IMF Raises GDP Growth Forecast for Hungary

Pakistan to start talks with IMF as rupee continues to fall

Finance Minister Asad Umar says the main goal of the talks with the International Monetary Fund will be a "stabilisation recovery programme" to control the country's economic crisis.

In its latest "World Economic Outlook", (WEO) the IMF's has predicted that the global economy will grow by 3.7% in 2018, down from the 3.9% it predicted in April 2018.

The Economic Counsellor and Director of Research Department at the IMF, Maurice Obstfeld disclosed the Fund's new projection for global economic growth.

"There are clouds on the horizon". Iran, facing a new round of United States sanctions next month, also saw its growth forecast cut, the International Monetary Fund said.

The IMF had earlier estimated that escalating tit-for-tat tariffs could lower global output by more than 0.8 per cent by 2020.

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In the United States, the core personal consumption expenditure index, the Fed's preferred measure for inflation, will rise to 2.1 per cent in 2018 and 2.3 per cent next year, as the government's fiscal stimulus pushes growth above potential, the International Monetary Fund said.

Trump has led the escalating trade war because of what he believes are bad policies he said have created an $800 billion US trade deficit.

Output could fall by more than 1.6 per cent in China and over 0.9 per cent in the U.S. next year, according to the IMF's models.

Growth estimates for the eurozone and Britain were also revised down, with the report saying that growth "may have peaked in some major economies". So the aggregate, over three percent this year, close to four percent next year, is despite the largest economies in the continent doing poorly.

The IMF maintained its forecast that Asia's economy will expand by 5.6% this year but cut its projection for next year to 5.4%, down by 0.2 points from April.

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However, Bank Indonesia's senior deputy governor Mirza Adityaswara said that despite the stronger fundamentals, the economy still faces a widening current account deficit.

"We've talked about deleveraging for many years".

The IMF as usual urged emerging economies to accelerate structural reform measures to strengthen their economic fundamentals in the long term.

It said interest rates could go up quickly depending on events in the US.

Some energy-rich emerging market countries have fared better due to higher oil prices, with Saudi Arabia and Russian Federation seeing forecast upgrades. "Unless growth can be made more inclusive than it has been, centrist and multilateral approaches to politics and policy will become increasingly vulnerable - to the detriment of all", Obstfeld said.

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As protectionist policies gather strength and undermine confidence countries were also unprepared for a serious downturn.

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