International Monetary Fund gives credit for reforms under Modi, projects India as fastest growing

It was the first downgrade since July 2016.

It also slashed its outlook this year for 19 countries, including several eurozone member states and emerging markets.

According to reports, International Monetary Fund and Pakistan had disagreed over the exchange rate parity, as the State Bank of Pakistan (SBP) believed the exchange rate of Rs 137 to a USA dollar by end of the current financial year 2018-19 would be enough to address the challenges. "Risks to global growth skew to the downside in a context of elevated policy uncertainty".

The IMF, however, predicted Iran's economy will sink deep in the red due to renewed USA sanctions.

"There are clouds on the horizon", he said.

The fund kept its forecast for growth in the Chinese economy unchanged at 6.6 percent this year.

The global crisis lender, which in Indonesia this week is staging its annual meetings with the World Bank, cut its outlook for global GDP on Monday by two tenths to 3.7 percent through next year. The Trump administration has penalized almost half of all imports from China and has threatened more for the other half.

If the trade war continues, it could take a significant bite out of global growth, according to the fund. The Nasdaq composite lost 0.7 percent to 7,735.95.

The International Monetary Fund (IMF) has warned that Nigeria's projected growth may not be enough to create jobs for the country's growing population.

It said the Saudi economy, which contracted by 0.9 percent last year, is expected to grow by 2.2 percent in 2018 and 2.4 percent next year, raising previous projections by 0.5 percent.

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Earlier, the Asian Development Bank (ADB) announced that it will provide $7.1 billion in financing to help Pakistan achieve inclusive and sustainable growth over the next three years.

Beijing has answered with taxes on $110 billion worth of US exports.

Last year, China shipped goods worth $375 billion more to the US than it took in from the United States, a figure Trump has often said he wants to curb sharply in an effort to promote American businesses.

It predicted 2.9 percent USA growth this year, dropping to 2.5 percent next year, and to 1.8 percent in 2020, as the effect of US tax cuts wears off and the trade war with China inhibits growth.

"The aggregate growth rate for the continent is held down by the fact that the three largest economies are not performing up to their full potential", he said. The S&P 500 index edged 0.1 percent lower to 2,884.43, while the Dow Jones Industrial Average gained 0.2 percent to 26,486.78.

That puts pressure on emerging market economies such as Turkey and Argentina, which have large amounts of debt which concerns investors.

He said that the government should try its best to deal with the IMF's demand to further increase the price of gas and electricity and tighten the monetary policy as it would hurt the masses and the economy.

He called on countries to ensure inclusive growth, which he said was "more important than ever". The IMF has lowered the growth projections for both India and China by 0.4 per cent and 0.32 per cent, respectively, from its annual April's WEO.

It said that a full-blown trade war between the USA and China would put a significant dent in economic recovery.

Most of the "meagre gains" from growth have gone to the well-off, fuelling support for protectionism and anti-establishment leaders, said Mr Obstfeld.

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