Thursday, 18 October, 2018

Nigeria's growth not enough to create jobs, says International Monetary Fund

PM Imran Khan chairing the Punjab cabinet meeting. — PTI PM Imran Khan chairing the Punjab cabinet meeting. — PTI
Orlando Vargas | 10 October, 2018, 08:53

The IMF said: "The possible failure of Brexit negotiations poses another risk".

The downgrade reflects a confluence of factors, including the introduction of import tariffs between the United States and China, weaker performances by eurozone countries, Britain and Japan, and rising interest rates that are pressuring some emerging markets with capital outflows, notably Argentina, Brazil, Turkey, South Africa, Indonesia and Mexico.

PM Imran said he wanted to provide relief to citizens and will steer the country clear of the impending financial disaster.

"US growth will decline once parts of its fiscal stimulus go into reverse", Mr Obstfeld said in a statement.

"The likelihood of further negative shocks to our growth forecast has risen", he said.

U.S. Treasury Secretary Steven Mnuchin is expected to meet with worldwide finance officials in Indonesia this week during IMF and World Bank summits, though as of Monday he had no meetings scheduled with Chinese officials - as reported by Reuters.

With global economy slowing down and countries across the world erecting trade barriers, Valecha says it is highly unlikely that exports from Pakistan will have a sharp turnaround.

The Dow Jones Industrial Average fell 17.59 points, or 0.07 per cent, at the open to 26,469.19.

"It also expects the economy to grow 1.4 per cent in 2019, down from a previous estimate of 1.7 per cent". Since its last forecast in March, the International Monetary Fund has also revised upwards Israel's expected inflation this year from 0.7% to 0.9%.

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He admitted that the continent "will witness growth next year but the growing number of working class coupled with less jobs opportunities, huge public debts and poor infrastructure present a challenge in achieving the developmental goals of the United Nations".

The IMF also cut its outlook for China as a result of the tariffs, shaving its projection for growth next year to 6.2 per cent, down 0.2 point from three months ago.

"In Angola, the region's second largest oil exporter, real GDP is expected to shrink by 0.1 per cent in 2018, following a 2.5 per cent contraction in 2017, but is projected to increase by 3.1 per cent in 2019". Overall, global growth will remain steady - about 3.7 percent this year - and exceed that of 2012-2016.

"For an economy that has become addicted to foreign loans and bailouts, the future is very much like the past", said Uzair Younus, a South Asia director at Washington-based consultancy Albright Stonebridge Group LLC.

"Near-term risks to global financial stability have increased somewhat", the International Monetary Fund said.

Instead, the Chinese maintain, they have boosted the country's economic growth and provided 70,000 jobs.

In this worst case scenario, the U.S. economy would take a significant hit, while economic growth in China would drop below 5% in 2019, compared with a current prediction of 6.2%.

"In several key economies, moreover, growth is being supported by policies that seem unsustainable over the long term", he said. The IMF on Tuesday cut its global growth forecasts due to an escalating U.S.

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