International Monetary Fund raises growth forecasts for euro area
International Monetary Fund raises growth forecasts for euro area
Donald Trump's attempts to push a healthcare bill through the Republican-controlled Senate collapsed last week. Steve Helber
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.
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.
"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.
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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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Outside the gates of Congress, sectoral groups picketed and called for an end to the martial law. This is not the martial law that we had before.
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