Economy

Swiss economy predicted to grow 3% by end of year

Swiss economy predicted to grow 3% by end of year”

The IMF's Deputy Director, Fiscal Affairs Department, Paulo Mauro, who made the call at a press briefing at the on-going 2018 IMF/World Bank Meetings in Bali, Indonesia, admitted that there is an issue of how to increase Nigeria's revenue base, pointing out that the matter was not only crucial, but of utmost priority.

The Federal Reserve, the US central bank, has raised short-term USA rates three times this year as the American economy gains strength more than nine years after the end of the Great Recession.

Prime Minister Imran Khan on Wednesday vowed to steer the country out of a looming balance-of-payments crisis, saying it needs $10-12 billion.

On October 8, Prime Minister Imran Khan had given a green signal to approach the International Monetary Fund for a bailout package.

"It's tempting to be a bit depressed about this perspective but I'm actually hopeful because there is a clear appetite to improve and expand trade", she said.

Analysts say the rupee depreciation would fuel inflation and would increase the public debt of the country.

Foreign-currency reserves have plunged 40% in 2018 to the lowest in nearly four years, while the nation is running twin current-account and budget deficits of more than 5% of gross domestic product.

The outlook for world trade overall also darkened: The fund expects global trade to grow 4.2 percent this year, down from 5.2 percent in 2017 and from the 4.8 percent it expected in July.

Adjustments would occur as domestic production displaces higher-priced imports, the model shows, but in the long run, the US GDP would still be 1% below a baseline without these tariffs, while China's GDP output would be 0.5% below the baseline.

"Trade deficits don't (necessarily) mean cheating by the other side..."

The Group of 24 (G-24), a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on worldwide monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on global monetary matters.

The IMF's comments added to the appearance of confusion around the abruptly announced decision.

"We know that risky behaviour and unsustainable debt is a recipe for financial crises". He said the previous PML-N government had started its term in 2013 with a $3 billion current account deficit, but his government inherited $18 billion current account deficit.

However the United States, one of the IMF's biggest donors, has raised fears Pakistan could use any bailout money to repay mounting loans from China, sparking criticism from Islamabad.

The IMF fears this could lead to sharp falls in markets.

"Going to the International Monetary Fund is a positive trigger because it will remove the underlying causes for concern, which is that government targets will further weaken", said Suleman Maniya, head of research at local brokerage house Shajar Capital.



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