International Monetary Fund cuts growth outlook for Canada in 2019

Lender’s reports says Pakistan will remain a net debtor

Lender’s reports says Pakistan will remain a net debtor

The agency also cut its global growth estimate for 2019 to 3.3 per cent from 3.5 per cent, while leaving its 2020 outlook unchanged at 3.6 per cent.

"However, the possibility of further downward revisions is high, and the balance of risks remains skewed to the downside", the Fund said in its World Economic Outlook report.

"In this context, avoiding policy missteps that could harm economic activity should be the main priority", the International Monetary Fund said its report.

One potential misstep lies in Britain's indecision over how to leave the European Union.

Its forecast for growth in Canada's economy was similarly lowered from 1.9 per cent to 1.5 per cent. Despite looming deadlines, London has not decided how it will try to shield its economy during the exit process.

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In Europe, the International Monetary Fund expects the 19 countries that use the euro currency to expand 1.3 per cent collectively in 2019, weaker than last year's 1.8 per cent growth or in any year since 2013.

The IMF said the Bank of England should be "cautious" on its interest rate policy, an apparent tip to wait before hiking borrowing costs.

Germany's outlook suffered from weaker demand for its exports, softer consumer spending and new emissions standards which have depressed vehicle sales.

The IMF's report said the economy would suffer as trade tariffs rose and non-tariff costs involved with customs and regulations also increased, including higher costs for the United Kingdom financial sector. -China trade tensions, disruptions to the German auto sector, tighter China credit policies, and macroeconomic stress in Argentina and Turkey as some of the contributing factors to weakened global expansion in the back half of 2018 and first half of this year.

USA tariffs on Chinese imports are hitting Chinese growth and also weighing on Latin America and other areas dependent on Chinese demand for commodities.

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The IMF raised its forecast for U.S. growth in 2020 by a tenth of a percentage point to 1.9%.

Speaking on the projection, Oya Celasun, the chief of the World Economic Studies division of the IMF's research department, said Brexit and softening oil prices are the main risks to Nigeria's economy in the short term.

However, Canada is poised to benefit from the trade dispute between the world's two most powerful economies.

Canada's growth forecast was cut to 1.5 per cent this year, from its previous estimate of 1.9 per cent growth in January.

China's prospects brightened, the fund said, after President Donald Trump chose to suspend a planned increase in tariffs on $200 billion United States worth of USA -bound Chinese exports.

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The IMF said a no-deal outcome would have a total negative effect on UK GDP of 3.5 per cent by 2021 compared to the current projection.

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