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Global growth projected to rise to 3.6% in 2017: IMF
11
Oct '17
Courtesy: IMF
Courtesy: IMF
Global growth, which in 2016 was the weakest since the global financial crisis at 3.2 per cent, is projected to rise to 3.6 per cent in 2017 and to 3.7 per cent in 2018, the International Monetary Fund (IMF) has said. The growth forecasts for both 2017 and 2018 are 0.1 percentage point stronger compared with April 2017 World Economic Outlook (WEO) forecast.

Broad-based upward revisions in the euro area, Japan, emerging Asia, emerging Europe, and Russia—where growth outcomes in the first half of 2017 were better than expected—more than offset downward revisions for the United States and the United Kingdom, says the recently released WEO, October 2017.

“But the recovery is not complete: while the baseline outlook is strengthening, growth remains weak in many countries, and inflation is below target in most advanced economies. Commodity exporters, especially of fuel, are particularly hard hit as their adjustment to a sharp stepdown in foreign earnings continues,” says the report.

Growth in China and other parts of emerging Asia remains strong, and the still-difficult conditions faced by several commodity exporters in Latin America, the Commonwealth of Independent States, and sub-Saharan Africa show some signs of improvement. In advanced economies, the notable 2017 growth pickup is broad based, with stronger activity in the United States and Canada, the euro area, and Japan.

Prospects for medium-term growth are more subdued, however, as negative output gaps shrink (leaving less scope for cyclical improvement) and demographic factors and weak productivity weigh on potential growth. “While short-term risks are broadly balanced, medium-term risks are still tilted to the downside. The welcome cyclical pickup in global activity thus provides an ideal window of opportunity to tackle the key policy challenges—namely to boost potential output while ensuring its benefits are broadly shared, and to build resilience against downside risks. A renewed multilateral effort is also needed to tackle the common challenges of an integrated global economy,” the report states. (RKS)

Fibre2Fashion News Desk – India


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