British chancellor welcomes International Monetary Fund upgrade of economic growth for 2017

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Concerning the International Monetary Fund forecast for a primary surplus of 2.0 percent instead of a 3.5 percent target for 2018 as envisioned in the bailout program, is still higher than the initial estimate for a 1.6 percent seen in October 2016, adding that the European institutions and the government believe it will be achieved. However, the United States economy rate was projected to increase to 2.3 percent in 2017. The multilateral body raised the global growth forecast by 0.1 percentage point for 2017 at 3.8 per cent, but has retained the prediction for the USA at 2.3 per cent.

Unemployment rate would be the same 6.0 percent in 2017 as in 2016, according to the IMF's data. The regional trade bloc reported a 4.9 percent growth in 2016. The previous projection for the region was 5.3 percent for 2017.

The International Monetary Fund has raised its United Kingdom growth forecast for the second time this year - with the economy set to grow faster than Germany and France this year.

In its latest World Economic Outlook, the International Monetary Fund forecast the global economy will grow by 3.5 percent in 2017, an acceleration from the 3.1 percent growth a year ago and an upgrade of 0.1 percentage points from its January projection.

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GDP: Forecast raised to 6.6% vs 6.2% for 2017; 6.2% vs 6.0% for 2018.

The IMF said the "near-term pickup in growth is underpinned to a significant extent by stronger domestic demand and, in the Philippines, by higher public spending in particular".

"Aside from the conjectural policies and uncertainties, a distinct threat comes from the growth in advanced economies of domestic political movement, skeptical of the global economic integration", IMF chief economist Maurice Obstfeld said.

The report also stated that emerging market and developing economies have become increasingly important in the global economy in recent years.

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The International Monetary Fund expects Canada's economy will improve compared with past year, but not as much as the Bank of Canada predicted last week following unexpectedly robust growth on several fronts.

Based on the latest WEO, fiscal policy at the global level is projected to be broadly neutral in 2017 and 2018.

The IMF estimated emerging markets and developing economies will grow by 4.5 percent in 2017 and 4.8 percent in 2018, the same forecast as that of January.

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