Australia fails to live up to International Monetary Fund forecast

Australia fails to live up to International Monetary Fund forecast

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.

In new forecasts published today, the organization predicts global growth to be 3.6% this year and 3.7% next year, a small upgrade from previous projections in July.

India's growth rate in 2016 was 7.1 per cent, which saw an upward revision of 0.3 percentage points from its April report.

"Growth is expected to soften temporarily to 2.2 per cent in Australia, where housing investment and mining exports in the first half of the year were undermined by bad weather", the report says. The global lending agency also notes that inflation remains worryingly low, a sign that the world economy still has not returned to full health in the aftermath of the Great Recession of 2007-2009.

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However, the recovery is not complete: although the baseline outlook is better, growth remains weak in many countries.

"The current global acceleration is also notable because it is broad-based-more so than at any time since the start of this decade", said Maurice Obstfeld, the organization's economic counsellor and director of research.

The downward revision to United States growth over the past six months is because of a "major correction" to the IMF's fiscal policy assumptions, it says.

During its World Economic Outlook conference in Washington, the International Monetary Fund also forecast a growth of 3.5 percent in 2018 for Turkey, adding that the revised outlook also raised forecasts for emerging and developing economies in Europe. Inflation seems to have peaked in many emerging markets and developing economies, as well.

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The IMF said while the government was committed to reducing its fiscal deficit from 9 percent of GDP in 2016, its cash deficit would remain "elevated" as government arrears were cleared.

The world's lender of last resort said in its latest World Economic Outlook that Brexit uncertainties were continuing to hold the United Kingdom back - maintaining key figures from its summer downgrade.

The uptick in growth will result in greater debt levels over the long term, the International Monetary Fund said in a report, raising the prospect of a "sharp growth slowdown in China".

The erosion of confidence in growth is seen even more clearly when compared with the IMF's forecasts from six months ago.

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But according to the report, it is only a temporary setback for India, and it projected India to regain the top spot next year with a 7.4% growth rate for the gross domestic product (GDP) even though that estimate was also down from the 7.7% made in July.

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