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International Monetary Fund raises outlook for Canadian economy, upgrades global economic projections

International Monetary Fund raises outlook for Canadian economy, upgrades global economic projections

The IMF retained its forecast for India's growth rate at 7.4% of its Gross Domestic Product in 2018 and 7.8% in 2019.

World output, adjusted for inflation, will grow 3.9% a year in 2018 and 2019, the strongest since 2011, and an upward revision of 0.2 percentage points from the IMF's forecasts in October.

In the U.S., growth forecasts were revised up to 2.7 per cent in 2018 and 2.5 per cent in 2019, 0.4 percentage points and 0.6 percentage points respectively higher than the October projections.

She warned that there were risks ahead as well and called on world leaders to tackle debt and hard problems from inequality to climate change while they had the advantage of growth. The IMF said economic growth from 2022 onward will likely be weaker than previously estimated for the U.S.

The Update estimated U.S. growth at 2.3 percent for last year and forecast a growth rate of 2.7 percent this year and 2.5 percent next year.

The IMF said it expects the tax law to stimulate economic activity in the U.S.in the near-term and assumes that lower federal revenue in the short-run due to the tax cuts will not be offset by spending cuts.

She asserted said " Global growth has been accelerating since 2016, and all signs point to a continuing strengthening of this growth".This is why she has charged global political leaders to guard against the risk of complacency in the management of their economies. World trade has grown strongly in recent months, supported by a pickup in investment, particularly among advanced economies, and increased manufacturing output in Asia in the run up to the launch of new smartphone models.

Baby Moshe arrives at Foreigners Regional Registration Office in Mumbai
On Tuesday she accompanied the boy and his relatives as they arrived in Mumbai . Shortly after his arrival in the city, Moshe said he was happy.

The GDP may grow by 2.1 percent in the region in 2019, reads the report.

India was the fastest growing country among emerging economies in 2016.

The U.S. tax overhaul, particularly corporate income tax cuts, and associated fiscal stimulus will likely promote investment and improve the country's performance temporarily, driving up its demand for imports and benefiting trading partners such as Canada and Mexico, the International Monetary Fund said.

The agency noted that risks to its global outlook were "broadly balanced" in the near term, but skewed to the downside in the medium term.

At the same time, the International Monetary Fund said the cyclical upswing in global economic activity provides "an ideal opportunity" for countries to undertake structural reforms aimed at boosting productivity and building resilience against downside risks.

Current upswing in the global economy "furnishes an ideal moment to act on a range of multilateral challenges", Obstfeld said. In an environment of financial market optimism, ensuring financial resilience is imperative, the report said. These have risen by about 20 percent between August 2017 and mid-December 2017, to over $60 per barrel, with some further increase as of early January 2018. The 2018 forecast was unchanged at 1.5 percent.

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