News Worms
News Worms

International Monetary Fund upgrades Turkey's growth forecast for 2017

International Monetary Fund upgrades Turkey's growth forecast for 2017

The IMF report has also downgraded South Africa.

The IMF said the squeeze on household finances in the United Kingdom had hit growth in the first two quarters of this year, and "the medium-term growth outlook is highly uncertain and will depend in part on the new economic relationship with the European Union and the extent of the increase in barriers to trade, migration and cross-border financial activity". The Federal Reserve's projection is for 2.4% growth in 2017, slowing to 2.1% in 2018.

The Washington-based institution upgraded every advanced nation except the United Kingdom in its latest set of forecasts and claimed that there was "good cause for greater confidence" in the world economy.

But they are at the low end of the spectrum of estimates made by the IMF and four other global organisations with the UN Department of Economic and Social Affairs (UNDESA) putting it at 7.3 percent. The Fund forecast 6.8 percent growth for this year and 6.5 percent for next, both upward revisions of 0.1 percentage points from July.

"After two years of recession, economic activity in Russian Federation is projected to expand by 1.8 percent in 2017, helped by stabilising oil prices, easing financial conditions, and improved confidence", the International Monetary Fund said in its report.

Its latest World Economic Outlook predicts strengthening economic growth globally, building on healthy data from the first half of 2017.

It also revised upwards the 2015 growth to 2 percent from the original estimate of 1.7 percent.

"The global recovery is continuing, and at a faster pace", Maurice Obstfeld, the IMF's Economic Counsellor and Director of Research, told reporters at a news conference held at the International Monetary Fund headquarters ahead of the annual meetings of the International Monetary Fund and the World Bank in Washington. The picture is very different from early past year, when the world economy faced faltering growth and financial market turbulence. Forecasts for eurozone, Japan, China, emerging markets and Russian Federation were all revised upwards.

In July's outlook, the growth forecast for next year was lowered one percentage point to 3.4 per cent from 4.4 per cent in April, owing to an easing of oil growth to 3.2 per cent, compared with 6.2 per cent in the April forecast.

Another recommendation was to facilitate more women to join the labour force because "gender gaps in labor force participation not only hold back potential output but also limit women's economic and social opportunities, harming inclusiveness".

GDP in the west African powerhouse Nigeria contracted by 1.6 percent in 2016, but is predicted to grow by 0.8 percent this year and 1.9 percent next year.

Roughly 75% of the world's economy is sharing in the acceleration, a broader recovery than any in a decade, the agency said, MarketWatch reported.


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