International Monetary Fund ups 2018 growth forecast for Turkey, revises down 2019 figure

That is an improvement on the 3.8 percent global growth seen a year ago but is unchanged from the forecasts in January.

The global financial watchdog also said the Bank of England needs to raise interest rates to stave off inflation because the economy is running at its speed limit, even at the present depressed levels. The...

Slovenia's economic growth is projected to slow to 3.2% in 2019, the International Monetary Fund said in the April edition of its World Economic Outlook report.

The downside to the IMF's global growth projections emanate from a possibility of tightening of financial conditions, waning popular support for global economic integration, growing trade tensions and risks of a shift toward protectionist policies, and geopolitical strains, it noted.

The World Bank made a similar prediction in January, saying growth could start flagging in the next couple of years as major economies such as the United States, China and the European Union begin to cool.

The lending agency has kept its forecast for worldwide growth this year at 3.9 percent, which would be its fastest pace since 2011.

Globally, the experts warned that President Donald Trump's trade wars, restrictions and counter restrictions from China and elsewhere may derail the global economic growth.

Maurice Obstfeld, Economic Counsellor and Director of the Research Department, IMF said that the world economy continues to show broad-based momentum.

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Speaking at a news conference, Obstfeld said the International Monetary Fund had run economic simulations about the impact of a far-reaching trade war that would include across-the-board tariffs of 10 percent.

It urges countries with excess current account surpluses and fiscal space - notably Germany - to increase public investment to boost potential growth and demand.

The IMF adjusted up the country's gross domestic product growth in January, with the revision in line with Seoul's growth outlook for 2018.

Last month, the Trump administration imposed steep tariffs on global steel and aluminum exports to the USA and threatened China with about $100 billion in additional tariffs.

India is expected to outpace China, registering 7.4 percent growth this year.

It forecasts the Irish economy to grow at 4.5% this year and 4% next year. Japanese economic growth is forecast to decelerate to 1.2 percent from 1.7 percent in 2017.

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

The US economy is forecast to grow by 2.9%, up 0.6% from the previous forecast.

(Copyright © 2015. All Rights Reserved.)
 
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