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12 October 2018, 11:46 | Austin Hogan
US / China trade war and Brexit threaten global growth says IMF
The International Monetary Fund cut its global economic forecast for this year and next, the first downgrade since July 2016, due to strained trade ties, vulnerable emerging markets and sluggish growth in the eurozone, which is facing the uncertainty of Brexit and American protectionism.
IMF's forecast for Singapore's economic outlook remains steady at 2.9% for 2018, but has been revised downward by 0.2 percentage points to 2.5% for the following year.
It has recently taken a more accommodating stance to help buffer China's economy from the United States trade measures. The FTSE 100, which closed at 7,233.33, is forecast to open 10 points higher when trading begins shortly.
The fund left its 2018 U.S. forecast unchanged but cut its expectation for next year, citing the impact of the trade conflict.
Growth is expected to "remain strong elsewhere in emerging and developing Asia", the International Monetary Fund said, forecasting Indian growth to increase to 7.3 percent in 2018 and 7.4 percent in 2019.
Trump has led the escalating trade war because of what he believes are bad policies he said have created an $800 billion USA trade deficit.
At the same time, they note that the growth is becoming less balanced and in some leading economies, it may already have peaked.
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Besides, the Azerbaijani government expects the growth of the country's GDP at the level of 2 percent for this year, 3.19 percent for 2019, and 3.5 percent for 2020.
The IMF also warned the new government that growth would likely slow and inflation rise further if it does not act fast.
Pakistan's new government has chose to open talks on emergency financial assistance with the International Monetary Fund amid a mounting balance of payments crisis, the finance minister told local television on Monday.
One of the most comprehensive studies of the state of banking and markets since the financial crisis warns that "dangerous undercurrents" are a rising threat to the world economy. These assets are larger than its liabilities, putting net worth - the difference between assets and liabilities - well above 100 per cent of the GDP, the highest among emerging economies, he said.
She said the IMF's research has shown that excessive inequality, whether caused by technology, trade, global integration, or policies favoring capital over labor, is magnifying economic and social tensions, especially in advanced economies. About half of the expected pickup in growth between 2017 and 2018 reflects the growth rebound in Nigeria.
United Kingdom growth has been drastically cut in the aftermath of the Brexit vote; uncertainties surrounding the country's divorce from the European Union have stymied investment and seen part of its key financial sector relocate to the continent.
Financial Sector Policies The Bretton Woods institution said the potential for greater financial market volatility requires fortifying financial systems and avoiding a rollback of the post crisis regulatory reforms.
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Japan's Nikkei 225 added 0.2 percent, South Korea's Kospi dropped 1.1 percent and the Hang Seng in Hong Kong gained 0.1 percent. The CAC 40 in France dropped 2.1 per cent, Germany's DAX lost 2.2 per cent and the FTSE 100 in London fell 1.3 per cent.