Friday, 19 October, 2018

International Monetary Fund warns Nigeria on tough times ahead

Pakistan ETF Plunges After New Government Asks for IMF Bailout Equity ETFsPakistan ETF Plunges After New Government Asks for IMF Bailout By Max Chen
Jean Garcia | 11 October, 2018, 07:29

The Outlook said the global economy is expected to grow at 3.7 percent this year and next year - down 0.2 percentage points from an earlier forecast, as the trade war started to hit economic activity worldwide. The last one was in September, 2013 when the International Monetary Fund approved a Dollars 6.6 billion loan support to the government's programme to stabilise its economy and boost growth while expanding its social safety net to protect the poor.

'A sharp tightening of global financial conditions could be triggered by a further escalation of trade tensions or by a sudden shift in risk sentiment caused by rising geopolitical risks or policy uncertainty in major economies'.

The global organisation said that India's growth has rebounded from "transitory shocks" such as the demonetisation of high value currency notes and the introduction of the Goods and Services Tax.

India's medium-term growth prospects remain strong at 7.75 per cent, benefiting from ongoing structural reform.

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 U.S. tariffs on Chinese imports".

"The government has chose to do both", he said while addressing a ceremony to launch Naya Pakistan Housing Programme, a flagship project of his government to build 5 million houses in five years for low income people.

British pair feared dead as Majorca flash floods kill five
Rescue workers and military units from the Spanish mainland were heading to the area which is popular with British holidaymakers. Two Britons who were killed in a taxi are among the five people who have died during flash floods in Majorca .

The growth rate of United States for 2018 is 2.9 per cent and that of 2019 has been powered to 2.5 per cent.

Its forecast for China's 2018 GDP growth remains unchanged at 6.6%, while revised downward by 0.2 percentage points for 2019 to 6.2%.

"As a result, estimates of 2017 public debt vary considerably: the official government debt figure is 37 percent of GDP, while the data reported in the latest World Economic Outlook show it at 47 percent of GDP, and the "augmented" debt measure, which includes more off budget borrowing by local governments, stands at 68 percent of GDP", he said.

Gasper said China had substantial government assets, reflecting years of high infrastructure investment.

To cool inflationary pressure, the American central bank, the Federal Reserve, is raising interest rates, which acts as a further attraction to global capital because returns are higher. In India, a high interest burden and risks from rising yields require continued focus on debt reduction to establish policy credibility and build buffers.

Russian Federation was among the few energy-rich emerging market countries whose growth forecasts were bumped up. China's economy is also showing signs of moderating and that could be exacerbated by its trade disputes with the United States, which has imposed tariffs on $250 billion worth of imports from Beijing and is threatening duties on $267 billion more.

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