Wednesday, 12 December, 2018

Fix trade, don't destroy it, International Monetary Fund chief Christine Lagarde warns

Finance Minister Asad Umar says decision is taken after consulting leading economists Finance Minister Asad Umar says decision is taken after consulting leading economists
Laurie Berry | 12 October, 2018, 11:45

Citing the impact of US taxes on Chinese imports, however, the International Monetary Fund shaved the outlook for China next year to 6.2 percent, which would be the country's slowest growth since 1990. However, there are fears that the terms of any new loan will be more stringent than those in 2013, due to tense relations with the United States, the lender's biggest donor.

"We are seeing more and more - China included - countries that actually let their currency fluctuate, and that certainly has been the case over the last three years as far as China is concerned", she said.

The IMF's cut to its outlook was broad-based.

In its World Economic Outlook report released in July 2018, the Bretton Wood Institution had projected that Nigeria's economy would grow by 2.1% in 2018 and 2.3% in 2019. It left its United States growth projection for this year at 2.9 per cent.

Trump renewed his threat to impose tariffs on $267 billion worth of additional Chinese imports if Beijing retaliates further with its own higher levies on US products entering China.

The International Monetary Fund has cut its US growth forecast for next year, warning that President Trump's protectionist trade policies will harm growth domestically and around the world. -China tariff war's impact to be felt next year, the Fund cut its 2019 US growth forecast to 2.5 percent from 2.7 percent previously, while it cut China's 2019 growth forecast to 6.2 percent from 6.4 percent. Two weeks after that date, Hungary's Central Statistical Office (KSH) revised first-half GDP growth up 0.1 percentage point to 4.7 percent.

Joseph's long TD return lifts Vikings past Eagles 23-21
Bennett's 9-yard sack was wiped out by a personal foul call, and the half-the-distance penalty placed the ball on the Eagles' 11. This was a game that both teams really wanted-and needed-to win, and Minnesota proved the tougher opponent in the end.

After the departure of the fund mission, the Ministry of Finance said it largely shared this assessment and was "committed to take further corrective measures to restore stability and inclusive growth".

Several emerging markets had their forecasts cut, including Argentina, Brazil, Iran and Turkey, reflecting factors including tighter credit.

It also said Ghana's current account position will however remain negative though lower than before.

"Growth performance varies, however, across countries".

The IMF forecasts US GDP growth this year of 2.9 percent, slowing to 2.5 percent in 2019 - which is 0.2 points slower than the July estimate - and to 1.8 percent in 2020. On top of trade concerns, the International Monetary Fund also warned that investment in emerging markets has plummeted and that there are great political risks in many nations.

Emerging Asia continued to register strong growth, supported by a domestic demand-led pickup in the Indian economy from a four-year-low pace of expansion in 2017, even as activity in China moderated in the second quarter in response to regulatory tightening of the property sector and non-bank financial intermediation, it said. "Inclusive fiscal policies, educational investments, and ensuring access to adequate health care can reduce inequality and are key priorities", he added.

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