High interest rates, oil prices to eat into India’s growth

"The recently announced and anticipated tariff increases by the United States and retaliatory measures by trading partners have increased the likelihood of escalating and sustained trade actions".

Based on its projections, the fund added this translated to nearly $500 billion in lost annual output - the equivalent of eliminating an economy the size of Thailand.

Among emerging market and developing economies, the International Monetary Fund report said growth prospects are becoming more uneven, amid rising oil prices, higher yields in the United States, escalating trade tensions, and market pressures on the currencies of some economies with weaker fundamentals.

The report comes as US President Donald Trump has imposed steep tariffs duties on $34 billion in imports from China, with another $200 billion coming as soon as September, on top of duties on steel and aluminum from around the world including key allies. Other threatened actions, which include another round of tariffs on an additional $200 billion in Chinese goods and a 25 percent USA global tariff on auto imports now under study, are also included.

"As the focus of global retaliation, the United States finds a relatively high share of its exports taxed in global markets in such a broader trade conflict, and it is therefore especially vulnerable".

For the region, growth is expected to increase from 2.8 percent in 2017 to 3.4 percent this year, rising further to 3.8 percent in 2019 (0.1 percentage point higher for 2019 than forecast in the April WEO).

These projections only take into account tariffs now in force, so larger actions such as possible automotive tariffs were not included.

Five killed in fire at a copper mine
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Usain Bolt in talks with A-League club Central Coast Mariners
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International Monetary Fund warns: France, Germany and Italy will have the biggest economic slowdowns
The IMF lowered its 2018 growth projections for the United Kingdom from 1.6 per cent to 1.4 per cent in its monthly World Economic Outlook .

'The fact that the European Union is not performing well and the eurozone is teetering on the brink of bankruptcy says that we should concentrate our efforts on forming relationships with the rest of the world, where 90 per cent of growth is going to come from'.

Despite this slight downgrade in its projections, India continues to outperform China, IMF's WEO update figures reflect.

"For the advanced economies, we project 2018 growth of 2.4pc, down 0.1 percentage point from our April World Economic Outlook projection". China's growth was forecast at 6.6 percent in 2018 and 6.4 percent in 2019.

The International Monetary Fund in its World Economic Outlook update for July projected a growth rate of 7.3% in 2018 and 7.5% in 2019 for India as against 6.7% in 2017, making it the fastest growing country among major economies.

But for the Euro zone, it cut the growth projections by 0.2 per cent to 2.2 per cent for this year and by 0.1 per cent to 1.9 per cent for next year.

The IMF revised slightly upward 2018 forecasts for Saudi Arabia and several Commonwealth of Independent States countries other than Russian Federation.

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