International Monetary Fund cuts global growth forecasts

The market’s negative movement was caused due to weak economic indicators

It was the first downgrade since July 2016.

It also slashed its outlook this year for 19 countries, including several eurozone member states and emerging markets. The contract lost 0.1 percent to settle at $74.29 per barrel in NY.

"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.

"There are clouds on the horizon".

USA stimulus also adds to the "already-unsustainable" debt and deficit that will undercut future growth, the report warns. It called for a tightening of monetary policy, a move the Reserve Bank of India did not take when it kept interest rates unchanged last week.

And it stressed "cooperative solutions" to help boost continued growth in trade "remain essential to preserve and extend the global expansion". The S&P 500 index edged 0.1 percent lower to 2,884.43, while the Dow Jones Industrial Average gained 0.2 percent to 26,486.78. But it predicts that USA growth will slow to 2.5 percent next year as the effect of recent tax cuts wears off and as President Donald Trump's trade war with China takes a toll.

The IMF's cut to its outlook was broad-based.

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According to experts, such inclination in the USA dollar rate against Pakistani rupee is an impact of government's decision to approach the International Monetary Fund (IMF) in order to handle the financial crisis that Pakistan is facing.

President Erdogan retaliated by slapping USA exports with heavy tariffs, with extra duties on products such as cars, alcohol and tobacco.

Growth in both the United States and China were expected to slow next year as a result of the trade dispute triggered by US President Donald Trump.

The outlook for world trade overall also darkened: The fund expects global trade to grow 4.2 percent this year, down from 5.2 percent in 2017 and from the 4.8 percent it expected in July.

The IMF's latest World Economic Outlook predicted China's economy would grow 6.2 per cent next year, down from an early forecast of 6.4 per cent, citing the "negative effect of recent tariff actions". "In the case of a flexible exchange rate regime and a further utility price hike, the country would have to face massive inflationary pressure that would trigger unemployment and poverty", Wizarat said. Core inflation, which excludes volatile items such as energy, will vary from country to country, it said.

Over the longer term, the International Monetary Fund sees aging populations and sluggish productivity growth as a major challenge to advanced economies. "Notwithstanding the present demand momentum, we have downgraded our 2019 USA growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation".

Most of the "meager gains" from growth have gone to the well off, fuelling support for protectionism and anti-establishment leaders, said Obstfeld.

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