International Monetary Fund says United Kingdom is exception to global growth

International Monetary Fund says United Kingdom is exception to global growth

International Monetary Fund says United Kingdom is exception to global growth

Total world economic growth has been upgraded by 0.1% for both 2017 and 2018, to 3.6% and 3.7%, respectively, thanks to a "global cyclical upswing" that began past year.

"We see an accelerating cyclical upswing boosting Europe, China, Japan and the United States, as well as emerging Asia", he said.

The IMF maintained its GDP growth projection for Nigeria at 0.8 percent this year, a performance underpinned by a recovery in oil production and farming after the economy contracted in 2016.

The U.S. outlook for 2017 had been cut by 0.1 percentage points, and its 2018 forecast had been cut by 0.2 percentage points in the Fund's April report, but then revised upwards in July by the same amounts.

The IMF said in its latest World Economic Outlook report that the region would grow by 2.6 percent this year after 1.4 percent in 2016. Investors in the USA markets are betting on lower taxes as promised by President Trump during his election campaign. However, Obstfeld warns that governments can't miss this "window of opportunity" to push for "ambitious" policies to increase growth, reduce public debt, and spend more on infrastructure and education while the global economy is prospering.

"Growth is expected to rise gradually", it said, while noting that the rate would be uneven and "barely above population growth".

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It also lowered India's growth for 2018 to 7.4 per cent, 0.3 percentage points less than its previous two projections in July and April.

The OECD leading indicator, which is created to anticipate turning points in economic activity, projected an upbeat scenario of economic expansion in the countries that represent most of the world's economic output.

Although the United States and UK aren't the slowest-growing advanced economies, the direction of forecasts are problematic.

China is expected to report faster growth this year for the first time since 2010, easing about collateral damage elsewhere.

There have been growing concerns over whether the economy could even reach that level of growth considering the adversities it is facing, including continuing tension with China over the deployment of a USA -led antimissile system that has hurt Korean businesses, particularly in retail, tourism and the automotive industry. In the U.S., for instance, the Federal Reserve is expected to raise interest rates in December for the third time this year, while the European Central Bank (ECB) is waiting for signals to cut its bond-buying programme, which was introduced after the 2008 financial crisis.

"In advanced economies, monetary policy settings should remain accommodative until there are firm signs of inflation returning to targets.(as) still-subdued wage pressures mostly reflect remaining slack, not fully captured by headline unemployment rates", the Fund said. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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