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23 January 2018, 02:00 | Frank Carlson
India To Grow At 7.4 per cent In 2018 IMF 0 By Amit Bhanot
"Global growth has been accelerating since 2016 and all signs point to a continuous strengthening of that growth this year and next year in 2019", Christine Lagarde, managing director of the International Monetary Fund, told a news conference in Davos, Switzerland, for the World Economic Forum (WikiTribune rolling coverage).
The IMFsaid it saw "a stronger push from external demand" and from exports on the Italian economy. Growth is forecast to rise to 2.7 percent in 2018, according to a report from the International Monetary Fund.
The IMF says the pick-up in global growth last year was broad-based, with 120 countries - accounting for three quarters of world GDP - experiencing stronger growth in year-on-year terms, making it the broadest synchronised global growth surge since 2010.
The euro area also will see growth accelerating, improving in almost all member states, especially Germany, which saw its GDP forecasts upgraded by a half point this year and next to 2.3 percent and 2.0 percent, respectively. But the fact that forecast for China's 2018 and 2019 had been revised upward by 0.1 percentage point each from its earlier prediction did contribute to Asia's growth compared to previous estimates. This growth is expected to continue into 2018 and 2019, as global growth is revised up to 3.9 percent for these two years.
But forecast growth for the US, Germany, France, Italy and Japan are all pushed upwards this year as global growth is seen hitting 3.9 per cent, the most rapid since the 4.2 per cent expansion in 2011.
The new USA tax law lowers the corporate tax rate from 35 percent to 21 percent and also temporarily lets businesses write off the full cost of their capital investments.
The second, because this is mostly a cyclical recovery and in absence of continuous reforms will return to problems that triggered financial crisis. and thirdly, because of uncertainty surrounding financial sector in face of progressive rise in interest rates, he said at his press conference in Davos. It said that a strong Indian economy would offset decelerating growth in China.
The IMF cited increased investment as businesses take advantage of lower corporate tax rates as it projected US growth to increase to 2.7 per cent this year, from 2.3 per cent in 2017.
On the downside, rich asset valuations and very compressed term premiums raise the possibility of a financial market correction, which could dampen growth and confidence. "In an environment of financial market optimism, ensuring financial resilience is imperative".
Current upswing in the global economy "furnishes an ideal moment to act on a range of multilateral challenges", Obstfeld said. The increase in fuel prices raised headline inflation in advanced economies, but wage and core-price inflation remain weak. Forecasts for emerging and developing economies were unchanged.
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