Saturday, 31 October, 2020

International Monetary Fund raises growth forecasts for euro area

The IMF said it now expects the economy to grow by 1.7 The IMF said it now expects the economy to grow by 1.7
Christy Curtis | 25 July, 2017, 02:02

It was celebrated this year in June, and the change affected the number of working days in June and July as the number of working days in June decreased by two.

From a global growth perspective, "the most important downgrade is the United States", Obstfeld said, noting that President Trump's inability to deliver on his tax cuts package had discouraged private investment and hindered U.S. growth prospects.

President Trump's attempts to push a healthcare bill through the Republican-controlled Senate collapsed last week, and this now has analysts more circumspect about his chances of advancing promised big tax cuts and infrastructure spending.

The 0.3 percentage-point cut to Britain's 2017 growth forecast contrasted with upgrades for most of the big advanced economies covered by the IMF's forecasts although the projection for US growth this year was cut by 0.2 percentage points.

Obstfeld was increasingly confident that "the recovery in global growth is on a firmer footing....there is now no question mark over the world economy's gain in momentum".

"We have upgraded Malaysia's growth outlook to 4.8% for this year".

The global financial institution cited the "uncertainty" over the Trump administration's policies as the main reason for the downgrade.

Spieth, Koepka, Kuchar lead American charge at British Open
Rain began pounding Royal Birkdale on Wednesday afternoon, closing the course because of the lightning that accompanied the storm. However, patches of bad weather often last for only part of the day, creating different course conditions for different players.

"This forecast underscores exactly why our plans to increase productivity and ensure we get the very best deal with the European Union, are vitally important", the U.K. Treasury said in an emailed statement.

The spokesman added: "Owing to years of hard work and sacrifice by the public, the United Kingdom economy is in a strong position".

India, however, will continue to grow faster than China in 2017 as well as 2018.

Among other countries and regions, the growth forecast for the eurozone was revised upward 0.2 point to 1.9 percent this year and 0.1 point to 1.7 percent next year due to stronger than expected domestic demand.

Australia, NZ dollars near multi-month peaks as USA dollar struggles: The Australian dollar stood near two-year highs on Monday while its New Zealand counterpart was within kissing distance of an nearly 11-month peak against an unloved greenback. Spain appears to be the bright spot in both years.

With regards to the United Kingdom, the International Monetary Fund highlighted a decline in growth rate, from 1.7 percent in the current year to 1.5 percent in 2018, in lieu of the political turmoil stirred due to the Brexit and other factors, reports Bloomberg. "Market expectations of fiscal stimulus have also receded".

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