International Monetary Fund positive on global economic prospects

President of the World Bank Group Mr. Jim Yong Kim

The International Monetary Fund (IMF) has delivered an unusually upbeat assessment of the prospects for the global economy, with worldwide growth now at its strongest rate in seven years.

The IMF expects Morocco's economy to grow around 4.8% in 2017 and 3% in 2018.

"The picture is very different from early a year ago, when the world economy faced faltering growth and financial market turbulence", said Maurice Obstfeld, director of the research department for the International Monetary Fund, at a press conference to release the October 2017 World Economic Outlook report.

"The global recovery is continuing, and at a faster pace".

The report considered that "notable pickups in investment, trade, and industrial production, coupled with stronger business and consumer confidence" were supporting more positive growth predictions than earlier in the year to the "euro area, Japan, China, emerging Europe and Russia".

Its latest World Economic Outlook predicts strengthening economic growth globally, building on healthy data from the first half of 2017. The nature of that upswing puts the current one in an even better light.

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Reviewing the problems of the Tunisian economy, namely, the low economic growth and a sharp rise in public spending including wages, combined with delays in implementing key reforms, the high unemployment, the WB estimated that the national unity government -a coalition of the main political parties and social partners-was formed a year ago, to tackle the needed reforms, but identifying a first move has proven hard. However, those figures remain below the IMF's April projection of 2.3% for 2017, and 2.5% for 2018.

The IMF lowered India's forecast growth to 6.7 percent from the 7.2 percent predicted in July.

"For policymakers, the welcome cyclical pickup in global activity provides an ideal window of opportunity to tackle key challenges - namely to boost potential output while ensuring its benefits are broadly shared, and to build resilience against downside risks", the Outlook reads.

China's booming economy continues to propel Asia and drive worldwide economic growth.

"These economies are diverging rather than converging", said the report, "going against the more benign trend of declining inequality between countries due to rapid growth and dynamic emerging economies like China and India".

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