Brexit uncertainty and unsettled politics pose risk as global growth downgraded

Pakistan to start talks with IMF as rupee continues to fall

Pakistan to start talks with IMF as rupee continues to fall

It's so concerned about the potential for a bad deal it has downgraded global economic growth to 3.7% for both 2018 and 2019, in its latest World Economic Outlook.

The IMF also revised down its growth forecast for the country for next year to 2.6 percent, down 0.3 percentage point from its earlier estimate.

The ongoing trade war between the US and China could start having material effects on the economies of both countries within the coming years, according to new projections from the International Monetary Fund (IMF).

The IMF predicted United Kingdom growth to would be 1.4% in 2018, rising to 1.5% in 2019, while the eurozone 2018 growth forecast was cut to 2.0% from 2.2%.

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".

Still, the trade disputes sparked by President Donald Trump that have led to tit-for-tat exchanges of tariffs among major trading partners are affecting China, other Asian economies and more vulnerable countries like Argentina and Turkey, along with Brazil.

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Growth of less than five percent would be unprecedented for China since it began its economic reforms in the 1970s, and complicate its efforts to move towards a more balanced economy with a greater role for services.

"Today, it was decided that we should start talks with IMF", Finance Minister Asad Umar told GEO TV in an interview on Monday night.

The repercussions for the United States and China would be particularly severe, with 2019 GDP losses of more than 0.9 percent in the United States and 1.6 percent in China in 2019.

The trade deficit has gone up 8.6 percent this year to $31 billion.

The International Monetary Fund (IMF) has warned an escalation in trade tensions between the USA and China could lead to a global financial crisis.

Pakistan has gone to the International Monetary Fund several times since the late 1980s.

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The fund now projects economic growth to be steady but slightly lower in 2019 because of higher interest rates and trade barriers.

The IMF also warned the new government that growth would likely slow and inflation rise further if it does not act fast.

He contended that China had "already retaliated" against his tariff increases.

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

Other countries in Asia, many of which supply goods to China through global value chains, would also see their economies slow substantially, the International Monetary Fund said.

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