International Monetary Fund gives credit for reforms under Modi, projects India as fastest growing

Share
International Monetary Fund gives credit for reforms under Modi, projects India as fastest growing

The International Monetary Fund (IMF) on Tuesday forecasted a growth rate of 7.3 per cent for India in the current year of 2018 and that of 7.4 per cent in 2019. It cited Australia, New Zealand and Britain as countries that are taking positive steps to better manage their assets against the growth of future liabilities.

After a visit last week, the International Monetary Fund said Pakistan was facing significant economic challenges, with diminishing growth, high budget and current-account deficits, and low foreign-exchange reserves.

IMF's forecasts for Hong Kong's economic outlook are mixed: it raises its forecast for 2018 by 0.2 percentage points to 3.8%, while cutting its forecast for 2019 by 0.3 percentage points to 2.9%.

The worldwide organisation said that India's growth has rebounded from "transitory shocks" such as the demonetisation of high value currency notes and the introduction of the Goods and Services Tax.

"The economy would stabilise once Pakistan would receive funds from the IMF", said a market analyst.

The fund, in its latest World Economic Outlook report, said the country needed to implement reforms to improve policy certainty and the efficiency of state-owned companies.

The downgrade reflects a confluence of factors, including the introduction of import tariffs between the U.S. and China, weaker performances by euro zone countries, Japan and Britain.

Pakistan's foreign currency reserves have fallen to $9 billion, half of what they were two years ago, according to the State Bank of Pakistan, despite GDP growth of 5.8 per cent, the highest in a decade, reports Efe news.

It kept the 7.3 per cent growth projection for this year made in July.

The Government estimates the economy will expand 6,3 percent against the initial projection of 4,5 percent. "So, I think, definitely, it is a priority to increase revenues, but also to be careful about the ways in which we can make spending more efficient", he stated.

"Looking ahead, renewed impetus to reform labour and land markets, along with further improvements to the business climate, are also crucial", it said.

This year's growth for China stays at 6.6 per cent. "These efforts should be supported by further reductions in subsidies and enhanced compliance with the Goods and Services Tax".

"He said in the case of Nigeria, the rise in oil prices is sustaining economic activity, but oil exporter", pointing out that oil prices could decline at some point, and so it is important to have some constraint on how much debt is issued.

Tobias Adrian, director of the IMF's monetary and capital markets department, told CNBC on Wednesday: "For the moment, we see a lot of differentiation across countries, so when we compare advanced economies to emerging markets, we see that financial conditions remain easy in advanced economies and they have tightened somewhat for emerging markets".

Share

Advertisement

Related Posts

Pixel Slate trades headphone jack for a second USB-C
The Google Pixel 3 is priced at ₹ 71,000 for the 64GB internal storage variant while 128GB variant is priced at ₹ 80,000. Google's yearly hardware event launch is now over and the " Made by Google " brand of devices has now expanded.

Trouble for Hubble: Gyroscope fails on space telescope
Hubble usually uses three gyros at a time for maximum efficiency, but can continue to make scientific observations with just one. The spacecraft has a half dozen gyroscopes built in, and they were recently replaced during a servicing mission back in 2009.

Google Abandons Bid for $10B Pentagon Cloud Contract
It also comes just months after Google employees protested en masse over the company's work with the United States military. In its statement , Google said it would have been able to support "portions" of the JEDI deal had joint bids been allowed.

Huawei Mate 20X smartphones would delight gaming enthusiasts
From the display , it can be said that Huawei's upcoming flagship keeps minimal bezels on the sides, as well as around the notch. It is also likely that the novelty is equipped with a facial recognition system, like its "big brother" Huawei Mate 20 Pro .

Virgil van Dijk on the games which will define Liverpool’s title bid
Don't write Chelsea out but they need a real "goal-getter". "Out of the top six from last season, I would say that Chelsea and Liverpool have impressed".

Global stocks tumble after Trump 'crazy' Fed comment
He has frequently criticised the USA central bank for gradually raising interest rates. White House Press Secretary Sarah Sanders issued a statement on the drop as well.

Pet Sematary remake: the first trailer is here
The trailer offers teasers of the freaky characters which leaves you curious and sends chills down your spine simultaneously. After the family cat is killed, they bury it in the Pet Sematary and then very weird things start to happen.

William and Kate to attend mental health summit
Kate Middleton and Prince William stepped out in London on Tuesday to attend the Global Ministerial Mental Health Summit. William and Kate have always been involved in mental health initiatives through their Heads Together campaign.

Senate Dems lose health care vote, hope it's campaign fodder
He says it would backfire and help Trump in 2020 the way President Bill Clinton's impeachment cost Republicans two decades ago. Murkowski bucked her party and voted against advancing Kavanaugh's nomination. "It was a simple fix", McConnell said .

Astros, Red Sox announce starters for first 2 ALCS games
The 2016 AL Cy Young Award victor entered with a 0-3 in 12 previous postseason appearances, which included four starts. Kinsler made it 2-0 with a double over Gardner's head in left, and Nunez made it 3-0 with a single to left.

© 2015 ExpressNewsline. All Rights reserved.