International Monetary Fund gives Greece optimistic figures on growth and unemployment

International Monetary Fund gives Greece optimistic figures on growth and unemployment

The IMF said Monday that the global economy will grow 3.7 per cent this year, the same as in 2017 but down from the 3.9 per cent it was forecasting for 2018 in July.

It's the thirteenth time Pakistan has turned to the International Monetary Fund for support since the late 1980s and the lender said last week that recent government efforts haven't been sufficient to stem a looming crisis.

In September 2018 Donald Trump imposed tariffs worth $200 billion on Chinese goods and threatened to sign off on a further $267 billion - an escalation in a tariff war that, at that point, had only seen both countries levy tit-for-tat duties on each other's imports.

The IMF expects a 2.9 percent growth outlook on the U.S. economy, but thinks growth will shrink to 2.5 percent for 2019, attributing to the slowdown to the country's escalating trade war with China.

Addressing a news conference at the International Monetary Fund and World Bank annual meetings in Bali, the IMF's Maurice Obstfeld cautioned that increased Chinese involvement in Pakistan's economy could bring both benefits and risks.

Global trade is projected to expand by 4.2 per cent this year, six tenths less than expected in July and almost a full point lower than the forecast in April.

"Notwithstanding the present demand momentum, we have downgraded our 2019 United States growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation".




The IMF said, "The growth forecast for 2018 is 0.3 percentage point lower than the April 2018 WEO forecast". Rather than rising, growth has plateaued at 3.7 percent.

The IMF, created in 1945, is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate worldwide trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Adjustments would occur as domestic production displaces higher-priced imports, the model shows, but in the long run, the US GDP would still be 1.0 per cent below a baseline without these tariffs, while China's GDP output would be one half percent below the baseline.

The global organisation warned a full-blown trade war between the USA and China could have wider implications for the financial growth around the world. "Trade policy reflects politics, and politics remain unsettled in several countries, posing further risks", he added.

The IMF said a "no-deal" Brexit remained a risk. China's expected 2019 growth is also marked down.

For the United Kingdom, it recommended interest rates by raise to tackle inflation, but urged the Bank of England to remain "flexible". "This is not true in emerging and developing economies, where financial conditions have tightened markedly over the past six months", he said. It dropped 0.3 percent to $83.91 per barrel in London.

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