International Monetary Fund cuts South Africa's growth forecast for next two years

International Monetary Fund cuts South Africa's growth forecast for next two years

"This is very good news ... but political leaders need to remember that the growth reflects a set of circumstances that will not last", said Maurice Obstfeld, the IMF's economic counsellor.

In its report, the IMF o said that economic activity in Europe and Asia was surprisingly stronger than expected previous year, and global growth in 2017 was now estimated to have reached 3.7 per cent, 0.1 point higher than the Fund projected in October.

India's growth percentage is said to be more than China's.

The IMF raised its growth forecasts for Italy to 1.4% this year and 1.1% next.

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In the year gone by, China (6.8%) was ahead of India (6.7%), giving China the tag of being the fastest growing emerging economies, as has been the case for major parts of the past several decades.

The International Monetary Fund also estimates that higher domestic demand will mute the response of inflation and, in turn, the Federal Reserve will have a faster pace of interest rate hikes.

Obstfeld said that the recent tax reforms in the U.S. will contribute noticeably to its growth over the next few years with a positive effect on its trade partners "largely because of the temporary exceptional investment incentives that it offers".

Further, she pitched for global collaboration to fight corruption, improve conditions for trade, stop tax evasion and prevent catastrophic climate change. The forecast for 2019 remained unchanged.

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"The next Labour government will provide the serious investment our country needs, underpinned by our Fiscal Credibility Rule, to build a high wage, high skill economy for the many not the few". Among advanced economies, growth in the third quarter of 2017 was higher than projected in the fall, notably in Germany, Japan, Korea, and the United States.

The boost to US growth will be significant. The latter is forecast to stimulate activity in America and its trading partners, and contribute about half of the cumulative revision to world expansion over 2018-2019, the International Monetary Fund said. World trade has grown strongly in recent months, supported by a pickup in investment, particularly among advanced economies, and increased manufacturing output in Asia in the run up to the launch of new smartphone models.

While urging policy makers to use the current circumstances to make the structural or fiscal reforms that are too hard to make in more difficult times, Lagarde also sought steps to make growth more inclusive, not just across countries but within countries. It's imperative for countries to boost resilience to financial shocks, such as through "proactive" financial regulation, said the fund, which was conceived during the Second World War to oversee the world currency system and has evolved into a lender of last resort to indebted nations.

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