International Monetary Fund says not approached by Pakistan for financial assistance

IMF chief economist Maurice Obstfeld says 'susceptibility to large global shocks has risen.'

For China, the next fastest growing major economy, the International Monetary Fund said it was lowering the growth projections for next year made in April by 0.2 per cent to 6.2 per cent "given the latest round of U.S. tariffs on Chinese imports".

In the fund's latest Global Economic Outlook, it estimated that the South African economy would grow by 0.8% this year, down from its initial projection of 1.5% in April.

This acceleration reflected a rebound from transitory shocks (demonetisation and implementation of the GST), with strengthening investment and robust private consumption, it said.

"China and a number of Asian economies are also projected to experience somewhat weaker growth in 2019 in the aftermath of the recently announced trade measures", it said.

The rupiah has indeed been under strong downward pressure, especially over the last three months, as a result of monetary tightening and stronger economic growth in the U.S., which has caused higher capital outflows, and the upward trend in worldwide oil prices, which has increased Indonesia's trade deficit and consequently the current account deficit to more than 2.5 percent of gross domestic product (GDP).

"Notwithstanding the present demand momentum, we have downgraded our 2019 U.S. growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation".

Brazil will see a 0.4 percentage-point drop in GDP growth to 1.4% for 2018 as a nationwide truckers strike paralysed much of the economy.

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On the eve of its annual meetings in Bali, Indonesia, the fund on Tuesday projected a global expansion of 3.7 per cent this year and next, down from the 3.9 per cent projected three months ago.

The current account deficit widened 43 percent to $18 billion in the year that ended June 30, while the fiscal deficit ballooned to 6.6 percent.

The latest of these exchanges saw US President Donald Trump impose a 10 percent tariff on $200 billion (£153 billion) worth of Chinese goods in September, which would increase to 25 percent by the end of 2018.

"Looking ahead, renewed impetus to reform labour and land markets, along with further improvements to the business climate, are also crucial", it said.

"Priority areas in Russian Federation include improving property rights and governance, enhancing the institutional infrastructure, reforming labor markets, and investing in innovation and infrastructure", the report added. In India, a high interest burden and risks from rising yields require continued focus on debt reduction to establish policy credibility and build buffers.

Russia's economic growth is supported by a recovery in domestic demand and higher fuel prices, the International Monetary Fund said.

Steps by the Chinese to ease some regulations could boost the economy in the near-term, but "may entail greater risks to financial stability over the medium term", the report said.

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