International Monetary Fund predicts India will grow at 7.3% in 2018-’19

International Monetary Fund predicts India will grow at 7.3% in 2018-’19

An escalation in global trade tensions, together with rising geopolitical risks and policy uncertainty in major economies, could trigger a broad-based correction in global capital markets and cause a sharp tightening of global financial conditions, the International Monetary Fund (IMF) warned on Wednesday.

International Monetary Fund Managing Director Christine Lagarde on Thursday warned countries of the perils of a trade or a currency war, saying they could be detrimental to global growth and hurt "innocent bystanders".

The IMF announced it had reduced its outlook on the global economy to a 3.7% growth rate for this year and next, down 0.2% from what it had originally predicted in July.

The global organisation said that India's growth has rebounded from "transitory shocks" such as the demonetisation of high value currency notes and the introduction of the Goods and Services Tax.

In a press conference at the White House on Tuesday, President Trump said "China wants to make a deal and ... they're not ready yet", adding that is a reason his administration has canceled a couple of meetings with Beijing.

It predicted 2.9 percent USA growth this year, dropping to 2.5 percent next year, and to 1.8 percent in 2020, as the effect of US tax cuts wears off and the trade war with China inhibits growth.

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.

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The Federal Reserve, the US central bank, has raised short-term USA rates three times this year as the American economy gains strength more than nine years after the end of the Great Recession. "Bold decisions need to be taken on the reforms front in order to stimulate growth and sustainable development", said Prof Ncube. "By 2019, when some of these orients will be commissioned, economic activities will blossom and this will propel GDP growth", said Mr. David Akwu, a lecturer at University of Nigeria Nsukka.

"Priority areas in Russian Federation include improving property rights and governance, enhancing the institutional infrastructure, reforming labor markets, and investing in innovation and infrastructure", the report added.

The IMF also risks associated with high corporate debt, rising nonperforming loans and too much public debt overall. "These efforts should be supported by further reductions in subsidies and enhanced compliance with the Goods and Services Tax".

He said the State Bank has already raised interest rates by 275 basis points to 8.5 percent in calendar year to date.

The IMF, in its twice annual assessment of global financial stability, said conditions remain broadly conducive to economic growth, but are at risk of worsening should emerging markets deteriorate further or trade tensions escalate.

She declined to comment on the recent market rout, but said USA equities and overall stock prices "in general have been extremely high".

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