Saturday, 15 December, 2018

Brexit uncertainty weighing on Europe's economy, International Monetary Fund says, while global growth downgraded

Emerging Markets Look to Contain the Damage Govt decides to ‘immediately’ approach IMF
Rhonda Young | 09 October, 2018, 12:22

The worldwide organisation said that India's growth has rebounded from "transitory shocks" such as the demonetisation of high value currency notes and the introduction of the Goods and Services Tax.

The government had announced that it was ready to take "decisive corrective measures" to put the national economy back on track, raising the prospects for early finalisation of an International Monetary Fund bailout package, carrying huge political and economic costs. China was the fastest growing economy in 2017 as it was ahead of India by 0.2 percentage points.

Considering developments since then, however, that number appears over-optimistic: "rather than rising, growth has plateaued at 3.7 per cent", IMF Chief Economist Maurice Obstfeld said as the world body released the World Economic Outlook, its annual flagship report.

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Before heading off to Bali, Indonesia for an annual meeting with the International Monetary Fund and the World Bank later this week (from October 12 to 14), the ministry of finance announced that it will immediately start negotiations with the International Monetary Fund. Over the medium term, growth is expected to gradually slow to 5.6 per cent as the economy continues to make the transition to a more sustainable growth path with continued financial de-risking and environmental controls, it noted.

The IMF has slashed its latest growth forecasts, downgrading the US, China, the eurozone and the United Kingdom, as tit-for-tat tariffs bite.

"Notwithstanding the present demand momentum, we have downgraded our 2019 United States growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation", he said, adding that China's expected 2019 growth is also marked down.

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

According to the World Economic Outlook, in India, reform priorities include reviving bank credit and enhancing the efficiency of credit provision by accelerating the cleanup of bank and corporate balance sheets and improving the governance of public sector banks. It said core inflation, excluding all food and energy items, in India had risen to about 6% as a result of a narrowing output gap and pass-through effects from higher energy prices and exchange rate depreciation.

"The forecast does not incorporate the impact of further tariffs on Chinese and other imports threatened by the United States, but not yet implemented, due to uncertainty about their exact magnitude, timing, and potential retaliatory response", the International Monetary Fund said.

Apple releases iOS 12.0.1 to fix XS charging issue
Another change people might notice is that the update will restore the original position of the "123 key" on the iPad keyboard. Also fixed is an issue that'd cause the iPhone XS to connect to a rejoin a 2.4GHz Wi-Fi network over a 5GHz Wi-Fi network.

He said the aggregate growth rate of Africa is being held down by its three largest economies. "The negative revisions for emerging market and developing economies are more severe, at -0.2 and -0.4 percentage point, respectively, for this year and next year", Obstfeld said.

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