Published: Wed, October 11, 2017
Science | By Cecil Little

International Monetary Fund raises Turkey's 2017 growth forecast to 5.1pc

International Monetary Fund raises Turkey's 2017 growth forecast to 5.1pc

According to the World Economic Outlook, China will slightly outpace India, which was until now the world's fastest-growing major economy.

It said that it now anticipates the United Kingdom economy - which grew at just half the rate of the eurozone's in the second half of this year - to expand by 1.7 per cent in 2017 and by 1.5 per cent in 2018.

There is a wide range in the projections by different agencies, ranging from the 7.3% for this year and 7.9% for the next year made by the UNDESA in May to Asian Development Bank's projection last month of 7% for this year and 7.4 for next year.

But the forecast does not take into account a fiscal stimulus from planned tax cuts that President Donald Trump and congressional Republican leaders aim to pass into law this year, the International Monetary Fund said, citing uncertainty about the legislation process.

In all, the growth of Mena oil exporters Iran, Iraq, Algeria and the six GCC states is forecast to end this year at 1.7 per cent from 5.6 per cent in 2016.

No reduction of Value-Added Tax on fuel says Raman Singh's govt in Chattisgarh
Last week the finance ministry chose to cut excise duty Rs 2 per litre on both branded and unbranded petrol and diesel. After the new rates come into force, petrol will cost Rs 75.58 per litre and diesel will cost Rs 59.55 in the state.

Economic growth in the euro zone was revised upwards from the July forecast by 0.2 percentage points for both 2017 and 2018 to 2.1 percent and 1.9 percent respectively, reflecting an export revival, stronger domestic demand due to accommodative financial conditions and a lowering of political risk.

U.S. political noise aside, world prospects were brighter all around, the Fund said, with estimates for growth in Europe, Japan, China and Russian Federation all getting bumped higher.

These more than offset downward revisions for some countries such as India.

However, IMF expects India's economy to recover sharply in 2018 to grow at 7.4%, though 30 basis points lower than its earlier estimate in April. This is a concern because policy makers may not have enough ammunition to fight the next downturn, the International Monetary Fund said.

However, since then the retail price inflation has risen in July and August in India.

Jerry Jones Says He Will Bench Any Player Who "Disrespects The Flag"
Prior to the playing of the national anthem, Jones joined every Cowboys coach and player in linking arms and taking a knee . In that manual, per Sports Illustrated , it does state that all players must on the sideline and standing for the anthem.

It hit 2.9 per cent in August, matching a reading from May, which itself was the highest since June 2013.

"Only a year-and-a-half ago, the world economy faced stalling growth and financial market turbulence". The unemployment rate is forecast to fall to 11.5 from 12.2.

The IMF recommended that "simplifying and easing labor market regulations and land acquisition procedures" in India to improve the business climate.

The breadth of the latest upswing offers a global environment of opportunity for ambitious policies that will support growth and raise economic resilience in the future, Maurice Obstfeld, IMF's economic counselor and research director, said in his blog.

Walmart's Latest Shot at Amazon Is Super-Fast Online Returns
In the USA , the company said it would open less than 15 Supercenters and fewer than 10 Neighborhood Markets in 2019. News stories about Wal-Mart Stores (NYSE: WMT ) have trended somewhat positive on Tuesday, AlphaOne reports.

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