in the 1970s, and complicate its efforts to move towards a more balanced economy with a greater role for services.

Pakistan is also seeking fresh loans from China, which has already heavily invested in joint transport and energy sectors in Pakistan.

If projections are true, then India would regain the tag of fastest growing major economies of the world, crossing China with more than 0.7 percentage point in 2018 and an impressive 1.2 percentage point growth lead in 2019.

Obstfeld spoke at the World Economic Outlook press conference in Indonesia, where the global body focused on the growth of the Asian economy.

"If you have the world's two largest economies at odds, that is a situation in which everyone, everyone is going to suffer", International Monetary Fund chief economist Maurice Obstfeld said Tuesday.

A strong U.S. economy has also hastened an increase in interest rates.

While the global economy is still on track to match last year's pace, which was the strongest since 2011, the new outlook suggests fatigue is setting in and the overall performance masked divergence with mounting weakness in emerging markets from Brazil to Turkey.

Mr Obstfeld said: "Governments have less fiscal and monetary ammunition than when the global financial crisis broke out ten years ago".

The US dollar gained by over Rs9 to touch the new high in the open market, while in the interbank market it rose by Rs10 to reach Rs134.

The IMF announced it had reduced its outlook on the global economy to a 3.7% growth rate for this year and next, down 0.2% from what it had originally predicted in July. The revised figures are partly because of a contraction in Iran on the back of U.S. sanctions.

The IMF expects a 2.9 percent growth outlook on the USA economy, but thinks growth will shrink to 2.5 percent for 2019, attributing to the slowdown to the country's escalating trade war with China. Obstfeld, who retires from the Fund later this year, said there were bright spots with some Latin American and African nations getting growth forecast upgrades.

The Swiss figures go against the current global economic growth trend, which the International Monetary Fund has reduced from its previous estimate of 3.9% to 3.7% for 2018 and 2019. Instead, the Chinese maintain, they have boosted the country's economic growth and provided 70,000 jobs.

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