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.

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".

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]".

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


editors' picks

April 19, 2017
AMD Radeon Software Crimson ReLive 17.4.3 driver download
This dual slot design card looks impressive with the massive dual fan cooling solution, textured shroud, and intricate backplate. It is expected that the upcoming AMD Radeon RX Vega GPU would definitely solve the issue as a next-gen graphics processing unit.

April 19, 2017
Netflix nears 100 million subscribers worldwide
In Q1, the company reported US streaming revenues of $1.5 billion and $1.05 billion coming from the global market. The shares rose less than 1 percent to $147.71 at 8:00 NY before the official market open.

April 19, 2017
Canadian dairy farmers being 'very unfair' to US counterparts, Trump rails
Agencies are also being asked to suggest changes so that H-1B visas are granted to the "most-skilled or highest-paid applicants". Canada's new milk pricing has led processors like Grassland Dairy Products, cancel contracts with dairies in Wisconsin.

April 19, 2017
Homeland Security Changing Enforcement of Crimes by Undocumented Immigrants, Secretary Kelly says
And for members of Congress who don't like the laws, Kelly said they "should have the courage and skill to change the laws". Kelly's interview was conducted before a failed ballistic missile launch from North Korea on Sunday.

April 19, 2017
Goldman whiffs in Wall Street bond rebound that boosts peers
Companywide revenue rose 27% to $8.03 billion, compared with the $8.33 billion average estimate of analysts surveyed by Bloomberg. Revenue in Goldman's investment-banking division, which helps companies merge and raise capital, rose 16% to $1.7 billion.

April 18, 2017
Casemiro: More to Bayern than Lewandowski
But he added: "Bayern has a lot of quality players and a great squad, we can't worry only about Lewandowski". Tomorrow he won't be there, we don't want to take any risks.

April 18, 2017
Suspected organizer of St. Petersburg metro attack detained near Moscow
Petersburg killing several people and wounding many more in a chaotic scene that left victims sprawled on a smoky platform. Russia Today posted a video of the alleged suspect being detained by multiple agents near a railway track.

April 18, 2017
Democrats: Solid opposition to Trump, but what comes next?
Trump said he believed that withholding the payments for insurers would bring Democrats to the table on negotiations. The payments are used to help poorer people in Obamacare afford copays and other cost sharing for medical services.

April 18, 2017
More than 21000 expected at Trump's first Easter Egg Roll
The Martin Family Circus, a six-person family band from Nashville, is set to perform at the event, according to Politico . Anna Cristina Niceta Lloyd auditioned for the job of White House social secretary and may not have known it.

April 18, 2017
Doctor prescribed oxycodone for Prince under other name, affidavit says
The legendary singer's April 2016 death was deemed an accidental fentanyl overdose after autopsy results were revealed last June. Just six days before he died, Prince fell ill on a plane and made an emergency stop in IL as he returned from a gig in Atlanta.