Political uncertainty moves International Monetary Fund to cut SA's growth forecast

A conference room is prepared at the International Monetary Funds Headquarters 2 building ahead of the annual meetings in Washington DC on October 9

On October 9, a forecast by the Organisation for Economic Cooperation and Development (OECD) showed that the global economy will continue to grow at a strong pace in the last months of this current year, and will keep this up momentum into 2018.

The IMF overturned a summer downgrade to forecast the U.S. economy would now grow by 2.2% this year, with total world growth expectations rising 0.1% to 3.6% as a "global cyclical upswing" continued.

Releasing its latest World Economic Outlook in Washington, IMF economic counsellor Maurice Obstfeld says the global recovery is continuing and "at a faster pace".

The short-term pain that has befallen upon Indian economy was made evident by the comment that growth forecast is cut due to lingering effects of disruption caused by demonetisation and transition costs of GST, even as International Monetary Fund said that GST and other reforms could push India's growth to above 8% in the medium term.

For both years, the outlook is up 0.1 percentage points from the IMF's previous forecast in July and would mark the fastest growth since 2010.

The IMF said in a statement on Friday that the Cypriot economy has achieved an impressive turnaround since the 2012-2013 economic and banking crisis but also urged Cyprus to get rid of important legacies from its earlier boom bust cycle to avoid a new crisis.

The IMF's judgment on the UK's prospects reflects weaker growth in consumer spending because of the fall in the value of the pound and the impact that had on real, inflation-adjusted, incomes.

Taylor shines in 38-17 win over Nebraska
The 21-point loss was their most lopsided since Iowa beat them by the same score in 2013 and only increases the pressure on Riley. They ran on eight of 10 plays while going 93 yards for the go-ahead touchdown, which Quintez Cephus scored on a 5-yard pass.

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

Another UN agency, the Economic and Social Council for Asia and the Pacific (ESCAP), also in May, expected this year's growth rate to be 7.1% before raising to 7.5% next year. India's GDP growth slumped to a three-year low of 5.7% in the June quarter, triggering downgrades in estimates for the full fiscal year.

"Growth in oil exporting advanced countries is projected to recover".

The Washington-based institution upgraded every advanced nation except the United Kingdom in its latest set of forecasts and claimed that there was "good cause for greater confidence" in the world economy.

Russia's central bank has tried to reinvigorate the economy by gradually reducing the key interest rate, with its latest cut in September - the fourth this year - putting it at 8.5 percent.

It forecast a static gross domestic product (GDP) growth of 1.7% this year, slowing further to 1.5% in 2018.

According to the Ministry of Strategy and Finance, the IMF's positive outlook is based on expectations of improvement in global trade and larger import demand in China.

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