International Monetary Fund cuts global economic growth target to 3.7%

Pakistan to start talks with IMF as rupee continues to fall

While the IMF's outlook for the Chinese economy stayed at 6.6% this year, its forecast for next year of 6.2% represents the slowest growth rate the Asian country has seen since 1990.

India's medium-term growth prospects remain strong at 7.75 per cent, benefiting from ongoing structural reform, but have been marked down by just under 0.5 percentage point relative to the April 2018 WEO, it said.

The World Bank last week cut SA's GDP growth estimate for 2018 to 1% this year from 1.4%, while the SA Reserve Bank slashed its forecast to 0.7% from 1.2% in September. But it predicts that USA growth will slow to 2.5 percent next year as the effect of recent tax cuts wears off and as President Donald Trump's trade war with China takes a toll.

"Notwithstanding the present demand momentum, we have downgraded our 2019 United States growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation".

"The government has made a decision to do both", he said while addressing a ceremony to launch Naya Pakistan Housing Programme, a flagship project of his government to build 5 million houses in five years for low income people.

"That said, risks could rise sharply, should pressures in emerging-market economies mount or if trade tensions escalate".

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The IMF projected that the nation's economy will grow from 1.9 percent in 2018 to 2.3 percent in 2019 adding that Nigeria, South Africa and Angola's slow growth economies are slowing the rest of Africa. "This is the United States trying stop China's growth - it's a bad idea", Sachs, director of the Center for Sustainable Development at Columbia University, told a seminar in Bali. The group recently downgraded global growth forecasts.

The sources said the world body will also ask Islamabad to expand the tax net in the country, and added that the International Monetary Fund also wants Pakistan to decrease circular debts and losses in state institutions, the report said.

"Looking ahead, renewed impetus to reform labour and land markets, along with further improvements to the business climate, are also crucial", it said.

The IMF also risks associated with high corporate debt, rising nonperforming loans and too much public debt overall. "These efforts should be supported by further reductions in subsidies and enhanced compliance with the Goods and Services Tax".

International Monetary Fund capital markets director Tobias Adrian said potential shocks to the system could come in many forms, such as higher-than expected inflation that triggers a sharp jump in interest rates or a "disorderly" exit by Britain from the European Union.

Eric LeCompte, a financial expert and executive director of Jubilee USA said: "We are seeing growing debt crises in many developing economies, at the same time, we see risky and speculative behaviour on the raise".

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