International Monetary Fund revises global growth forecast; SA lags behind


The IMF yesterday released its latest quarterly World Economic Outlook (WEO) Update for 2017, titled "Gaining Momentum?" Also, I.M.F. has predicted 3.9% growth in the year 2018. The report notes other downside risks to the forecast include tightening financial conditions in emerging markets, slow productivity growth in some advanced economies, geopolitical tensions, and terrorism. The IMF held its projections for US growth in 2017 steady at 2.3 percent, although that would still represent a sizable increase from the 1.6 percent growth seen in 2016.

The Cyprus economy is exhibiting a slight growth rate of the economy for the years 2017 and 2018, according to the International Monetary Fund (IMF), aligning its projections for the next two years with corresponding evaluations of the European Commission.

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The projection is still well under the government's respective official forecasts. The forecast for fund is high by 3.5 percent, an increase from last year's 3.1 percent.

According to the report, "after contracting by 1.5 per cent in 2016 because of disruptions in the oil sector, coupled with foreign exchange, power, and fuel shortages, output in Nigeria is projected to grow by 0.8 per cent in 2017 as a result of a recovery in oil production, continued growth in agriculture and higher public investment".

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The IMF expects the unemployment rate to improve to 10.6% this year (compared to 10.7% previously estimated) and to 10.1% next year.

In the same projection period, Luxembourg's current account balance will stay relatively stable, going from 4.8% in 2016 to 5.1% in both 2017 and 2018.

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Political and economic realities in the United States, Europe and China are all clouding the global fiscal outlook but countries should still press forward with nuanced tax and spending policies, the International Monetary Fund said on Wednesday. The forecast for 2018 is 3.6%.