Pakistan to seek largest loan package from IMF

Pakistan to seek IMF bailout to overcome financial crisis

"As a result, estimates of 2017 public debt vary considerably: the official government debt figure is 37 per cent of GDP, while the data reported in the latest World Economic Outlook show it at 47 per cent of GDP, and the "augmented" debt measure, which includes more off budget borrowing by local governments, stands at 68 per cent of GDP", he said.

The IMF expects the U.S. economy to grow 2.9 per cent this year, the fastest pace since 2005 and unchanged from the July forecast. Citing the impact of US taxes on Chinese imports, however, the International Monetary Fund shaved the outlook for China next year to 6.2 percent, which would be the country's slowest growth since 1990.

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.

Finance ministers and central bankers from numerous IMF's 189 member nations are meeting in Bali this week with talk of rising protectionism taking center stage.

But the United States 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.

When the world's two biggest economies are "at odds", Obstfeld said, that is going to create "a situation where everyone is going to suffer".

World Bank President Jim Yong Kim also warned against an escalation of the trade row, saying that if all countries maxed out their trade threats, "We'd see a clear slowdown in the economy and the impact on developing countries would be great".

"Risks to global growth skew to the downside in a context of elevated policy uncertainty".

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Financial Tensions It said after years of an extremely supportive financial environment, the global economy remains vulnerable to a sudden tightening of financial conditions.

Last month, the Swiss government, raised its GDP forecast for 2018 to 2.9% from 2.4% and, earlier this year, it was announced that Swiss exports had matched and surpassed their recent growth.

It said that the composition of spending and revenues should be growth friendly and protect the most vulnerable.

Medium term growth could drop below 1.4 per cent.

Obstfeld said the International Monetary Fund does not see a generalized pullback from emerging markets, nor contagion that will spill over to those emerging economies which have stronger economies and have thus far avoided major outflows, such as those in Asia and some oil exporting countries.

United States stimulus also adds to the "already-unsustainable" debt and deficit that will undercut future growth, the report warns.

The IMF said higher trade barriers could disrupt global supply chains, slow the spread of technology and ultimately lower global productivity and welfare.

In its latest World Economic Outlook Report on World Economy and Financial Surveys, the Bretton Woods institution said inflation will average 8 per cent in 2018 and 2019 respectively.

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