IMF flags global fiscal stability

Pakistan       by Usman Arshad | Published

The Outlook said the global economy is expected to grow at 3.7 percent this year and next year - down 0.2 percentage points from an earlier forecast, as the trade war started to hit economic activity worldwide. But it predicts that USA growth will slow to 2.5 percent next year as the effect of recent tax cuts wears off and as President Donald Trump's trade war with China takes a toll.

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. "Trade tensions have emerged, and a further escalation may damage market sentiment and significantly harm global growth", it said.

Tensions have soared in recent months with Donald Trump's administration rolling out billions of dollars in tariffs against China in a bid to tackle its trade deficit and rein in what Washington views as unacceptable trade practices by the Asian giant.

Yi, in a closed door meeting on Thursday with investment officials, explained that China's monetary policy was on an opposite rate cycle to that of the United States, which is tightening monetary policy due to a strong economy, two people who attended the meeting said.

The OECD has also revised down its global growth forecasts.

The IMF boss also decried the nation's current earnings from its non-oil revenue which she said is just 5 percent of the country's gross domestic production (GDP).

"In the United States, momentum is still strong as fiscal stimulus continues to increase, but the forecast for 2019 has been revised down due to recently announced trade measures, including the tariffs imposed on $200 billion of US imports from China", IMF report said.

Princess Eugenie and Jack Brooksbank's royal wedding will be televised after all
Sir Elton John is known to have ties with royal family and was close friends with Princess Diana. Jack and Eugenie announced their engagement in January earlier this year.

Cardi B and Post Malone ineligible for Best New Artist Grammy
Post Malone was also submitted for best new artist at this year's show but didn't garner a nomination. The 2019 Grammy nominees will officially be revealed on December 5th.

Alex Cora says David Price will start Game 2 of ALCS
Red Sox righthander Rick Porcello , who started on the mound for Boston, responded to Sabathia's criticism. Chris Sale will oppose Justin Verlander in Game 1 of the series on Saturday.

In the last few years in India private debt has declined from nearly 60 per cent to 54.5.

The IMF outlook already projects global growth will slow to 3.6 percent during 2022 - 2023.

In a report released on Tuesday, the International Monetary Fund estimated that despite positive policy tailwinds in the US economy resulting from things like tax reform, growth will be less than previously expected next year, as a result of the trade war.

The fund urged governments to focus on policies that could share the benefits of growth more widely, helping counter the growing mistrust of institutions and avoiding "protectionist reactions to structural change".

"Since mid-April, rising United States interest rates and a stronger U.S. dollar - coupled with intensified trade tensions - have triggered a reversal in portfolio flows, an increase in borrowing costs, and a weakening in local currencies in some emerging markets", the report noted.

Rebuilding Fiscal Buffers It noted that public debt has increased in emerging markets over the past decade, and is projected to increase further in numerous largest economies over the next five years.

According to the WEO report, growth is on the mend for sub-Saharan Africa, with the region's average growth projected to rise to 3.1 per cent in 2018 (from 2.7 per cent in 2017) and 3.8 per cent in 2019.

Related:

Comments

Latest news

Dakota Johnson Responds to Pregnancy Rumors on ‘Ellen’
She went on to explain why the rumours began in the first place, opening up about a amusing coincidence while celebrating her birthday.

Cyclone Titli Hits Odisha Coast, Trees Uprooted; Flights, Trains Affected
While four NDRF teams have been deployed in Andhra Pradesh's Visakhapatnam, Srikakulum and Vijaynagram. NDTV delivers reliable information across all platforms: TV, Internet and Mobile.

Kanye calls himself a 'crazy motherf***er' in Oval Office meeting with Trump
He also criticized the 13th Amendment, which abolished slavery, calling it a "trap door". "That's an invisible wall", he said. At the lunch, West will be accompanied by black National Football League legend Jim Brown . "It's a good energy", West said.

McConnell Warns Of 'Scary Prospect' If GOP Loses Senate Control In Midterms
Democrats and some Republicans have adamantly refused to pay for a physical wall, which they say would be costly and ineffective. Heidi Heitkamp of North Dakota , was already back in her home state campaigning as senators pushed through the nominees.

Google Store Accidentally Reveals the Upcoming Google Home Hub
As more pictures of those people are added, Google will dynamically update the album on the Home Hub. The screen on the Google Home Hub looks great at 7-inches and really feels like about all you need.

Robbie William's daughter in royal party for Princess Eugenie's wedding
About 38,000 people signed a petition, organised by campaign group Republic, against taxpayers' money being spent on the occasion. Security is likely to be one of the bigger expenses of the day, with some newspapers estimating that the cost could be about £2m.

Stock market drop spreads, Wall Street set to fall again
Even though Wall Street posted on Wednesday its biggest drop in eight months, sparking a global equity sell-off, the S&P 500 . Amazon has soared 50 percent this year, but its stock has fallen 14 percent from its all-time high in early September.

Koepka wins Player of the Year honors
Nicklaus, Tiger, so many Hall of Famers, that's what you want growing up, that's what you dream of", Koepka said. He missed the first major of the year but still managed to win two of the last three majors of the year.

Danny Rose and Alex McCarthy withdraw from England squad
It's a odd environment for both teams, playing in front of an empty stadium, but it's important for us to achieve a good result. We've obviously got a different team from the team that played in the semi-final and it's a good challenge for us.

Soyuz emergency landing puts extra pressure on astronauts
Roscosmos, which oversees the Russian space program, tweeted a photo of Hague and Ovchinin being examined in Zhezkazgan. The Russian Soyuz rocket has malfunctioned on lift-off has landed safely in Kazahstan, Russian media report .

‘Joker’ Movie Extras Locked In Subway Car & Forced To Pee On Tracks!
The union made no official comment, but a Variety source says a representative visited the set and resolved the situation. Set images and video of a subway scene have leaked online showing off some sort of riot scene.

Tanushree Dutta's FIR Against Nana Patekar: What Happened In 2008
On the way out, her vehicle was attacked but with the help of the police she managed to escape from the spot, it added. Raj questioned the relevance of making sexual harassment allegations against anybody after 10 years.

Kanye West reveals pointless iPhone code during White House meeting
Ahead of a private lunch, Trump and West spoke with reporters as they sat across from each other at the Resolute desk. Trump looked alternatively bemused, entertained, baffled, guarded and, yes, maybe even a little nervous all at once.

How to use Dolby Vision HDR on Xbox One
The new Xbox Live Avatars have been created to be more inclusive, and they're much modern than the ones from the Xbox 360 era. The new Avatar Store will allow you to buy new Avatar items, including licensed designs from Halo , Gears of War , and more.

Mobile Phones: Razer Phone 2 brings faster performance, Razer Chroma
Turning back to the front the Razer Phone 2 is said to be even louder and clearer with its upgraded speakers and Dolby Atmos. The phone has also been officially certified by Netflix for HDR video content, and Dolby Surround 5.1 audio content too.

Other news