UAE to outpace regional growth, says International Monetary Fund

IMF upgrades S. Korea's economic growth outlook to 3 pct this year

The International Monetary Fund (IMF) on Tuesday pared its growth forecast for India by half a percentage point to 6.7% for 2017, blaming the lingering disruptions caused by demonetisation of high value currencies a year ago and the roll out of the Goods and Services Tax (GST).

In its latest World Economic Outlook, the International Monetary Fund said SA's GDP growth was expected to remain subdued, "despite more favorable commodity export prices and strong agricultural production, as heightened political uncertainty saps consumer and business confidence".

For the year 2022, the International Monetary Fund has projected a growth rate of 8.2 per cent, as against its growth projection of 6.7 in 2017 and 7.4 in 2018.

The latest World Economic Outlook has upgraded its global growth projections to 3.6 per cent for this year and 3.7 per cent for next-in both cases 0.1 percentage point above our previous forecasts, and well above 2016's global growth rate of 3.2 per cent, which was the lowest since the global financial crisis. Forecasts for eurozone, Japan, China, emerging markets and Russian Federation were all revised upwards.

Egypt's consumer price inflation for the fiscal year is projected at 21.3 percent, the report showed.

There's also a hint of concern about the administration of President Trump when the report says that "uncertainty about policy is more of a concern than usual reflecting, for example, difficult-to-predict U.S. regulatory and fiscal policies".

Angola, where Jose Eduardo dos Santos stepped down as president last month after 38 years, is also set for a boost from the oil recovery, rebounding to 1.5 percent growth this year from a 0.7 percent contraction last year.


The country's 2017 forecast (6.8 percent, against 6.6 percent in April) reflects stronger growth outturns in the first half of 2017 as well as more buoyant external demand.

In terms of 2018, the projected growth rate now stands at 3.7 percent.

Also yesterday, the Asean+3 Macroeconomic Research Office (AMRO) cut its 2017 growth forecast for the Philippines on account of a first half slowdown.

Despite the good news, the report comes with a warning that the global recovery is far from complete with weak growth rates still persisting in several countries - particularly among fuel exporters hit by a fall in foreign earnings - and inflation still below the target rates in most advanced economies.

The United States also suffered a cut to growth projections this summer, but received an upgrade in the October report that nullified the move.

The IMF's forecasts are slightly more optimistic than the current consensus, but are unlikely to offer cheer to Philip Hammond, the chancellor, as he travels to Washington for the annual IMF meetings this week.

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