International Monetary Fund revises Italy growth upwards, 1.5% (3)

The trade spat over the Trans Pacific Partnership has already harmed America’s companies farmers consumers and markets business leaders say

The world's major regions are expanding in unison for the first time in a decade, aided by low interest rates and a revival in global trade. The country saw a 4.3 percent growth past year.

The IMF listed several factors that could drag on growth, including rising protectionism, escalating political and trade tensions, and "waning popular support for global economic integration".

The global recovery is supported by "strong momentum, favorable market sentiment, accommodative financial conditions, and the domestic and worldwide repercussions of expansionary fiscal policy in the United States", the IMF said.

Armenian Police Trying to Disperse Protesters in Yerevan
Opposition protests against Serzh Sargsyan being elected as Prime Minister․. "The Republican Party will not be in government". Bright Armenia and Hanrapetutyun leaders have been skeptical about the opposition's ability to pull large crowds.

"The prospect of trade restrictions and counter-restrictions threatens to undermine confidence and derail global growth prematurely", said Maurice Obstfeld, the fund's economic counsellor and director of the research department.

While iPhones aren't physically exported from Ireland, the gadget giant's intellectual property is based here, which has led the authors of a report into smartphones and global trade to estimate that in value-added terms, iPhone exports accounted for 25 per cent of the Irish economy's growth in 2017. "Fights over trade distract from this vital agenda, rather than advancing it", Obstfeld said.

In Turkey, limiting balance sheet currency mismatches and the high exposure to foreign exchange risk are urgent priorities, especially with monetary policy normalization under way in the United States and the United Kingdom (and the resulting possibility of a shift of capital flows away from emerging market economies), the IMF warned. Overall, the Irish economy expanded by about 7.8 per cent in 2017, which means that iPhone sales would have accounted for a quarter of that, or about 2 per cent of overall growth.

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In its base forecast, the International Monetary Fund predicted that trade would grow 5.1 percent this year, which would be the fastest pace since 2011.

The IMF upgraded its forecast for the 19-country eurozone to 2.4 percent — which would be its best showing since 2007 — and up from the 2.2 percent it predicted three months ago. China is expected to expand 6.6 percent and 6.4 percent, while India should rise 7.4 percent and 7.8 percent. Japanese economic growth is forecast to decelerate to 1.2 percent from 1.7 percent in 2017.

The US economy is forecast to grow by 2.9%, up 0.6% from the previous forecast.

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