Economy

IMF Raises Global Growth Forecast

IMF Raises Global Growth Forecast”

Morocco is expected to report 4.8% growth this year and 3% growth in 2018 and Egypt 4.1% growth this year and 4.5% growth in 2018.

For 2018 the International Monetary Fund raised its estimate to 6.5 percent from the 6.4 percent forecast in its July World Economic Outlook.

The report considered that "notable pickups in investment, trade, and industrial production, coupled with stronger business and consumer confidence" were supporting more positive growth predictions than earlier in the year to the "euro area, Japan, China, emerging Europe and Russia".

" The upward revision to the 2017 forecast", International Monetary Fund said, "reflects the stronger-than-expected outturn in the first half of the year underpinned by previous policy easing and supply-side reforms".

"First-half 2017 growth was 1.8 percent, largely driven by the agricultural and services sectors which expanded by 3.8 percent each, while nonmanufacturing industries contracted by 2.6 percent".

The sustained global upswing, combined with the improved forecasts for 2017 and 2018, means the world economy is now growing at its fastest rate since a brief bounceback in 2010, which came in the aftermath of the devastating financial crisis of 2008-2009. It said this would more than compensate for downward revisions for the U.S., the United Kingdom, and India.

"Potential growth is estimated at 1.8%, reflecting the assumption of continued sluggish growth in total factor productivity and diminished growth of the workforce due to population aging".

In a report released this Tuesday (10), the global authority raised growth estimates for Brazil's Gross Domestic Product (GDP) from 0.3% to 0.7% this year, and from 1.3% to 1.5% in 2018.

The per-capita output growth for advanced economies is now projected to average only 1.4% per year over the 2017-2022 period, compared with 2.2% per year during 1996 to 2005.

China's booming economy continues to propel Asia and drive worldwide economic growth.

"In the rest of emerging market and developing Asia", the fund wrote, "growth is expected to be vigorous".

"These economies are diverging rather than converging", said the report, "going against the more benign trend of declining inequality between countries due to rapid growth and dynamic emerging economies like China and India".

"Numerous global problems require multilateral action", said Obstfeld.



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