IMF's forecasts for Hong Kong's economic outlook are mixed: it raises its forecast for 2018 by 0.2 percentage points to 3.8%, while cutting its forecast for 2019 by 0.3 percentage points to 2.9%.
The financial market volatility will likely continue next year, because the US Federal Reserve, after raising the federal funds rate by 25 basis points in its September 26 meeting, nonetheless signaled another rate hike by the end of this year and maintained its projection for three rate hikes in 2019.
The IMF issues the report ahead of the Annual IMF and World Bank meetings where world leaders, finance ministers and nongovernmental organizations will gather this week in Bali, Indonesia.
In its latest World Economic Outlook report, the International Monetary Fund conducted a series of calculations of the impact from the trade tariffs that the administration of US President Donald Trump has already implemented and has threatened to impose, as well as reprisals from China and other nations.
Pakistan began exploring the possibility of yet another loan package with the International Monetary Fund while the PML-N was still in power and the exploratory talks continued under the interim government as well. "However, it is projected to rise to 5.1 percent in 2019", the report said.
At a news briefing on Tuesday, IMF chief economist Maurice Obstfeld outlined the economic challenges that Pakistan was facing now and also commented on its ability to finance itself. The Fund's analysts point out that the steady recovery, which has been occurring since mid-2016, continues, while the growth of the world economy for 2018-2019 is projected to remain at the 2017 level.Читайте также: Three Seriously Injured in West Bank Terror Shooting
Meanwhile, the United States would see a roughly 0.9 percentage point hit, damping growth from 2.5% next year to 1.6%.
Speaking to journalists in Bali, the Deputy Director, Research, IMF, Gian Maria Milesi-Ferretti, said the largest economies on the continent were holding down economic development in Africa as a result of poor growth rate.
In India, the report said, important reforms have been implemented in the recent years, including the Goods and Services Tax, the inflation-targeting framework, the Insolvency and Bankruptcy Code, and steps to liberalise foreign investment and make it easier to do business.
"Nigeria, like many other emerging market countries, has come under market pressure since mid-April".
The US growth forecast for 2019 is down from 2.7% to 2.5%.
Pakistan's current account deficit widened 43 percent to $18 billion in the fiscal year that ended June 30, while the fiscal deficit has ballooned to 6.6 percent of gross domestic product.
He called on countries to ensure inclusive growth, which he said was "more important than ever".При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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