IMF says global economy will slow after 2019

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The IMF has also strongly criticised the approach of the Trump administration to trade deficits.

The country saw a 4.3 percent growth a year ago.

Describing the U.S. fiscal position as "unsustainable" it urges the USA to stabilise and reduce its debt level, and withdraw the pro-cyclical stimulus that is already in the economy.

Slow growth in productivity and high levels of government and private debt are also threats to future growth.

It urges countries with excess current account surpluses and fiscal space - notably Germany - to increase public investment to boost potential growth and demand.

While the United States has engaged in several bilateral negotiations to reduce USA trade deficits with individual trading partners, Obstfeld believed these initiatives will do little to change the overall US external current account deficit.

"Global growth is expected to tick up to 3.9 per cent this year and next, supported by strong momentum, favourable market sentiment, accommodative financial conditions, and the domestic and worldwide repercussions of expansionary fiscal policy in the United States", the worldwide Monetary Fund said.

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IMF Chief Economist Maurice Obstfeld stressed that the trade conflict could damage the global economy if it broadens to affect other countries, and said even the prospect of a trade war could do harm.

With a 0.8 percent growth signalling an exit from its 2016 recession, Nigeria's economy is projected to grow by 2.1 percent in 2018. But the forecast for 2019 was unchanged at 2.0%.

U.S. President Donald Trump's tax cuts at the end of 2017 and the plans this year to boost federal spending by hundreds of millions of dollars are responsible for half of the upgrade in the fund's outlook for this year and next. With household debt still elevated, the International Monetary Fund says the RBNZ shouldn't relax mortgage lending restrictions any further.

In this respect the authors do add the caveat that the income from these smartphone sales "does not fully contribute to the Irish economy", as the acquisition of foreign owned IP assets, "leaves domestic employment mostly unchanged".

Its goals are to ensure the stability of the worldwide monetary system (exchange rates and global payments), to secure financial stability, facilitate global trade, promote high employment and sustainable economic growth, and reduce poverty.

The following tables shows the International Monetary Fund growth forecasts for the eurozone.

Three months later, the World Economic Outlook expects business confidence to "gradually firm up" following political changes but warns that growth prospects remain weighed down by "structural bottlenecks" and the medium-term outlook is subdued, with growth expected to stabilise at 1.8% over 2020-23.