The IMF again downgrades outlook for the global economy

Pakistan to seek IMF bailout to overcome financial crisis

Nigeria's growth is projected to increase from 0.8 per cent in 2017 to 1.9 per cent in 2018 and 2.3 per cent in 2019 (0.4 percentage point higher than in the April 2018 WEO for 2019), buoyed by the impact of recovering oil production and prices. In 2017, India had clocked a 6.7 per cent growth rate.

The ongoing trade war between the USA and China could start having material effects on the economies of both countries within the coming years, according to new projections from the International Monetary Fund (IMF).

"Nonetheless, despite trade tensions and continued monetary policy normalisation in a few advanced economies, global financial markets have remained buoyant and appear complacent about the risk of a sudden, sharp tightening in financial conditions".

The worldwide organisation said that India's growth has rebounded from "transitory shocks" such as the demonetisation of high value currency notes and the introduction of the Goods and Services Tax.

The last fiscal year's growth was 0.2 percentage point higher than what was forecast by the International Monetary Fund in its April 2018 WEO.

"The challenge for the current government is to ensure that fundamental economic structural reforms are carried out to ensure that this spiral of being in an International Monetary Fund program every few years is broken once and for all".

The IMF has also projected the economy will grow at an average of 4,7 percent between next year and 2023.

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Its forecast for China's 2018 GDP growth remains unchanged at 6.6%, while revised downward by 0.2 percentage points for 2019 to 6.2%.

It predicted 2.9 percent USA growth this year, dropping to 2.5 percent next year, and to 1.8 percent in 2020, as the effect of US tax cuts wears off and the trade war with China inhibits growth.

Again, the challenges that have confronted three major economies in Africa that is; Nigeria, South Africa and Angola, have impacted the region's growth which has also affected overall global growth. He said the previous governments had taken loans recklessly, which has resulted in the country's debt ballooning from Rs 6 trillion to Rs 30 trillion in the past 10 years alone.

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 IMF said the high downside risks in the medium-term are driven by relatively elevated United States interest rates, a strong USA dollar and a strong global risk appetite, which "tends to boost portfolio flows in the near term but foreshadows weaker inflows in the medium term".

"Nigeria, like many other emerging market countries, has come under market pressure since mid-April".

"In several key economies, moreover, growth is being supported by policies that seem unsustainable over the long term", he said.

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