IMF foresees global economy accelerating to 3.5 pct. in '17

IMF foresees global economy accelerating to 3.5 pct. in '17

The IMF also adjusted upward its prediction for the global economy to 3.5 percent in 2017, up 0.1 percentage point from its January forecast.

The ministry expressed optimism Tuesday toward a recovery this year, given that Taiwan has reported export growth for six months in a row and a growth in export orders for seven consecutive months.

The IMF revised Britain's growth forecast to 2 per cent for 2017, up a half percentage point from January, before declining to 1.5 per cent in 2018.

"The downward revisions to growth forecasts for emerging market and developing economies result from a weaker outlook in several large economies, especially in Latin America and the Middle East, reflecting continued adjustment to the decline in their terms of trade in recent years, oil production cuts, and idiosyncratic factors".

The IMF raised its forecast for global growth for 2017 to 3.5 percent from 3.4 percent but left its estimate for 2018 growth unchanged at 3.6 percent.

This means the UK economy will grow faster than the other advanced economies in the G7 group apart from the United States, where GDP is expected to grow by 2.3 per cent.

Maurice Obstfeld, economic counsellor for the IMF, said: "Mainly in advanced economies, several factors-lower growth since the 2010-11 recovery from the global financial crisis, even slower growth of median incomes, and structural labour market disruptions-have generated political support for zero-sum policy approaches that could undermine worldwide trading relationships, along with multilateral cooperation more generally".

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In the medium-term, significant downside risks remain, including the threat of protectionism, which could lead to trade wars, the International Monetary Fund said. "So, the world economy may be gaining momentum, but we can not be sure that we are out of the woods".

The IMF warned that the eurozone's economic outlook was clouded by Brexit and election uncertainties, with growth expected to be only modest overall.

Earlier, in its January review International Monetary Fund downgraded India's growth estimate to 6.6 per cent on the account of demonetisation losses.

The growth forecast for China for this year was increased to 6.6% from 6.2%.

The central bank cautioned, however, that Canada's economy might be unable to maintain the pace set in early 2017.

The Fund has raised its growth forecasts slightly from estimates released last October as macro economic conditions eased for commodity exporters and investment levels grew in advanced economies.

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