International Monetary Fund raises Zim growth forecast

India may surpass China

In their latest Global Financial Stability Report, the International Monetary Fund said: "A further escalation of trade tensions, as well as rising geopolitical risks and policy uncertainty in major economies, could lead to a sudden deterioration in risk sentiment, triggering a broad-based correction in global capital markets and a sharp tightening of global financial conditions".

In the latest report, Taiwan's major trade partner South Korea is projected to grow 2.8% and 2.6% for 2018 and 2019, respectively, downward revisions by 0.2 and 0.3 percentage points from previous forecasts.

"Notwithstanding the present demand momentum, we have downgraded our 2019 United States growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation".

The May federal budget forecast 3 per cent GDP in 2018-19 and the same the following financial year.

However, the International Monetary Fund has upgraded its forecast for Ireland and now thinks the Irish economy will grow by 4.7%this year, up from its previous prediction of 4.5%.

The rapid build-up in debt in China in recent years also is a concern, although Chinese authorities have taken steps to rein in debt growth, he said.

The government is seeking to curb spending, while the central bank has raised interest rates to the highest in three years to help shore up confidence in the economy.

It cited US tariffs on solar panels, washing machines, steel and aluminum, in addition to retaliation by trade partners, as potentially depressing factors.

It is expected Pakistan will need a bigger sum this year to avoid a balance of payments crisis and stabilise a wobbly economy hurt by a shortage of dollars plus ballooning current account and fiscal deficits.

Growth in the 19-nation zone is forecast to slow further to 1.9 percent in 2019, unchanged from the July estimate.

It also said inflation in India is on the rise, estimated at 3.6 per cent in fiscal year 2017/18 and projected at 4.7 per cent in fiscal year 2018/19, compared with 4.5 per cent in fiscal year 2016/17, amid accelerating demand and rising fuel prices. "We look forward to our continuing partnership", it added.

In August, for example, regulators told trust companies that they will be allowed to conduct some kinds of channeling business if it served the real economy, easing a crackdown on an opaque activity that makes it hard for regulators to monitor who is actually borrowing money, and enables banks to hide the additional risks they're exposed to.

"Where we are now is we've gotten some bad news".

"I'm assuming that there might be a programme request on their part, but that has not been discussed and we will explore that this afternoon", she said.

He contended that China had "already retaliated" against his tariff increases.

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