Brexit means Britain will miss global economic boom, says International Monetary Fund

Treasurer Scott Morrison

Treasurer Scott Morrison

The IMF said that it expects India's economy to grow by 6.7% in 2017, slower than the 7.2% it had forecast in April, due to the lingering impact of the government's sudden demonetization a year ago and a newly introduced goods and services tax.

The statement which made available in Nicosia said that GDP growth this year will reach 3.4 percent compared to its original estimate of 2.5 percent and to 2.6 percent in 2018 from an original estimate of 2.3 percent.

South African growth should rise up to 1.1% next year, slightly lower than an earlier forecast of 1.2%, the International Monetary Fund said in its October world economic outlook.

Forecasts for euro zone, Japan, China, emerging market Europe and Russian Federation were all revised upwards.

Russian economy contracted by 2.8 percent in 2015 and 0.2 percent in 2016 as a result of sagging oil prices and economic sanctions imposed by western countries over Moscow's annexation of Crimea and meddling in Ukraine.

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Mane was included in the 30-man shortlist for the 2017 Ballon D'or which was released on Monday. They coped better that time, with five wins, two draws and a defeat.

Emerging market and developing economies on the other hand were still seen growing 4.6% in 2017 although in 2018 GDP was now expected to rise at a clip of 4.9%, one tenth of a point more than previously forecast.

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 United States regulatory and fiscal policies".

In August, the International Monetary Fund had said that the Philippines remained an economic standout amid global uncertainties, supported by robust domestic demand and recovery in exports.

The OECD leading indicator, which is created to anticipate turning points in economic activity, projected an upbeat scenario of economic expansion in the countries that represent most of the world's economic output.

Even the outlook for advanced economies has been raised 0.2 percentage points higher than an earlier projection in July, to 2.2 percent, moving up the world's outlook from 3.5 percent to 3.6 percent.

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The IMF said that it only expects the United Kingdom to outperform a small handful of its peers this year, including with Italy which is expected to grow by 1.5 per cent, France, by 1.6 per cent and Japan by 1.5 per cent.

The report also projects strengthening economic growth across most of Asia, raising its forecast for Japan but reducing it for India.

The Goods and Services Tax (GST) was implemented in India from July 1 this year.

Draghi has maintained the ECB's stimulus programme over the past year despite robust economic growth in the eurozone, while Yellen postponed a rate hike in September. For next year it was projected at 3.7 percent.

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