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

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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".

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