Published: Thu, October 11, 2018
Markets | By Otis Pena

International Monetary Fund upgrades outlook on Russian Federation as economy recovers

International Monetary Fund upgrades outlook on Russian Federation as economy recovers

"Last April, the world economy's broad-based momentum led us to project a 3.9 per cent growth rate for both this year and next", IMF Chief Economist Maurice Obstfeld said.

The 0.2 percentage point downgrade to the 2019 growth forecast is attributable to the negative effect of recent tariff actions, assumed to be partially offset by policy stimulus, it said.

UBG chairman and FPCCI former president Iftikhar Malik said the IMF programme will come with specific external, fiscal and monetary measures, which will likely result in slowdown in GDP growth to around 4 percent compared to GDP growth of 5.8 percent in FY18, besides further hike in interest rates.

India hopes to secure a waiver from US sanctions on Iran before they take effect on November 4, as it had significantly cut Iranian oil imports before the deadline, officials said on Monday... He on various occasion said that no option to rescue Pakistani economy could not be ruled out.

"But there is no denying that the susceptibility to large global shocks has risen", Obstfeld said.

Beyond 2019, the International Monetary Fund sees India's growth rate improving "owing to structural reforms and a still-favourable demographic dividend".

New bank resolution regimes meant to avoid future bailouts are largely untested, the Fund said in its biannual global financial stability update.

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Growth in the 19-nation zone is forecast to slow further to 1.9 percent in 2019, unchanged from the July estimate. "The rapid pace of growth in household debt, which is now at the high end for emerging markets, also raises concerns".

Citing the U.S. tariffs on China and Beijing's retaliatory measures, as well as U.S. President Donald Trump's plan to impose global automobile and parts tariffs, International Monetary Fund chief economist Maurice Obstfeld said he regards "further disruption in trade policies" as major near-term downside risks.

"We are all deeply concerned about this news and the potential impact on the business".

Tuesday's report says governments should resist attempts to roll back banking regulations put in place in 2008 to stop a similar financial crisis happening again.

One of the International Monetary Fund (IMF)'s most detailed studies of the state of banking since the financial crisis reveals trade tensions are building and claims a "growing anxiety" around a breakdown in negotiations between Britain and the European Union could lead to financial uncertainty.

The effects on the United States and China would be particularly severe, with 2019 GDP losses of more than 0.9% in the USA and 1.6% in China in 2019.

The Trump administration has penalized almost half of all imports from China and has threatened more for the other half. The government has already hiked gas tariff on average by 35 percent and more could follow.

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