According to the Bretton Woods institution's latest World Economic Outlook Report on World Economy and Financial Surveys, the economic growth will however be higher at 7.6 per cent GDP in 2019 but will gradually dip to about 5.1 per cent GDP by 2023.
"India's growth is expected to increase to 7.3 per cent in 2018 and to 7.4 per cent in 2019 (slightly lower than in the April 2018 World Economic Outlook [WEO] for 2019, given the recent increase in oil prices and the tightening of global financial conditions), up from 6.7 per cent in 2017", the International Monetary Fund said in its World Economic Outlook report. The May federal budget forecast 3 per cent GDP in 2018-19 and the same the following financial year.
In a report released ahead of the IMF's annual conference, this year held on the Indonesian island of Bali, the fund said that the UK's "pace of fiscal consolidation can be eased if risks materialize and growth slows sharply". In September, Trump imposed tariffs on almost $200 billion of Chinese imports, with China responding with higher tariffs on about $60 billion of US imports. It left its U.S. growth projection for this year at 2.9 per cent.
With US GDP growth expected to drop from 2.9 percent this year to 1.8 percent by 2020, the International Monetary Fund also warned about the potential risk of an "inflation surprise", fuelled by the same tax cuts and rising spending used to cushion the impact from the trade war. The IMF pointed out that a full-blown trade war between the world's largest and second largest economies will cause a significant dent to the economic recovery from the Great Recession of 2018.
U.S. President Donald Trump, right, chats with Chinese President Xi Jinping during a welcome ceremony at the Great Hall of the People in Beijing, Nov. 9, 2017.
The euro area will expand 2 per cent this year, down 0.2 point from July, as a result of weaker-than-expected growth in the first half of the year.
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He said, "Nigeria's growth, 1.9% this year; 2.3% next year".
Some energy-rich emerging market countries have fared better due to higher oil prices, with Saudi Arabia and Russian Federation seeing forecast upgrades.
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 IMF said it expects inflation to accelerate around the world this year, due largely to increasing commodity prices.
"Growth performance varies, however, across countries". That could mean that Britain will have to raise more taxes in the future because government-owned asset growth will not provide as much support to the economy. "Inclusive fiscal policies, educational investments, and ensuring access to adequate health care can reduce inequality and are key priorities", he added.