Sunday, 21 October, 2018
  • Finance
  • International Monetary Fund lifts SA's GDP forecast to 1.5% in 2018

International Monetary Fund lifts SA's GDP forecast to 1.5% in 2018

Subhash Garg as economic affairs secretary is the “alternate governor” for India on the IMF’s board of governors Subhash Garg as economic affairs secretary is the “alternate governor” for India on the IMF’s board of governors
Orlando Vargas | 17 April, 2018, 21:50

Adviser to Prime Minister on Finance Miftah Ismail leaves for Washington to attend spring meetings of the International Monetary Fund (IMF) and the World Bank a few days before the last federal budget of the PML-N government to be announced on April 27. Higher barriers to trade and lower foreign direct investment following Brexit next year would prevent Britain from performing better, it said.

The International Monetary Fund has revised its economic growth forecast for the Czech Republic in 2018 from a projected 2.6 percent in the fall of previous year to 3.5 percent of the GDP.

It urged nations to use a "window of opportunity" to carry out reforms to boost growth rates before the current upswing - the strongest since 2010 - petered out.

The U.S. economy will grow 2.9% this year, the IMF said, up 0.2 percentage point from the fund's forecast in January.

"The need for fiscal consolidation as a result of structurally lower oil revenues, security challenges, and structural impediments weigh on the medium-term prospects for many economies in the region", the report said.

"Once the cyclical upswing and USA fiscal stimulus have run their course, prospects for advanced economies remain subdued, given their slow potential growth".

According to the IMF's World Economic Outlook (WEO) report, the country's economic growth is expected to be 7.8 per cent in 2019.

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"We also project near-term improvements for several other emerging market and developing economies, including some recovery in commodity exporters".

For the United Kingdom, the report says that unemployment close to historic lows could add to inflationary pressures, by triggering faster wage growth.

He said the recent tax reform in the U.S. will make things worse, stating "we now expect the USA current account deficit for 2019 will be roughly $150 billion higher", as a result of the tax and spending changes introduced earlier this year.

The IMF expects a 3.9 percent growth of Azerbaijan's GDP in 2019.

"Against that positive backdrop, the prospect of a similarly broad-based conflict over trade presents a jarring picture", Maurice Obstfeld, IMF's Economic Counsellor and Director of the Research Department, said in remarks accompanying the outlook. "These developments have created room for monetary policy to support activity should downside risks to growth materialize", it said, at a time most analysts believe a long pause from the Reserve Bank of India on policy rates.

Rather than lower the trade deficit, as Trump has called for, the United States trade actions could expand it by $150 billion by 2019, he said.

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