International Monetary Fund revises forecast on Azerbaijan's economic growth

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Maurice Obstfeld, Economic Counsellor and Director of the Research Department, IMF said that the world economy continues to show broad-based momentum. It is governed by, and accountable, to member countries.

Inflation is already above the government and Bank of England's target of 2%.

That's in line with its most recent estimate in January. The IMF also warned that the world economy may become weaker post-2020. Its decision-making also reflects members' relative influence.

Mr Obstfeld said the "get tough" approach by the USA in trade talks with China, Mexico Canada and others "will do little to change the multilateral or overall United States external current account deficit, which owes primarily to level of aggregate U.S. spending that continues to exceed total income". "Instead, it is in danger of being torn apart".

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"Once the cyclical upswing and U.S. fiscal stimulus have run their course, prospects for advanced economies remain subdued, given their slow potential growth", the Washington-based lender said.

"That major economies are flirting with trade war at a time of widespread economic expansion may seem paradoxical-especially when the expansion is so reliant on investment and trade".

But public optimism about the benefits of globalisation had been eroded because of the growing gap between rich and poor and the fact that many households in the west had seen little or no benefit from growth, he said.

The International Monetary Fund (IMF) is upbeat about South Africa's Gross Domestic Product (GDP) growth in 2018, raising its forecast to 1.5% after cutting its prediction to 0.9% in January.

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The IMF official said that these trends are more due to technology change than to trade, and even in countries where trade backlash is not prominent, public skepticism about policymakers' ability to generate robust and inclusive growth has spread.

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. Both forecasts were unchanged from three months ago.

Growth for 2019 remains confirmed at 1.1%. The fund left its forecast for euro-zone growth next year unchanged, at 2%. Obstfeld said this forecast was a best-case assumption based on a Brexit deal that involved zero tariffs and favourable access to the European Union for the City.

India's growth rate in 2016 was 7.1 per cent as against China's 6.7 per cent. 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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