Economy

International Monetary Fund lifts SA's GDP forecast to 1.5% in 2018

International Monetary Fund lifts SA's GDP forecast to 1.5% in 2018

Governments should take advantage of the good times to make structural reforms and put in place tax policies that raise the potential output of their economies, Obstfeld said. Its decision-making also reflects members' relative influence.

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The "escalating tensions" over trade present a growing risk to the world economy, Obstfeld said. "Instead, it is in danger of being torn apart". Past year the fund said China's credit growth was on a "dangerous trajectory".

In an apparent reference to the steps being taken by countries like the United States and China, Obstfeld said that major economies are flirting with trade war at a time of widespread economic expansion may seem paradoxical-especially when the expansion is so reliant on investment and trade.

"If policymakers are complacent and do not tackle the challenge of strengthening long-term growth, political risks could intensify, possibly reversing some of the progress that economic reforms and integration have achieved to date".

The upgrade to global growth for this year to 3.9% potentially makes 2018 the strongest year since 2011, when the economy was rebounding from the financial crisis.

The International Monetary Fund (IMF) has revised economic growth projections for 2018 for Azerbaijan to 2 percent from 1.3 percent, according to the updated World Economic Outlook (WEO) of the IMF.

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Ukraine could receive a new tranche from the International Monetary Fund (IMF) in the amount of $2 billion in May or June 2018 if the country meets the conditions for cooperation under the Extended Fund Facility (EFF), the Ukraina TV and radio company has reported after an interview with Ukrainian Finance Minister Oleksandr Danyliuk in Washington.

The IMF saved the current forecast of Ukraine's GDP growth at the rate of 3.2 percent.

The IMF made only modest changes to its forecasts for the UK.

Forecasts were cut slightly for Canada, the Middle East and North African countries, as well as a number of low-income developing countries. Obstfeld said this forecast was a best-case assumption based on a Brexit deal that involved zero tariffs and favourable access to the European Union for the City.

Such growth should help the Australian jobless rate ease to 5.2 per cent in 2019 and close to what the Reserve Bank believes to be "full employment" at five per cent.

It says increased trade barriers - tariffs or other restrictions - could harm sentiment in financial markets, disrupt global supply chains and slow the spread of new technology.

The 2017 recapitalisation plan for major public sector banks will "improve the banking sector's ability to support growth", the report said.


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