International Monetary Fund doubles 2017 economic growth forecast for Turkey

Pauline Gross
October 11, 2017

Globally, the economic picture has brightened a bit with the world growth for this year projected at 3.6%, up from last year's 3.2%.

"In India, growth momentum slowed, reflecting the lingering impact of the authorities' currency exchange initiative as well as uncertainty related to the midyear introduction of the country-wide Goods and Services Tax", the International Monetary Fund said in its latest World Economic Outlook report.

Emerging market and developing economies on the other hand were still seen growing 4.6% in 2017 although in 2018 GDP was now expected to rise at a clip of 4.9%, one tenth of a point more than previously forecast.

Upward revisions in the eurozone, Japan, emerging Asia, emerging Europe and Russian Federation more than offset downward revisions for the USA and Britain. Even more pessimistically, the Centre for Economics and Business Research anticipates that the United Kingdom economy will grow by just 1.3 per cent in 2017, representing a substantial downward revision from an earlier forecast of 1.7 per cent.

The IMF lowered India's forecast growth to 6.7 per cent from the 7.2 per cent predicted in July.

Speaking on Tuesday during the unveiling of the World Economic Outlook report at the organisation's headquarters in Washington, Maurice Obstfeld, IMF's chief economist, said rising political uncertainty had reduced consumer and business confidence in South Africa.

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"Overall, the Build, Build, Build program should be implemented with a view to boosting growth while keeping the current account and fiscal deficits at moderate levels", it said. Hong Kong's growth projection was raised from 2.4 percent to 3.5 percent while Taiwan's was raised from 1.7 percent to 2 percent and Singapore from 2.2 percent to 2.5 percent.

The news comes at a time when G20 finance ministers and central bank governors are gathered in Washington for the semi-annual meeting of the International Monetary Fund and the World Bank.

But lackluster productivity growth and aging populations continue to drag on growth in the world's wealthiest countries. The IMF's prior projections, made in July, had been for growth of 2.0% and 2.1%.

China has been projected to grow at 6.8 percent during the current year.

Despite the good news, the report comes with a warning that the global recovery is far from complete with weak growth rates still persisting in several countries - particularly among fuel exporters hit by a fall in foreign earnings - and inflation still below the target rates in most advanced economies.

According to the Ministry of Strategy and Finance, the IMF's positive outlook is based on expectations of improvement in global trade and larger import demand in China.

Other reports by GizPress

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