International Monetary Fund cuts Nigeria's growth projection to 1.9% - Strategy

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In the latest report, Taiwan's major trade partner South Korea is projected to grow 2.8% and 2.6% for 2018 and 2019, respectively, downward revisions by 0.2 and 0.3 percentage points from previous forecasts.

That includes President Donald Trump's imposition of tariffs on US$250 billion in Chinese goods, as well as on aluminium, steel and other products worldwide.

Although the newly projected rate is same as last year's rate of 3.7 percent, this growth exceeds that achieved in any of the years between 2012 and 2016, and it occurs as many economies have reached or are nearing full employment and as earlier deflationary fears have dissipated.

-China tariff war's impact to be felt next year, the Fund cut its 2019 USA growth forecast to 2.5 percent from 2.7 percent previously, while it cut China's 2019 growth forecast to 6.2 percent from 6.4 percent.

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A United States Treasury official on Monday repeated that the Trump administration was concerned about the yuan's recent weakening as the department prepares a semi-annual report on currency manipulation due out next week.

The projected economic growth of the sub-Sahara Africa from 3.1 percent this year to 3.8 percent in 2019 is not enough to create the needed jobs for the growing population of the region, the Fund added. "Growth has proven to be less balanced than hoped".

In a new simulation exercise to show trade war risks to the global economy, the International Monetary Fund modeled the effect of an all-out U.S.

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

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Once again, that position runs contrary to the Bank of England which has said that it would most likely increase interest rates after a no deal Brexit.

"Today's growth headwinds, from financial market tightening to trade tensions, could persist for some time", he told a briefing on the report. "These efforts should be supported by further reductions in subsidies and enhanced compliance with the Goods and Services Tax", the International Monetary Fund report said.

"An increase in trade barriers would disrupt global supply chains, which have become an integral part of production processes in the past decades, and slow the spread of new technologies, ultimately lowering global productivity and welfare".

The IMF staff team stressed the need for a decisive policy action on further exchange flexibility and tightening of fiscal and monetary policies along with structural reforms and "further increase in gas and power tariffs" to address the hard economic situation Pakistan is facing, with high fiscal and current account deficits and low foreign exchange reserves. This is still lower than the global economic growth of 3.7 percent.

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He stated, "Nigeria's growth, 1.9 per cent this year; 2.3 next year".