Govt decides to ‘immediately’ approach IMF
They show that a burst of strong growth, fueled partly by USA tax cuts and rising demand for imports, was starting to wane.
The IMF's latest report on world financial stability, released Wednesday, said global growth could be at risk if emerging markets deteriorate further or trade tensions escalate.
As Washington and Beijing trade tariffs, economic growth is slowing for both countries and others.
Among emerging market and developing economies, the growth prospects of many energy exporters have been lifted by higher oil prices, but growth was revised down for Argentina, Brazil, Iran, and Turkey.
Maurice Obstfeld, the IMF's chief economist, said at a media briefing about the fund's latest World Economic Outlook: "When you have the world's two largest economies at odds, that's a situation where everyone suffers".
After a visit last week, the International Monetary Fund said Pakistan was facing significant economic challenges, with diminishing growth, high budget and current-account deficits, and low foreign-exchange reserves.
The body now expects the US economy to grow at a rate of 2.5 percent in 2019, a 0.2 percentage point decline from its April estimates. Rupee rates to the dollar were Rs98.81, Rs101.78, Rs104.84 and Rs104.85 on 30th of June of 2014, 2015, 2016 and 2017 respectively.
"New vulnerabilities have emerged and the resilience of the global financial system has yet to be tested", it said in the twice-yearly Global Financial Stability Report.
Mainland China and Hong Kong stock markets fell sharply on Thursday after a rout in United States shares overnight caused by factors including anxiety about global trade tensions.
On Monday, it downgraded world growth forecasts for next year, blaming new trade barriers.
But growing trade tensions have also come at a time when emerging markets have been put under pressure, the International Monetary Fund noted.
The rapid build-up in debt in China in recent years also is a concern, although Chinese authorities have taken steps to rein in debt growth, he said.
"We continue to closely monitor developments in the yuan; we remain concerned about the recent depreciation of the yuan", said the official, who spoke on condition of anonymity.
"We are all deeply concerned about this news and the potential impact on the business". "I don't think it will go up to Rs150, the government won't allow the economy to spin out of control", he added.
Global economic expansion remains strong, but the trade war could potentially shock investor confidence, with "significant adverse consequences" for global macroeconomic activity, Tobias Adrian, IMF monetary and capital markets department director, told reporters.
The Briton Woode institution is also projecting growth of 1.9 and 0.8 percent for Nigeria and South Africa while it is predicting contraction of 0.1 percent for Angola.
Recommended News
-
08 October 2018Pastor Bakare congratulates Atiku for winning PDP presidential ticket
Former Nigerian Vice President Atiku Abubakar attends an interview with Reuters in Abuja, Nigeria May 11, 2018. He said the PDP and other political parties should learn from the process and improve upon it.
07 October 2018Red Sox, Astros, Brewers claim wins in division series games
Milwaukee beat out the Chicago Cubs not only for the NL Central title, but also for the top spot in the entire National League. After Last years devastating loss to the Astros in game 7 of the ALCS the Yankees hit the jackpot this past offseason.
07 October 2018Dancing May upbeat about Brexit deal
In a message to voters tired of belt-tightening, the PM said: "Because you made sacrifices, there are better days ahead". Many commentators have described Mr Joihnson's wide-ranging speech as a blatant pitch for the Conservative leadership. -
09 October 2018Rosenstein to fly with Trump to Florida on Monday, official says
Advisers had also cautioned Trump against doing anything dramatic in the weeks before the midterm elections next month. Trump also indicated that he was ready to keep working with Rosenstein.
07 October 2018Sen. Collins to reveal how she'll vote on Kavanaugh
In any case, Vice President Mike Pence is reportedly on standby in Washington in case he needs to break a tie in the Senate. Circuit Court of Appeals, clerked for Justice Kennedy and has written dozens of opinions cited by the Supreme Court .
07 October 2018Safe landing as space station trio return to Earth
Russian experts are investigating what happened, but Russia's space chief has said it appeared the hole was made deliberately. The small hole that was discovered on August 29 resulted in a pressure leak before it was fixed by the space station crew. -
10 October 2018
Storm surge could be Hurricane Florence's deadliest, most destructive threat
For a swathe of the North Carolina shore from Cape Fear to Cape Lookout, the storm surge could range from 9-13 feet, the NHC said. Thinking of the outages likely to come it also warns to use grills and generators outside - away from doors and windows.
09 October 2018Facebook debuts smart speaker for Messenger video calls
Facebook has announced Portal , a series of devices that let you do voice or video calls to other Facebook and Messenger users. Additionally, you can also receive $100 off any two devices, meaning a bundle of two Portal devices will be priced at $298.
07 October 20185 officers shot in South Carolina's Florence County, reports say
Florence Police Officer Terrence Carraway died from his injuries. ► Make it easy to keep up to date with more stories like this. Jay Jordan, R-Florence, asked that the House take a moment of silence for the injured police officers. "Please lift them up". -
10 October 2018Senate near Kavanaugh approval after epic struggle
But she said the Federal Bureau of Investigation had found no corroborating evidence from witnesses whose names Ford had provided. Ford's lawyers have prodded the FBI to interview their client for its supplemental background investigation on Kavanaugh.
10 October 2018New Kids On The Block 'Mixtape' Tour Coming to the Carolinas
The popular band of yesteryear announced Monday that they're going back on tour and they'll be visiting the Gem State. If you were coming of age in the late '80s and early '90s, this just might be your dream lineup.
08 October 2018Hazard: We are enjoying playing well and scoring goals
Chelsea now face a game against Manchester United when the Premier League resumes after the worldwide break. For Chelsea , Hazard has netted seven in the league, with Pedro scoring three and Morata netting two.
