Asian stocks mixed after International Monetary Fund downgrades economic outlook

10 October, 2018, 03:44 | Author: Brooke Harris
  • PM Imran Khan chairing the Punjab cabinet meeting. — PTI

The IMF sees 3.5% growth in Israel in 2019, 3.3% in 2020 and 3% in 2021-2023.

Still, the trade disputes sparked by President Donald Trump that have led to tit-for-tat exchanges of tariffs among major trading partners are affecting China, other Asian economies and more vulnerable countries like Argentina and Turkey, along with Brazil. It now expects the global economy to only expand by 3.7% in 2018 and 2019, down from 3.9% before.

"U.S. growth will decline once parts of its fiscal stimulus go into reverse", International Monetary Fund chief economist Maurice Obstfeld said.

China's rate of growth could decline by as much as a full percentage point or more by 2019 if a "worst-case" scenario materialises, involving further tariffs, a commensurate Chinese counter-response and a collapse in confidence by businesses and markets.

The current account deficit widened 43 percent to $18 billion in the year that ended June 30, while the fiscal deficit ballooned to 6.6 percent. Not only will investment and growth suffer but exports will become more competitive due to the enhanced cost of imported ingredients.

It predicted China's GDP growth at 6.6% in 2018-'19 and downgraded it to 6.2% for 2019-'20.

China's involvement in Pakistan's economy could bring both benefits and risks, Maurice Obstfeld said.

Saints who sizzled, Saints who fizzled in Week 5 win over Redskins
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Global trade tensions would also have a bearing on the eurozone's 2018 growth forecast, which was cut to 2 percent from 2.2 percent previously. The Nasdaq Composite dropped 7.44 points, or 0.10 per cent, to 7,728.51 at the opening bell.

The IMF expects growth in Russian Federation at 1.7 percent this year and 1.8 percent next year, it said in an update to its World Economic Outlook on Tuesday.

The International Monetary Fund (IMF) on Tuesday downgraded its outlook for the world economy, warning that the imposition of import tariffs between the U.S. and China were taking its toll on global trade.

Fed rate hikes are already increasing pressure on emerging market economies by fuelling an outflow of capital as investors seek higher returns. -China tariff war's impact to be felt next year, the fund cut its 2019 US growth forecast to 2.5 percent from 2.7 percent, while it cut China's 2019 growth forecast to 6.2 percent from 6.4 percent.

However, stimulus measures by Beijing are likely to soften the impact of the tariffs.

Prime Minister Imran Khan spent almost two months since taking office looking for alternatives to a second International Monetary Fund bailout in five years, which would likely impose tough conditions on government policy that would limit his vision of an Islamic welfare state.

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