Pakistan's currency plunges as it seeks IMF loan

US, China trade war could dent economic growth

In the United States, momentum is still strong as fiscal stimulus continues to increase, but the forecast for 2019 has been revised down due to recently announced trade measures, including the tariffs imposed on $200 billion of USA imports from China.

The United States and China have slapped tit-for-tat tariffs on hundreds of billions of dollars of each other's goods over the past few months, rattling financial markets as investors worry that the escalating trade conflict could knock global trade and investment.

"It was much needed and about time", said Saad Hashemy, research director for Pakistani brokerage Topline Securities.

On the other hand, the International Monetary Fund increased growth projections for the United States from 2.2 to 2.9 per cent.

The IMF acknowledged its earlier projections about world economic growth now appear to be "over-optimistic".

Rising trade tensions are a key challenge to the world economy as "protectionist rhetoric increasingly turned into action".

Brazil, South America's largest economy, will grow by 1.4 percent in 2018 and 2.4 percent in 2019, down 0.4 and 0.1 points, respectively from July forecasts. Not only have some downside risks that the last WEO identified been realised, the likelihood of further negative shocks to our growth forecast has risen.

In recent weeks, U.S. Treasury officials have expressed concerns about China's weakened yuan as the department prepares its semi-annual report on currency manipulation.

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In China, growth is projected to moderate from 6.9per cent in 2017 to 6.6per cent in 2018 and 6.2per cent in 2019, reflecting a slowing external demand growth and necessary financial regulatory tightening, the report said.

Maurice Obstfeld, the IMF's economic counsellor, said at a press conference in Bali, Indonesia, after the report was released, admitted the April forecast was "overoptimistic" and that growth was "less balanced than we hoped".

It added that uncertainty in the run-up to the 2019 general election was also negatively impacting growth.

As a outcome of these negative factors, the International Monetary Fund has lowered its forecast for global growth this year and in 2019.

The IMF said: "The possible failure of Brexit negotiations poses another risk". It explained that its downgrades to global growth also reflect predictions of a slower expansion in the eurozone, as well as turbulence in a number of emerging market economies such as Argentina, Turkey, and Venezuela.

"The fast rise in worldwide oil prices, normalization of United States monetary policy, and tightening financial conditions for emerging markets are adding to this hard picture".

IMF-WB meetings organizing committee Susiwijono, who is also secretary to the Coordinating Economic Minister, stressed that the government had anticipatory measures in place for managing natural disasters in coordination with relevant institutions like the Bali Police and the National Disaster Mitigation Agency (BNPB).

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