International Monetary Fund chief, Pakistan FM meet as Islamabad seeks bailout

Govt decides to ‘immediately’ approach IMF

The U.S. economy is expected to grow 2.5 percent in 2019. But it predicts that US growth will slow to 2.5 per cent next year as the effect of recent tax cuts wears off and as US President Donald Trump's trade war with China takes a toll.

The rupiah has indeed been under strong downward pressure, especially over the last three months, as a result of monetary tightening and stronger economic growth in the USA, which has caused higher capital outflows, and the upward trend in global oil prices, which has increased Indonesia's trade deficit and consequently the current account deficit to more than 2.5 percent of gross domestic product (GDP).

But addressing journalists at the ongoing annual meetings of the International Monetary Fund and World Bank Group in Bali, Indonesia, Gian Maria Milesi-Ferretti, deputy director at IMF's research department said Nigeria's economy is under performing.

"We also see that growth is spread more unevenly among countries".

Yi, in a closed door meeting on Thursday with investment officials, explained that China's monetary policy was on an opposite rate cycle to that of the United States, which is tightening monetary policy due to a strong economy, two people who attended the meeting said.

The slowdown has been caused predominantly by the world's two largest economies - the U.S. and China - engaging an increasingly damaging trade war.

Growth estimates for the euro area and Britain were also revised down with the report warning that growth "may have peaked in some major economies".

It said that the composition of spending and revenues should be growth friendly and protect the most vulnerable. The benchmark Shanghai Composite Index has already plunged 17.7 per cent this year, making the Chinese equity market the second worst stock market worldwide, only next to the Greek market, which has fallen 18.4 per cent.

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The Fund says the global economy's growth target has dropped by 2 percent from the initial 3.9 percent.

And it stressed "cooperative solutions" to help boost continued growth in trade "remain essential to preserve and extend the global expansion".

Obstfeld said the International Monetary Fund does not see a generalized pullback from emerging markets, nor contagion that will spill over to those emerging economies which have stronger economies and have thus far avoided major outflows, such as those in Asia and some oil exporting countries.

"While foreign investors play a critical role in financial deepening in emerging market economies, excessively high levels of participation may increase the sensitivity of emerging asset markets to external shocks", the report said.

USA stimulus also adds to the "already-unsustainable" debt and deficit that will undercut future growth, the report warned.

Pakistan's currency plunged by almost 7 percent after the government said it would seek emergency bailout loans from the International Monetary Fund (IMF).

Growth is projected to slow to 6.6 percent this year and 6.2 percent in 2019, a downgrade of 0.2 percentage points.

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