IMF Raises Global Growth Forecasts, But Says Recovery Incomplete

Maurice Obstfeld chief economist at IMF

In its latest World Economic Outlook, the organisation said it still expects United Kingdom growth to drop to 1.7% in 2017 from 1.8% in 2016, and slow even further in 2018 to 1.5%.

"The small downward revision for the 2018 growth forecast to 6.7 percent is in line with a steady growth path, given the likely growth outcome for 2017", IMF Resident Representative to the Philippines Yongzheng Yang told reporters in an e-mail.

Total world economic growth has been upgraded by 0.1% for both 2017 and 2018, to 3.6% and 3.7%, respectively, thanks to a "global cyclical upswing" that began past year.

Upward revisions in the eurozone, Japan, emerging Asia, emerging Europe and Russian Federation more than offset downward revisions for the U.S. and Britain.

Mena growth as a whole is projected to more than halve in 2017, from 5.1 per cent to 2.2 per cent, "on the back of a slowdown in the Islamic Republic of Iran's economy after very fast growth in 2016 and cuts in oil production in oil exporters", the International Monetary Fund said.

Finance Minister Amr El-Garhy said last month he expected inflation to drop below 15 percent by that time frame.

The IMF said in a statement on Friday that the Cypriot economy has achieved an impressive turnaround since the 2012-2013 economic and banking crisis but also urged Cyprus to get rid of important legacies from its earlier boom bust cycle to avoid a new crisis.

Rest of missing journalist's body found
Wall disappeared after meeting Peter Madsen , a Danish amateur space rocket and submarine builder, for an interview on August 10. He then changed his story and said that she died in an accident, hitting his head on the door, and he was "buried at sea".

The official said on Monday that a meeting of economic policymakers in Washington for this week's International Monetary Fund and World Bank annual meetings was a good opportunity to look back at the priorities of Germany's G20 presidency.

Maurice Obstfeld, chief economist at the IMF, said the reduction in the fund's long-term outlook for the United Kingdom from an annual growth rate of 1.9 per cent to 1.7 per cent was a direct outcome of leaving the EU.

The Fund cautioned that euro zone growth would remain under pressure due to weak productivity, an ageing population and, in some countries, high debt.

The IMF lowered India's forecast growth to 6.7 per cent from the 7.2 per cent predicted in July.

AMRO, which earlier projected a 6.8 percent expansion for 2017, noted that "after the boost from elections related spending in 2016, the pace of economic expansion moderated to 6.4 percent in the first half of 2017 as fixed investment decelerated".

In the next six to nine months, the US, Japan, Canada and the majority of European countries are expected to maintain "stable growth momentum", according to the OECD. GST was put in place on July 1.

That compares with 3.2 per cent growth in 2016. In the last two years, under the Park Geun-hye administration, the nation's growth has been below 3 percent.

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