IMF cuts global growth forecast from 3.5% to 3.3% for 2019

US-ECONOMY-IMF

In its latest World Economic Outlook, the International Monetary Fund (IMF) has cut India's growth forecast by 20 basis points to 7.3 percent for the current financial year, citing National Accounts Statistics data, which indicated softer underlying momentum.

IMF Chief Economist Gita Gopinath has raised concerns over the way India calculates its growth rate.

Other suggestions for India in the outlook include improving the governance of public sector banks; reforms to hiring and dismissal regulations to incentivise job creation and absorb the country's large demographic dividend; and land reform to facilitate and expedite infrastructure development.

The World Bank has projected 3.4% GDP growth rate and the Asian Development Bank has showed it at 3.9% for this fiscal year.

Global growth is seen easing to 3.3%, down from the January forecast of 3.5% and slower than the 3.6% climb posted in 2018.

More than two-thirds of the expected slowdown stems from troubles in rich nations, including members of the EU.

"While the global economy continues to grow at a reasonable rate and a global recession is not in the baseline projections, there are many downside risks", Gopinath said. Despite looming deadlines, London has not decided how it would try to shield its economy during the exit process.

The IMF foresees the Chinese economy growing 6.3 per cent this year, down from 6.6 per cent in 2018.

The IMF notes that after strong growth in 2017 and early 2018, global economic activity slowed notably in the second half of a year ago, reflecting a confluence of factors affecting major economies.

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Growth in systemic economies such as the euro area and China may surprise on the downside, and the risks surrounding Brexit remain heightened.

The IMF endorsed modest fiscal expansion measures taken by Beijing over the past year but warned that China should avoid too much stimulus.

The International Monetary Fund on Tuesday worsened its forecast for Iran's recession as USA sanctions bite, with Tehran's slump denting overall growth in the Middle East and North Africa.

Economic development will slow down, unemployment to increase in Pakistan in 2019, the International Monetary Fund says in its report.

The global lender said it was slightly boosting its outlook for Chinese growth this year - to 6.3 percent - in part because an expected escalation in the US-China trade dispute has not materialized.

US tariffs on Chinese imports are hitting Chinese growth and also weighing on Latin America and other parts of the world dependent on Chinese demand for commodities. Global powerhouse China did not make the cut into the top 10.

The fund has upgraded its United States forecast next year to 1.9% though, up 0.1 percentage point, on the Fed's shift to a more patient stance on rates.

China's prospects brightened, the fund said, after President Donald Trump chose to suspend a planned increase in tariffs on $200 billion worth of USA -bound Chinese exports.

The minister recently said the country is weeks away from securing an IMF bailout and hoped an agreement would be reached with the fund by late April or first half of May for a package of anywhere between $6 billion to $12 billion.

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