Markets

International Monetary Fund downgrades UK's economic growth forecast to 1.7%

International Monetary Fund downgrades UK's economic growth forecast to 1.7%

The Fund also reversed previous assumptions that the Trump administration's fiscal policy plans would boost U.S. growth, largely because details of those plans have not materialised.

"The recovery in global growth that we projected in April is on a firmer footing", International Monetary Fund economic counsellor Maurice Obstfeld said, releasing the report in Kuala Lumpur on Monday. Its forecast for Japan's 2018 growth was unchanged at 0.6 per cent.

The IMF in June shaved its forecasts for USA growth to 2.1 per cent for 2017 and 2018, slightly down from projections three months ago of 2.3 per cent and 2.5 per cent, respectively.

The IMF has also kept its projections for global growth at 3.5% for 2017 and 3.6% in 2018 in its July 2017 WEO update, unchanged from its April 2017 WEO projections.

Meanwhile, China's growth projections were revised up, reflecting a strong first quarter of 2017 and expectations of continued fiscal support.

This being the situation of the larger economies, the onus of sustaining global growth recovery is witnessing a shift towards emerging economies like China, Canada, Japan and so on.




The Treasury said the report showed why securing the "very best deal" on Brexit with the European Union was "vitally important". "The fundamentals of our economy are strong".

"Positive growth revisions for the last quarter of 2016 and high-frequency indicators for the second quarter of 2017, indicate stronger momentum in domestic demand than previously anticipated", it added. The eurozone as a whole is expected to grow by 1.9% this year, up from 1.7%.

The upbeat projection for China, especially for 2018, reflects the expectation that the government will delay the needed fiscal adjustment - or maintain high public spending - in a bid to meet its target of doubling the country's gross domestic product by 2020 from the 2010 level.

The IMF's projection for growth in China is 6.7 per cent for 2017 - the same as its estimate made on June 14 in an annual staff report, and up 0.1 point from April's world economic outlook.

Germany has been revised up by 0.2 points to 1.8%, France by 0.1 points to 1.5%, while Italy and Spain have both been revised up by 0.5 points to 1.3% and 3.1% respectively.


  • Phelps loses to a great white shark in 100m race

    Phelps loses to a great white shark in 100m race

    Shark Week 2017 got off to a great start when Discovery had the greatest Olympian of all time race a great white shark . Occasionally they have also attacked humans and this species accounts for the most recorded bites from all sharks .
    Prince William And Prince Harry Share Personal Family Photos Of Their Mother

    Prince William And Prince Harry Share Personal Family Photos Of Their Mother

    Since the British royals were only 15 and 12 at the time of their mother's death, they had kept their grief to themselves. Nick Kent, the film's executive producer, said he believed the document offered a glimpse of "the private Diana ".
    Conor McGregor fans throw brick through Floyd Mayweather's girlfriend's window

    Conor McGregor fans throw brick through Floyd Mayweather's girlfriend's window

    Green, who now wears No. 23 for the Warriors, was referring to the upcoming boxing match between McGregor and Floyd Mayweather . It looks like Draymond Green of the NBA Champion Golden State Warriors may have finally met his match on Instagram .
  • Danilo joins Manchester City

    Danilo joins Manchester City

    City's £125m recruitment drive on full-backs is almost complete with Benjamin Mendy arriving here in the United States last night. Director of football Txiki Begiristain added: " Danilo is a fine player who offers great versatility to our squad".
    Dodgers belt 3 HRs to defeat Braves, snap slide

    Dodgers belt 3 HRs to defeat Braves, snap slide

    Potentially, he could be called up to fill Garcia's spot on the roster and start tomorrow night against the Los Angeles Dodgers . Roberts believes this issue is more muscular, and Kershaw did not have the shooting pain down his leg like he did past year .

    Open Championship wrap after third round

    A tap-in birdie at the par-5 17th took him to eight-under-par but it wasn't exactly straight-forward from them on in. The 29-year-old said that his caddie, Zack Rasego, had been the first to break the news to him.
  • Buhari receives APC delegation in London

    Buhari receives APC delegation in London

    Buhari has been in London since May 7, 2017, two months after returning from a 49-day medical trip in the same destination. He also said that Buhari asked the Minister of Transportation, Rotimi Amaechi, about the state of the railways.
    NASCAR at Indianapolis: Starting lineup, results, updates from Brickyard 400

    NASCAR at Indianapolis: Starting lineup, results, updates from Brickyard 400

    Not only is he the two-time defending victor of Indianapolis , Kyle Busch flat out dominated the 2016 edition of the Brickyard. By most accounts, one of the Monster Energy NASCAR Cup Series' marquee events is scheduled to go off this weekend.
    Scaramucci and Sanders New Voices for Trump's White House After Shakeup

    Scaramucci and Sanders New Voices for Trump's White House After Shakeup

    Trump announced Friday that he'd hired Wall Street financier Scaramucci to help the White House sharpen its public message. The president admires the loyalty Scaramucci has demonstrated to him, by defending him vehemently on cable "news" shows.
  • Jose Mourinho still hopeful of two more Manchester United signings

    Jose Mourinho still hopeful of two more Manchester United signings

    Indeed, they managed to find the back of the net just 26 times at home last season, two fewer than the relegated Hull City.

    Comic-Con 'Game of Thrones' Trailer Teases Epic Meet-Up

    Once again, the cast and crew of HBO's Game of Thrones are taking the Hall H stage Comic-Con International. Hodor actor Kristian Nairn moderated the gathering.
    Israel says Jerusalem shrine metal detectors to stay despite protests

    Israel says Jerusalem shrine metal detectors to stay despite protests

    He said "Dear brothers and sisters, I am following with trepidation the grave tension and violence of recent days in Jerusalem ". However, the Muslim authorities that oversee Al-Aqsa said they would continue to oppose any new Israeli-imposed measures.