International Monetary Fund forecasts 7.1% economic growth for 2019

International Monetary Fund forecasts 7.1% economic growth for 2019

While the global economy is still on track to match last year's pace, which was the strongest since 2011, the new outlook suggests fatigue is setting in and the overall performance masked divergence with mounting weakness in emerging markets from Brazil to Turkey.

The fund left its 2018 United States forecast unchanged but cut its expectation for next year, citing the impact of the trade conflict.

"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".

Thor Equities CEO Joe Sitt on the increasing USA trade tensions with China.

"There are clouds on the horizon".

"We have not been formally approached yet", said Maurice Obstfeld, the IMF's top economist, during the fund's annual meeting in Bali Tuesday.

He stated, "Nigeria's growth, 1.9 per cent this year; 2.3 next year". In September, Trump imposed tariffs on almost $200 billion of Chinese imports, with China responding with higher tariffs on about $60 billion of US imports.

Slow growth continues to take toll on jobs market.

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Foreign-currency reserves have plunged 40% in 2018 to the lowest in nearly four years, while the nation is running twin current-account and budget deficits of more than 5% of gross domestic product.

The IMF's cut to its outlook was broad-based. It left its USA growth projection for this year at 2.9 per cent. Beijing has answered with taxes on $110 billion worth of USA exports.

Pakistan's previous government had set a growth rate target of 6.2 percent for the current fiscal year but global and local institutions predict that the country will not be able to achieve this. The benchmark Shanghai Composite Index has already plunged 17.7 per cent this year, making the Chinese equity market the second worst stock market worldwide, only next to the Greek market, which has fallen 18.4 per cent.

"It was a combination of factors that basically affected emerging and frontier markets". It cited Australia, New Zealand and Britain as countries that are taking positive steps to better manage their assets against the growth of future liabilities.

For China, the next fastest growing major economy, the International Monetary Fund said it was lowering the growth projections for next year made in April by 0.2 per cent to 6.2 per cent "given the latest round of USA tariffs on Chinese imports".

These include instances where some key economies have supported their growth with policies that seem unsustainable over the longer term.

Further moves towards a trade war could "significantly harm global growth".

"It was decided today that we should start negotiations with the International Monetary Fund for a stabilisation and recovery programme so that we should bring the current hard economic situation under control", Umar said in the message.

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