News Worms
News Worms


International Monetary Fund outlook for Canada unchanged in latest analysis

International Monetary Fund outlook for Canada unchanged in latest analysis

The International Monetary Fund (IMF) on Tuesday raised its forecast for global economic growth in 2017, saying buoyant financial markets and a long-awaited cyclical recovery in manufacturing and trade supported the improved outlook.

In its latest World Economic Outlook (WEO), the International Monetary Fund predicted that the Chinese economy will grow at 6.6 percent in 2017 and 6.2 percent in 2018, respectively up 0.1 percentage and 0.2 percentage from its last WOE report in January, or up 0.4 percentage and 0.2 percentage point from its forecasts last October. "We project the world economy to grow at a pace of 3.5 percent in 2017, up from 3.1 percent previous year, and 3.6 percent in 2018".

However, Obstfeld noted, a number of countries will continue to struggle as a result of low commodity prices, extreme weather or unrest.

However, Obstfeld said the global economy seems to be gaining momentum.

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IHS Markit forecast the Philippine economy to grow 6.3 percent, citing the information technology and business process outsourcing industry and remittances from workers overseas as two key growth engines. Also forecast to contract in 2017 is Kuwait - by 0.2 per cent, compared with a previous forecast of 2.6 per cent growth, a rebound to 3.5 per cent growth in 2018.

"If that doesn't materialize as expected, we would have to revise", said Maurice Obstfeld, the IMF's chief economist during a press briefing, noting that "fiscal stimulus as of now is a work in progress" with "many components being debated". "This improvement comes primarily from good economic news for Europe and Asia, and within Asia, notably for China and Japan". It did not specifically mention the Trump administration's "America First" trade agenda aimed at reducing US trade deficits and turning away more imports.

"A strengthening of the USA and global economy.allow us to make some positive assumptions about business conditions for the remainder of our fiscal year", said William Furman, chief executive officer of worldwide railroad giant, Greenbriers Company, based in Lake Oswego, Ore.

"Whether the current momentum will be sustained remains a question mark".

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However, the foreword to its report contains a series of comments that appear aimed at Donald Trump's rhetoric of protecting American jobs.

"These problems could, in turn, spill over to other countries", Obstfeld said.

Global trade has fostered "economic miracles" around the world, driving growth and lifting millions out of poverty, he stressed.

But the IMF, Germany and other nations are anxious that overly-aggressive actions by the US could spark a tit-for-tat trade war that stalls global growth. "President Trump has failed to follow through on the protectionist threats he made during his election campaign, including labelling China as a currency manipulator and overhauling the NAFTA agreement [between the US, Canada and Mexico]".

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The reference to the threats posed by protectionist choices in the United States is clear.

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