International Monetary Fund predicts 7.3% growth rate for India in current fiscal year

Govt decides to ‘immediately’ approach IMF

It also slashed its outlook this year for 19 countries, including several eurozone member states and emerging markets. Its forecast for China's 2018 GDP growth remains unchanged at 6.6%, while revised downward by 0.2 percentage points for 2019 to 6.2%. "Risks to global growth skew to the downside in a context of elevated policy uncertainty". In 2017, global economy grew by 3.7 percent.

"There are clouds on the horizon", he said.

The IMF announced it had reduced its outlook on the global economy to a 3.7% growth rate for this year and next, down 0.2% from what it had originally predicted in July.

Maurice Obstfeld, Economic Counsellor and Director of IMF (L) talks as Wafa Amr, Communication Officer of IMF listens, during their press conference at the 2018 International Monetary Fund (IMF) World Bank Group Annual Meeting at Nusa Dua in Bali, Indonesia, October 9, 2018 in this photo taken by Antara Foto.

'To gauge the severity of the threats to growth, one must ask how governments could respond if risks are realised and widespread recession ensues.

The World Bank recently cut its growth projections for Nigeria by 0.2% citing reduction in oil production levels, and contraction in the agricultural sector, following the herder-farmer crisis.

For the Philippine growth forecast, this is the second time since July this year that the International Monetary Fund has revised its 2019 local growth projection.

The IMF's World Economic Outlook report, unveiled on the eve of its upcoming summit in Bali, Indonesia, estimated that global growth in 2018 would reach 3.7 percent, the same as the previous year but lower than the 3.9 percent it had forecast earlier this year.

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Beijing has answered with taxes on $110 billion worth of US exports.

ANALYST'S TAKE: "Renewed tension between the U.S. and China has capped risk sentiment as a range of issues from trade to diplomacy are likely to challenge China-U.S. relationship", Zhu Huani of Mizuho Bank said in a commentary.

With much of the US-China tariff war's impact to be felt next year, the Fund cut its 2019 US growth forecast to 2.5% from 2.7% previously, while it cut China's 2019 growth forecast to 6.2% from 6.4%.

"The aggregate growth rate for the continent is held down by the fact that the three largest economies are not performing up to their full potential", he said.

The fund upgraded its forecast for Japan slightly to 1.1 per cent growth this year, up 0.1 point from July.

That puts pressure on emerging market economies such as Turkey and Argentina, which have large amounts of debt which concerns investors.

"The scars from the global financial crisis are still evident on public wealth a decade later", the report said, adding that the net worth of 17 advanced economies together was now $11 trillion lower than it had been prior to the crisis.

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. "Global financial conditions are expected to tighten as monetary policy normalizes; the trade measures implemented since April will weigh on activity in 2019 and beyond; United States fiscal policy will subtract momentum starting in 2020; and China will slow, reflecting weaker credit growth and rising trade barriers", the report said.

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