International Monetary Fund predicts Nigeria's economy will grow faster than South Africa's in 2018

Share
International Monetary Fund predicts Nigeria's economy will grow faster than South Africa's in 2018

In an update to its April forecasts, the International Monetary Fund lowered its 2017 growth forecast by 0.3 percentage point to 1.7 percent following weaker than anticipated first quarter figures.

Elsewhere around the world, meanwhile, the picture looks somewhat less grim.

The IMF further said that with a pick-up in global trade and strengthening domestic demand, growth in the ASEAN-5 economies is projected to remain robust at around 5 per cent.

'Strong Chinese growth drives growth particularly in Asian region but also throughout the world, ' Obstfeld added, noting that China is a big contributor to the overall growth and has a very large spillover effect to the world economy.

The IMF also revised up China's economic forecast for 2018 by 0.2 percentage point to 6.4 percent, citing hopes the country may keep high public investment and delay fiscal adjustment to meet its target of doubling the 2010 real GDP by 2020.

The IMF has also warned against strong credit growth that may come with rising downside risk to medium-term growth.

As China is transforming its economy from traditional manufacturing sector to service and consumption oriented sector, its structural transformation and the rebalancing of its economy should lower the growth rate and put growth on a firmer basis over time, the chief economist said.

He said China's recent moves to redress non-performing loans and a coordinated financial oversight overhaul were welcome.

The IMF said its downgrade reflected Britain's weaker-than-expected growth in the early part of this year.

The IMF maintained its forecast for British economic growth to slow to 1.5 percent in 2018, slightly slower than expected growth in France and Germany next year.

The IMF downgraded the growth forecast for the United States to 2.1 per cent in 2017 from 2.3 per cent and 2.1 per cent in 2018 from 2.5 per cent as reflected in part of the weak growth outturn in the first quarter of 2017.

Share

Advertisement

Related Posts

Apple Losing Share of Smartphone Market in China
Apple's performance continues to be seasonal, while Samsung is losing out to the Oppo-Vivo onslaught in offline. The race for the top two spots is always up for grabs as one misstep can push a brand easily two spots behind.

EU Commission Threatens Poland's Bloc Membership Over Judicial Reforms
Timmermans without knowledge of the draft bills and Polish law comes up with a hurtful criticism of Poland ". The President of Poland Andrzej Duda signed one of the laws relating to the reform of the judicial system.

The Switch leads Nintendo into the green
Mario Kart 8 Deluxe is even more impressive, achieving 3.54 million sales even though it was only released on April 28. It looks as if ARMS could end up soundly surpassing the sales of 1-2-Switch at its current pace.

Elon Musk says Mark Zuckerberg's understanding of AI is 'limited'
Fear that machines could become so intelligent that they might rise up and overthrow humanity is a common theme in science fiction.

Modi asks party MPs to hold 'sankalp yatra'
At the meeting, Modi expressed unhappiness over the absence of party MPs from the two houses of parliament during its proceedings. M Venkaiah Naidu is the NDA candidate , while the opposition has fielded Gopal Krishna Gandhi .

Indians Salute Bravehearts On 18th Kargil Vijay Diwas
The day, also marked as Shaurya Diwas, commemorates the soldiers who laid their lives during the Kargil War . According to ANI, Adityanath said, "26 July 1999 ko sena ne Pak ko peeche hatne pe majboor kiya tha".

EU's Juncker says ready to act over new USA sanctions on Russian Federation
The sanctions on Russian Federation were drawn up in part to further punish its annexation of Crimea from Ukraine in 2014. House could affect European Union companies working on Russian pipelines that bring fuels like oil and gas to Europe.

Government unveils new build leasehold ban
According to the HomeOwners Alliance , the number of new builds sold as leasehold has doubled since 1996 to 43 per cent. The measures also include closing legal loopholes to protect consumers who may be vulnerable to possession orders.

Turkey's Erdogan says Israel will suffer most from Aqsa dispute
Friday's main weekly Muslim prayers - which typically draw thousands to Al-Aqsa - had brought the situation to a boil. One person set off a firework, prompting Israeli police to raid and disperse them using sound grenades.

Privacy A Fundamental Right But A Qualified One: Centre To Supreme Court
Arguing for the Centre, AG Venugopal said that framers of the Constitution intentionally omitted mention of privacy as a fundamental right.

© 2015 ExpressNewsline. All Rights reserved.