International Monetary Fund increases growth projection for Nigeria

Africa Rising IMF Projects Ghana To Be The World’s Fastest Growing Economy

Africa Rising IMF Projects Ghana To Be The World’s Fastest Growing Economy

The growth forecasts for the Philippines in the next two years were within the government's downgraded target ranges of 6 to 7 percent for 2019 and 6.5 to 7.5 percent for 2020.

"The projection is 0.3 percentage point and 0.2 percentage point lower for 2019 and 2020, respectively, than in the October 2018 WEO, reflecting downward revisions for Angola and Nigeria with the softening of oil prices".

MoSPI had revised the country's economic growth projections on January 31 this year, scaling up growth projections for some years such as demonetisation year of 2016-17 and 2017-18.

UK GDP is set to expand 1.2 per cent in 2019 should it leave the European Union with a deal, 0.3 percentage points less than the International Monetary Fund predicted in January as Brexit uncertainty and a global slowdown weigh on the country's prospects. Those meetings are likely to be dominated by discussions of how to combat growing risks to global growth.

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

"Although a 3.3 per cent global expansion is still reasonable, the outlook for many countries is very challenging, with considerable uncertainties in the short term, especially as advanced economy growth rates converge toward their modest long-term potential", the report read.

Gopinath said it was "imperative that costly policy mistakes are avoided".

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The IMF's report said the economy would suffer as trade tariffs rose and non-tariff costs involved with customs and regulations also increased, including higher costs for the United Kingdom financial sector.

If trade tensions worsen, Gopinath warned that it could trigger "large disruptions in global supply chains".

Other multilateral lenders such as the also Washington-based World Bank and the Manila-based Asian Development Bank earlier cut their 2019 growth forecasts for the Philippines because of the impasse in Congress on the 2019 national budget, the prolonged dry spell due to El Niño, and a slowing external demand.

China's prospects brightened, the fund said, after President Donald Trump made a decision to suspend a planned increase in tariffs on $200 billion USA worth of USA -bound Chinese exports. -China trade tensions, problems in Germany's auto sector, uncertainty around Brexit and financial vulnerabilities in advanced economies.

Germany may have to quickly turn to fiscal stimulus measures, the International Monetary Fund said, also calling on the European Central Bank to keep stimulating the regional economy.

The IMF expects growth in world trade to drop to 3.4 per cent this year - a sharp slowdown from the 4 per cent it had expected in January and from 3.8 per cent trade growth in 2018.

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