IMF raises forecast for World Economy
The International Monetary Fund (IMF) has raised growth outlook for global economy considering stronger growth and signs of recovery in many key markets. However, the IMF forecast has raised doubts over growth in India and the United Kingdom. The U.K. growth forecast has been lowered due to Brexit as the terms of Britain’s exit from the European market aren’t clear yet.
IMF has predicted 3.7 percent in global economy for year 2017. The growth forecast for year 2018 has been raised to 3.8 percent. China has been projected to grow at 6.8 percent during the current year. The prediction for 2018 has been set at 6.5 percent for China.
India announced currency demonetization in November last year and this led to major disruption. The impact of major change has been witnessed across many sectors in India. Another trouble for Indian economy started in July with introduction of GST. The latest IMF prediction suggests 6.7 percent growth for Indian economy in 2017. The IMF report added, “In India, growth momentum slowed, reflecting the lingering impact of the authorities’ currency exchange initiative as well as uncertainty related to the midyear introduction of the country-wide Goods and Services Tax.”
The IMF report has also downgraded South Africa. Political uncertainty has impacted consumers and business sentiment in South Africa. Rising food-grain prices have also led to pressure on consumers.
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