International Monetary Fund sees India GDP growth at 7.4% in 2018, China's at 6.8%

India To Grow At 7.4 per cent In 2018 IMF			 0					By		Amit Bhanot

The upward revision was announced by Maurice Obstfeld, IMF Economic Counsellor and Director of Research, at a press conference on Update of the World Economic Outlook in Davos, Switzerland.

Pointing to growth in the United States and China, the International Monetary Fund forecast global growth to 3.9 percent for both 2018 and 2019, a 0.2 percentage point increase from its last update in October. Growth is expected to moderate gradually in China (though with a slight upward revision to the forecast for 2018 and 2019 relative to the fall forecasts, reflecting stronger external demand), pick up in India, and remain broadly stable in the Asean - 5 region.

The Update estimated U.S. growth at 2.3 percent for last year and forecast a growth rate of 2.7 percent this year and 2.5 percent next year.

She asserted said " Global growth has been accelerating since 2016, and all signs point to a continuing strengthening of this growth".This is why she has charged global political leaders to guard against the risk of complacency in the management of their economies.

The IMF, in its latest outlook, has projected India to grow at 7.4 per cent in 2018 as against China's 6.8 per cent, making it the fastest growing country among emerging economies. The IMF said it was the "broadest synchronized global growth upsurge since 2010" when the world enjoyed a strong, but ultimately fleeting, snapback from the financial crisis.

The US economy is projected to grow 2.7% this year versus 2.3% seen in a WEO update in October.

Donald Trump's United States tax cuts will help lift global growth further over the next few years though the United Kingdom looks set to trail behind, according to latest forecasts from the International Monetary Fund (IMF).

"(W) hatever output impact its tax cut will have on an economy so close to full employment will be paid back partially later in the form of lower growth, as temporary spending incentives (notably for investment) expire and as increasing federal debt takes a toll over time", Obstfeld said. Canada's growth will be 0.2 percent higher this year and 0.3 percent higher next year. However, that still represents a slower pace of growth from the estimated 1.8 percent expansion in 2017.

The cyclical upswing underway since mid-2016 has continued to strengthen. Mexico's economy will be 0.4 points stronger this year and 0.7 points stronger in 2019. The forecast for 2019 remained unchanged.

"A possible trigger is a faster-than-expected increase in advanced economy core inflation and interest rates as demand accelerates", it said.

At the same time, the International Monetary Fund said the cyclical upswing in global economic activity provides "an ideal opportunity" for countries to undertake structural reforms aimed at boosting productivity and building resilience against downside risks.

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