IMF says Pakistan has not approached fund for deal

Maurice Obstfeld Economic Counsellor and Director of IMF talks as Wafa Amr Communication Officer of IMF listens during their press

The IMF's World Economic Outlook report, unveiled on the eve of its upcoming summit in Bali, Indonesia, estimated that global growth in 2018 would reach 3.7 percent, the same as the previous year but lower than the 3.9 percent it had forecast earlier this year.

Maurice Obstfeld, the IMF Economic Counsellor, warned against the rising tide of protectionism, saying that without multilateralism "the world will be a poorer and more risky place".

The exercise assumes that US President Donald Trump imposes tariffs on the remaining $267 billion worth of Chinese goods imports not already under punitive tariffs and China retaliates in kind.

The fund shaved 0.1 percentage point from America's expected GDP this year and 0.4 percentage points from growth through 2019.

"We have not been formally approached yet", said Maurice Obstfeld, the IMF's top economist, during the fund's annual meeting in Bali Tuesday. It believes the Australian economy will expand by 2.8 per cent next year.

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She said the west coast was "not out of the woods" in terms of strong winds and there was still a danger to people on the roads. There will also be heavy and persistent rain across a swathe of Britain leading to flooding and further disruption.

"Downside risks to global growth have risen in the past six months and the potential for upside surprises has receded", the International Monetary Fund said.

The IMF warned of a permanent hit to growth if the USA goes ahead with a threat to impose a 25 percent tariff on all imported cars.

The growth in Latin America and the Caribbean as a region are expected to diminish by 0.4 percent, so 2018 will only see an increase of 1.2 percent and by 2.2 in 2019.

Adjustments would occur as domestic production displaces higher-priced imports, the model shows, but in the long run, the US GDP would still be 1.0 per cent below a baseline without these tariffs, while China's GDP output would be one half percent below the baseline.

The reason for the International Monetary Fund reducing its initial growth estimates is because of the imposition of duties on imports - read between the United States and China - and the under-performance of certain economies both developed and developing, including countries in the European Union, Great Britain, Japan, South Africa, Argentina, Turkey and Brazil. China's 2019 growth forecast was reduced to 6.2 percent from 6.4 percent; the US growth outlook was cut to 2.5 percent from 2.7 percent.

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China and the United States trade war might also unleash an inflation surge worldwide.

It added that uncertainty in the run-up to the 2019 general election was also negatively impacting growth.

The IMF said a "no-deal" Brexit remained a risk.

For the United Kingdom, it recommended interest rates by raise to tackle inflation, but urged the Bank of England to remain "flexible". It said, the prediction is lower due to recent increase in oil prices and the tightening of global financial conditions.

For Japan, it would be around 0.4 percentage points and 0.2 for the eurozone.

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