International Monetary Fund downgrades SA's 2018 growth forecast to 0.8%

International Monetary Fund downgrades SA's 2018 growth forecast to 0.8%

China is in danger of stoking risks to the country's financial stability as policies to avert a growth slowdown amid trade tensions with the USA undercut efforts to reduce threats to the economy stemming from high leverage, the International Monetary Fund (IMF) said in a report released Wednesday.

"Up from India's growth rate of 6.7 per cent in 2016, the growth projections for this year and the next reflect "a rebound from transitory shocks" of demonetisation and the implementation of the national Goods and Services Tax" and "strengthening investment and robust private consumption", WEO said.

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.

The IMF said the global economy would grow 3.7 per cent this year, the same as in 2017 but down from the 3.9 per cent it was forecasting for 2018 in July.

Regulatory tightening has slowed the buildup of risks in China's financial sector and made it harder for weaker borrowers to obtain credit, the International Monetary Fund said in its semiannual "Global Financial Stability Report", pointing to a surge in corporate bond defaults in 2017 and 2018.

"In the United States, momentum is still strong as fiscal stimulus continues to increase, but the forecast for 2019 has been revised down due to recently announced trade measures, including the tariffs imposed on $200 billion of USA imports from China", IMF report said.

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The fund, in its latest World Economic Outlook report, said the country needed to implement reforms to improve policy certainty and the efficiency of state-owned companies.

The U.S. and China have imposed higher tariffs on tens of billions of dollars' worth of products the two countries have exported to each other, with no immediate end in sight to the tit-for-tat dispute.

Earlier, the Asian Development Bank (ADB) announced that it will provide $7.1 billion in financing to help Pakistan achieve inclusive and sustainable growth over the next three years. "I don't think it will go up to Rs150, the government won't allow the economy to spin out of control", he added. It now expects the global economy to only expand by 3.7% in 2018 and 2019, down from 3.9% before.

"Owing to these changes, our global growth projections for both this year and next are downgraded to 3.7 per cent, 0.2 percentage point below our last assessments and the same rate achieved in 2017", the report said.

The IMF also risks associated with high corporate debt, rising nonperforming loans and too much public debt overall.

"These efforts should be supported by further reductions in subsidies and enhanced compliance with the Goods and Services Tax", the International Monetary Fund report said. A similar warning was also conveyed by the IMF "Global Financial Stability Report" released last week, pointing out that the tightening United States' monetary policy, coupled with trade uncertainties, have discouraged capital inflows to emerging economies, weakened their currencies and depressed equity markets.

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