IMF raises outlook for Canadian economy to 2.3%

India To Grow At 7.4 per cent In 2018 IMF			 0					By		Amit Bhanot

26, focusing this year on the theme "Creating a Shared Future in a Fractured World".

The International Monetary Fund says USA tax reform and its associated fiscal stimulus will give a temporary boost to the US economy, which will have a spillover effect for Canada and Mexico.

In the latest update to the IMF's World Economic Outlook, almost all the forecasts for 2018 and 2019 were revised upward compared to the October edition.

However, the Fund warned that the recent rallies across financial markets, ranging from stocks to corporate bonds, were a reason to worry.

Global output is estimated to have grown by 3.7 percent in 2017, which is 0.1 percentage point faster than projected in the fall and 0.5 percentage point higher than in 2016.

Advanced economies are seeing solid simultaneous growth, and the USA tax reform passed just before Christmas will have a measurable effect, at least for a couple of years.

The IMF expects the USA growth to accelerate to 2.7 percent this year, from 2.3 percent in 2017, citing increased investment as businesses take advantage of lower corporate tax rates.

The US economy is projected to grow 2.7% this year versus 2.3% seen in a WEO update in October.

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Growth for 2019 is forecast at 2.0 per cent, up from an earlier projection for 1.7 per cent. In the IMF's previous forecast, it saw the US economy expanding by 2.3 percent in 2018 and 1.9 percent in 2019.

The lender noted that the upward revisions to the global outlook arises primarily from advanced economies, where growth is now expected to exceed 2% in 2018 and 2019.

The Fund cited "increased global growth momentum and the expected impact of the recently approved U.S. tax policy changes" for its fresh optimism. Now those figures have been revised up to 2.7 percent in 2018 and 2.5 percent in 2019.

Japan saw a rare and large upgrade of five-tenths for this year to 1.2 percent.

However, the rosier outlook came with a major caveat on financial markets, which the International Monetary Fund warned could be at the risk of a confidence-shaking correction.

"Trade is again growing faster than global income, driven in part by higher global investment, and commodity prices have moved up, benefiting those countries that depend on commodity exports", Mr Obstfeld said.

And the absence of worries in the near term could prompt financial market players to look for riskier and more profitable investments "and amplify the buildup of financial vulnerabilities", the International Monetary Fund warned.

The IMF revised down its growth estimate for South Africa to 0.9% for this year and next amid concerns over political uncertainty. "Firstly, policy makers should use these circumstances to make the structural or fiscal reforms that are too hard to make in more difficult times", she said.

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