IMF foresees global economy accelerating 3.5 per cent in 2017

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Britain's economy is then expected to slow to 1.5 per cent in 2018 - though that figure was revised up from January's projections for 1.4 per cent growth.

The IMF sounded much more optimistic than its review released in February, which characterised Australia's outlook as "mediocre" and was also well ahead of Treasury's mid-year budget review released before Christmas.

By contrast, the Bank of Canada projected last week that the economy will expand by 2.6 per cent this year, up from its prior estimate of 2.1 per cent growth. With unemployment standing at 6.4% in 2016, the numbers are expected to go down to 5.9% in 2017 and 5.7% in 2018.

"The medium-term outlook for the euro area as a whole remains dim, as projected potential growth is held back by weak productivity, adverse demographics, and, in some countries, unresolved legacy problems of public and private debt overhang, with a high level of nonperforming loans", the International Monetary Fund said.

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The report said the increased growth forecasted for China reflected stronger-than-expected policy support.

After the nation's exports increased for six consecutive months, Taiwan's MOEA estimated strong growth in the second half of 2017.

The IMF said the outlook for the country is "subject to downside risks, including from lower regional growth, capital outflows from United States monetary policy tightening and heightened global policy uncertainty". It had also trimmed the 2017-18 growth forecast for India by 0.4 percentage point to 7.2 per cent for the same reason.

"Growth.remained solid in the United Kingdom, where spending proved resilient in the aftermath of the June 2016 referendum in favour of leaving the European Union", the International Monetary Fund said. This is better than the most recent forecast by the Australian Treasury and released by the Australian government in December previous year, which predicted GDP would "pick up to 2?? per cent in 2017-18 as the detraction from mining investment eases".

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As IMF's managing director Christine Lagarde has outlined already last week from Brussels, there are "downside risks stem from several potential factors" that could undermine growth.

Taiwan consumer prices annual increase is forecast to remain at 1.4 percent in 2017, and might dip to 1.3 percent by 2018, while unemployment rates were up incrementally to 4.0 percent in 2017 from 3.9 percent past year.

China's rebalancing process continues, as seen in a declining current account surplus and an increasing share of services in its gross domestic product (GDP), said Obstfeld.

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