International Monetary Fund cuts global growth forecasts

Pompeo has openly expressed his reservations about bailing out a former non-NATO ally

Before his departure for Bali, Indonesia, for attending the annual meeting of IMF/WB from Oct 8 to 14, Federal Minister for Finance Asad Umar announced the government's decision for approaching the IMF for getting the 22nd programme of the Fund.

The IMF said Monday that the global economy will grow 3.7 percent this year, the same as in 2017 but down from the 3.9 percent it was forecasting for 2018 in July.

But the U.S. tax cuts and rising spending that have boosted growth, helping compensate for the impact of the growing trade conflict, could spark a sudden "inflation surprise", and in turn lead to faster-than-expected rise in USA interest rates, according to the fund.

"Growth has proven to be less balanced than we had hoped", IMF Chief Economist Maurice Obstfeld told reporters Tuesday in Bali. In April, the International Monetary Fund was forecasting 2.9 per cent for Australia next year.

The fund left its 2018 USA forecast unchanged but cut its expectation for next year, citing the impact of the trade conflict. But the fund lowered China's economic outlook for 2019 to 6.2 per cent, which would be the country's slowest growth since 1990.

Germany, the economic powerhouse of Europe, could be particularly hard hit by a drop in manufacturing orders and trade volumes.

The IMF expects SA's economy to expand by 1.4% in 2019, down from its April projection of 1.7%.

Downgrades to global growth also reflected predictions of a slower expansion in the eurozone as well as turbulence in a number of emerging market economies.

South African finance minister quits cabinet over Gupta links
Nene's spokesperson‚ Jabulani Sikhakhane‚ was not available for comment. "I deeply regret these lapses and beg your forgiveness". Apart from serving as Reserve Bank governor, Mboweni also served as labour minister under late president Nelson Mandela.

Hillary Clinton calls Trump's Kavanaugh swearing-in ceremony a 'political rally'
Court watchers will be looking to see whether the new justice asks questions at arguments and, if so, what he asks. Arguments will resume Wednesday in separate cases, one involving the detention of undocumented immigrants.

Turkey to search Saudi Consulate for missing journalist
Saudi Arabia is ranked 169th out of 180 in the press freedom group Reporters Without Borders' latest World Press Freedom Index. The Committee to Protect Journalists said it was alarmed by reports Khashoggi may have been killed inside the consulate.

Global economic growth is now expected to reach 3.7% in 2018 and 2019, down from the IMF's previous prediction of 3.9% in July.

The Washington-based institution had predicted a 2019 growth rate of 1.5 percent for Russian Federation in its last update in July. It predicted China's GDP growth at 6.6% in 2018-'19 and downgraded it to 6.2% for 2019-'20. Inflation forecast for 2018 was 15 percent and for 2019 16.7 percent.

Finance Minister Asad Umar said that the country has no choice but to go to the International Monetary Fund.

Some energy-rich emerging market countries have fared better due to higher oil prices, with Saudi Arabia and Russian Federation seeing forecast upgrades.

But the already tricky transition has been complicated by US President Donald Trump's use of import tariffs to punish China for what he considers predatory trade practices. "Our probability that we would attach to further bad news has gone up", Obstfeld said. Washington charges that China uses predatory tactics, including outright cybertheft and forcing foreign companies to hand of trade secrets in exchange for access to the Chinese market.

SBP spokesman Abid Qamar told Reuters "the market is aware about the overall macroeconomic conditions and based on those conditions, they are having their own expectations about the exchange rate, so that is driving (the rupee valuations) now".

Pakistan's current account deficit widened 43 percent to $18 billion in the fiscal year that ended June 30, while the fiscal deficit has ballooned to 6.6 percent of gross domestic product. It also assumes that Trump imposes a 25 percent tariff on imported cars and auto parts imports.

Related:

  • BTS Crowned Winner Of Favorite Social Artist At 2018 American Music Awards

    BTS Crowned Winner Of Favorite Social Artist At 2018 American Music Awards

    The diva quota will be filled by headliners Jennifer Lopez , Carrie Underwood , Mariah Carey and the ever-provocative Cardi B . A special tribute to Aretha Franklin is included, as is some early promotion for the upcoming Queen biopic Bohemian Rhapsody .
    Nikki Haley 'quits' as USA  ambassador to United Nations

    Nikki Haley 'quits' as USA ambassador to United Nations

    Haley had told him six months ago she would leave at the end of the year . "But I will tell you that I think it's time". Haley, meanwhile, also said that she will not be running in the 2020 elections and that she will campaign for Trump.
    First look at Ruby Rose as Batwoman no responses

    First look at Ruby Rose as Batwoman no responses

    It's pretty chic, which isn't surprising considering it's been designed by Oscar victor Colleen Atwood . Whatever world we're in, it's very exciting to get a look at Batwoman as she'll appear onscreen.
  • Avon Philippines Launches Breast Cancer Awareness Crusade

    Avon Philippines Launches Breast Cancer Awareness Crusade

    "I try to reassure them and find something positive in the diagnosis so they are more relaxed about the future", Smith said. She was told she had triple negative breast cancer, which has none of the receptors that normal breast cancer has.
    Tennessee Senate Candidate Phil Bredesen Thanks Taylor Swift For Her Massive Endorsement

    Tennessee Senate Candidate Phil Bredesen Thanks Taylor Swift For Her Massive Endorsement

    As much as I have in the past and would like to continue voting for women in office, I can not support Marsha Blackburn. She believes businesses have a right to refuse service to gay couples.
    Antonio Brown to Police, Someone Stole $80,000 and My Gun!

    Antonio Brown to Police, Someone Stole $80,000 and My Gun!

    Some of the items fell within "a mere foot or two" of them and could have severely injured or possibly killed them, the suit said. Brown has until Thursday to respond to Sternberg's lawsuit after filing for an extension in September.
  • President Trump Apologizes to Brett Kavanaugh At Ceremonial Swearing

    President Trump Apologizes to Brett Kavanaugh At Ceremonial Swearing

    Other analysts said the court's reputation could suffer as it becomes perceived as a political, rather than a legal, institution. All eight Supreme Court justices attended the reception, along with the Republican members of the Senate Judiciary Committee .
    PS5 May Not Be a Big Departure from PlayStation 4

    PS5 May Not Be a Big Departure from PlayStation 4

    Some believe it's an indication backward compatibility is returning to the brand, courtesy of the PlayStation 5 . That puts Sony's next console on track for launch somewhere in the vicinity of 2021.
    IPhone XS charging fix now available in new iOS 12.0.1 update

    IPhone XS charging fix now available in new iOS 12.0.1 update

    Whilst Android users are generally blown away when they receive a firmware update, iOS device owners just accept it as the norm. Apple has released an update for iOS 12 which fixes several bugs experienced by iPhone Xs and Xs Max users, The Verge reports.
  • 4 maps predicting Hurricane Michael's path, timing, wind speeds, and rainfall

    4 maps predicting Hurricane Michael's path, timing, wind speeds, and rainfall

    Rick Scott says Hurricane Michael is a "monstrous storm" that has the potential to be devastating to the Florida Panhandle. A storm surge watch is in effect for Anclote River in Florida to Anna Maria Island in Florida, including Tampa Bay.

    Google falls after report it covered up potential security flaw

    Google says that there was no evidence that the information was misused, but that a total of 438 apps had access. As part of that, a bug in Google + was found that could have been a potential leak if it wasn't caught in time.
    Bobby Lashley turned heel on WWE Monday Night Raw

    Bobby Lashley turned heel on WWE Monday Night Raw

    Corbin looked confused on the outside of the ring, and that's when the Conquistador revealed that he was actually Kurt Angle. He and Triple H reunited as D-Generation X on Raw and challenged The Undertaker and Kane to a tag match at Crown Jewel .

Comments

Latest news

Major League Baseball announces start times for first two games of ALCS
Sabathia appealed a five-game suspension from Major League Baseball that would not take effect until next season. If anyone on the Red Sox gets hit (or even brushed back) in Game 4, it would be Andrew Benintendi or Brock Holt.

United Nations Climate Report Warns Miami Basically Screwed
He says clean energy power from the sun, water, wind, and other renewable resources are available to meet humanity's needs. But those past predictions appear to have been far too conservative (a common critique of IPCC reports in general).

Michael expected to have some impact on Carolinas
In neighboring Wakulla County, no shelters are opening at all because its shelters are only rated safe for Category 2 storms. The NHC expects the center of Hurricane Michael to cross onto the Florida Panhandle or Florida Big Bend Area on Wednesday.

Google Home Hub hands-on: Big AI in a small smart display
And if you happen to be taking a selfie video while walking or moving around, Pixel 3 brings you front-facing video stabilisation. Both the Pixel 3 variants come with high-quality Pixel USB-C earbuds and a USB-C Digital to 3.5 mm headphone adapter in the box.

Israeli firm pitched social media manipulation to Trump campaign
In this June 21, 2017, photo, special counsel Robert Mueller departs after a meeting on Capitol Hill in Washington. Richard Gates leaves the Prettyman Federal Courthouse in Washington, DC, after a hearing on February 23, 2018.

Windows 10 October 2018 Update no longer includes basic external printer drivers
Microsoft support technicians "have the tools to get you back to a good state", Windows Insider Program lead Dona Sarkar tweets . Now it has re-released the update, fixing the issue while shedding some light on how many people were impacted by the bug.

10 things to know about Aussies and mental health
Now its 2000-strong global workforce can now access personal leave for their wellbeing and mental health when they need it most. Last year, more than 16,000 patients visited these clinics. "Suicide is a leading cause of death in young people".

Call of Duty: Black Ops 4 File Size Revealed
That's not really a problem - and is now considered normal for most games, especially those with a multiplayer component. The only upside is that Blackout, the new Battle Royale mode, becomes playable once the install is around 30% done.

Nikki Haley Resigns As UN Ambassador
We will miss you... you've done a fantastic job", Trump said in warm words that clearly showed there was no animus between them. But Haley, who is speculated to hold aspirations for higher office, said at the White House: "No I'm not running in 2020 ".

How fantasy owners should approach Eagles RBs after Jay Ajayi's injury
The four-year veteran has rushed for 184 yards on 45 carries this season, reaching the end zone three times. In case you were wondering, no, it is not a coincidence that the Eagles fixed up the cap on Monday night.

‘Venom’ Devours $80M; ‘A Star Is Born’ Shines Bright with $42M
Sony Pictures' Venom trounced box office projections with a $205.2 million opening weekend globally, according to Deadline . Considering it was directly competing with A Star Is Born , which also took more than $40m, that's pretty damn impressive.

Unai Emery happy with Arsenal's 'confident' game at Fulham
The 29-year-old has not been called up to the Germany national team squad after retiring from worldwide football. They made it hard for us to play but we knew if we kept playing we would score so everyone is happy today.

Rare 375-pound white tiger reportedly mauls zookeeper in Japan
At just past 5:00 p.m., an employee at the Hirakawa Zoo alerted emergency services after the tiger bit 40-year-old Akira Furusho. In 2017, a zookeeper in Bangalore, India was attacked by two white tiger cubs while cleaning their enclosure in a wildlife park.

Enable triumphs in the Prix de l'Arc de Triomphe again
She's a good filly, very fearless and likes soft ground. "She wasn't at her best today". Gosden said: "It's not been the preparation we wanted, it's been very hard ".

Klopp slams 'senseless' Nations League
The Cityzens are level on points with Chelsea and Liverpool but their goal differential is better than the other two. Since pre-season I believe I've understood the way Jurgen Klopp plays and the way the team plays.

Other news