Published: Wed, October 10, 2018
Money | By Ralph Mccoy

PM stresses need to ‘effectively’ defend decision on International Monetary Fund bailout in media

PM stresses need to ‘effectively’ defend decision on International Monetary Fund bailout in media

The IMF expects growth in Russian Federation at 1.7 percent this year and 1.8 percent next year, it said in an update to its World Economic Outlook on Tuesday. Not only have some downside risks that the last World Economic Outlook identified been realised, the likelihood of further negative shocks to our growth forecast has risen.

"Nonetheless, despite trade tensions and continued monetary policy normalisation in a few advanced economies, global financial markets have remained buoyant and appear complacent about the risk of a sudden, sharp tightening in financial conditions".

President Donald Trump has slapped tariffs on US$250 billion in Chinese goods this year, and Beijing has retaliated with levies US$110 billion of American products.

Umar told Bloomberg in August that the government may need more than US$12 billion (RM50 billion). 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.

The IMF said its forecast for investment growth for FY19 is weaker than in April, despite higher capital spending in India, on account of contracting investment in economies under stress, such as Argentina and Turkey, which is also reflected in a downward revision for import growth.

At a meeting on the Indonesian island of Bali, the International Monetary Fund painted a cautious picture for the near future, saying trade tensions and rising debt levels could dent China and the U.S., and leave developing economies especially vulnerable to sudden stresses.

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However, the returning US sanctions now have made the International Monetary Fund revise sharply down the economic prospects of Iran, to a recession this year and next.

Both of those figures would mark the slowest rate of expansion for China since 1990, when growth shuddered in the aftermath of the violent suppression of massive Tiananmen Square pro-democracy demonstrations the previous year.

It also predicted that unemployment here will fall to 5.3% by the end of this year and 5.1% next year.

The S&P 500 opened lower by 1.92 points, or 0.07 per cent, at 2,882.51. Core inflation, which excludes volatile items such as energy, will vary from country to country, it said.

The IMF-World Bank meeting is an annual summit to discuss global financial and economic issues, including global economic outlook, poverty eradication, and aid effectiveness.

It is now projecting that global growth will average 3.7 percent in 2018 and 2019, down from a projection of 3.9 percent this spring. "Policymakers must take a long-term perspective to address this malaise".

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