International Monetary Fund revises Italy growth upwards, 1.5% (3)

International Monetary Fund revises Italy growth upwards, 1.5% (3)

The IMF expects a 3.9 percent growth of Azerbaijan's GDP in 2019.

The IMF also revised the deficit of the current account of the country's balance of payment for 2018, to 3.7 percent of GDP from 3 percent of the GDP, and for 2019 - to 3.5 percent from 3 percent of GDP.

The IMF increased its forecast for expansion in Sub-Saharan Africa to 3.4% this year and 3.7% the next "as the challenging outlook in commodity exporters gradually improves".

"Global growth is expected to tick up to 3.9 per cent this year and next, supported by strong momentum, favourable market sentiment, accommodative financial conditions, and the domestic and worldwide repercussions of expansionary fiscal policy in the United States", the worldwide Monetary Fund said.

South Korea's economy grew 3.1 percent last year, accelerating from the previous year's 2.8 percent growth, on the back of robust exports and private spending recovery.

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The postwar global trading system risks being torn apart, the International Monetary Fund has warned, amid concern over the tariff showdown between the United States and China. It says increased trade barriers - tariffs or other restrictions - could harm sentiment in financial markets, disrupt global supply chains and slow the spread of new technology.

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"US tax reform will subtract momentum starting in 2020, and then more strongly" in 2023 as some of the investment provisions kick in.

Meanwhile, the International Monetary Fund showed wariness over a tit-for-tat trade spat between the United States and China.

Maurice Obstfeld, the IMF's economic counsellor, said: "The first shots in a potential trade war have now been fired".

The visit of the finance and economic affairs advisor causing speculation that he may seek some reprieve from worldwide donors and the U.S. government. The fund left its forecast for euro-zone growth next year unchanged, at 2%. On the other hand, the projection for China is 6.6 and 6.4 percent in the two years respectively.

"While the medium-term growth outlook for India is strong, an important challenge is to enhance inclusiveness", the report said.

It forecasts the Irish economy to grow at 4.5% this year and 4% next year. International Monetary Fund also lowered its outlook for the Middle East and North Africa this year by 0.2 point, to 3.2%.

He said the recent tax reform in the U.S. will make things worse, stating "we now expect the USA current account deficit for 2019 will be roughly $150 billion higher", as a result of the tax and spending changes introduced earlier this year.

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