International Monetary Fund says Pakistan has not asked it for a bailout so far

The fund left its 2018 U.S. forecast unchanged but cut its expectation for next year, citing the impact of the trade conflict.

The International Monetary Fund has warned a trade war between the U.S. and China risks making the world a "poorer and more risky place" in its latest assessment of the global economy.

When the world´s two biggest economies - the United States and China - are "at odds", that is going to create "a situation where everyone is going to suffer", Obstfeld said.

"The likelihood of further negative shocks to our growth forecast has risen", he said.

Addressing a news conference at the International Monetary Fund and World Bank annual meetings in Bali, the IMF's Maurice Obstfeld cautioned that increased Chinese involvement in Pakistan's economy could bring both benefits and risks.

Still, the trade disputes sparked by President Donald Trump that have led to tit-for-tat exchanges of tariffs among major trading partners are affecting China, other Asian economies and more vulnerable countries like Argentina and Turkey, along with Brazil.

A Western trade bloc would help United States strategy to curb Chinese growth and expansionism, Sondland said.

The Dow Jones Industrial Average fell 17.59 points, or 0.07 per cent, at the open to 26,469.19.

Brett Kavanaugh takes his place on bench
Kavanaugh was sworn in Saturday evening in a private ceremony as protesters chanted outside the court building. Kavanaugh already has been at the Supreme Court preparing for his first day on the bench Tuesday.

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

The UK economy is expected to grow by 1.4 percent this year - down from April's prediction of 1.6 percent - while predicted growth for 2019 remains at 1.5 percent, a slowdown from 1.7 percent in 2017.

Speaking to journalists in Bali, the Deputy Director, Research, IMF, Gian Maria Milesi-Ferretti, said the largest economies on the continent were holding down economic development in Africa as a result of poor growth rate.

Pakistan's fiscal deficit was on target to hit 7.2 percent of gross domestic product in the fiscal year ending in June 2019, but the government has introduced measures to bring it closer to 5 percent.

The IMF maintained a previous forecast for growth of 6.6 percent for 2018.

It found that global GDP output under this scenario would fall by more than 0.8 percent in 2020 and remain roughly 0.4 percent lower in the long-term compared to levels without these effects, which "inflict significant costs to the global economy, especially through its impact on confidence and financial conditions".

Instead, the Chinese maintain, they have boosted the country's economic growth and provided 70,000 jobs.

"The provision of 10 million jobs and millions of housing units might become the victims as it will become hard to pursue the projects under the tight noose of the International Monetary Fund scrutiny", said one independent economist and added that the International Monetary Fund would pursue one shoe fit for all policy under which the sacrosanct targets of budget deficit and current account deficits would be curtailed by comprising growth and hiking inflationary pressures. In several key economies, moreover, growth is being supported by policies that seem unsustainable over the long term. The IMF also warned the new government that growth would likely slow and inflation rise further if it does not act fast.

Related News:

  • Scott warns Floridians of hurricane 'devastation,' storm surge

    Scott warns Floridians of hurricane 'devastation,' storm surge

    It was moving to the north at 12 mph with maximum sustained winds of 100 mph, that's up from 100 mph from the previous advisory. A storm surge up to 12 feet is possible along portions of Florida's Gulf Coast from Steinhatchee to Apalachicola Bay.
    Virgil van Dijk on the games which will define Liverpool’s title bid

    Virgil van Dijk on the games which will define Liverpool’s title bid

    We were close, more than ever to winning here but it is better than last season and we compete really really good. In the end, however, the teams finished just as they started, playing to a 0-0 draw to split the points.
    Turkey to search Saudi Consulate for missing journalist

    Turkey to search Saudi Consulate for missing journalist

    The 59-year-old Khashoggi went missing while on a visit to the consulate in Istanbul for paperwork to marry his Turkish fiancee. Turkish police sources said they believed the man was killed inside the Saudi Consulate in Istanbul .
  • National encourages action in mental health week - Woodhouse

    National encourages action in mental health week - Woodhouse

    It could be that they have entered college, have started a job for the first time or are living overseas alone. SUNSHINE Coast residents have the chance to learn mindfulness for free during Queensland Mental Health Week.
    Turkey investigates claims that Saudis killed journalist

    Turkey investigates claims that Saudis killed journalist

    Hunt said he was seeking urgent answers about the fate of Khashoggi, one of the highest-profile critics of the Saudi leadership. Secretary of State Mike Pompeo acknowledged the conflicting reports about the safety and whereabouts of Khashoggi.
    Terry announces retirement, set to become Henry’s assistant at Aston Villa

    Terry announces retirement, set to become Henry’s assistant at Aston Villa

    Chelsea legend John Terry has announced his retirement from club football after over two decades of trophy laden career. He wasn't just superb for his club side as he also scored six times in 78 appearances for the Three Lions of England.
  • ‘Venom’ Launches to $80 Million, ‘A Star Is Born’ Draws $42.6 Million

    ‘Venom’ Launches to $80 Million, ‘A Star Is Born’ Draws $42.6 Million

    Though he hasn't seen her headline-making performance just yet, Kinney, 37, knew how hard 32-year-old Gaga worked. A Star is Born did much better with the critics, leading to a 91 percent score on Rotten Tomatoes .
    Veteran Indian actor Alok Nath accused of rape

    Veteran Indian actor Alok Nath accused of rape

    She further added that after nearly 19 years she is feeling fearless and it is he, Alok Nath who should feel scared. Nanda has urged people "who have suffered at the hands of predators, to come out and say it aloud".
    Betting suspended on The Everest 12:30pm

    Betting suspended on The Everest 12:30pm

    The controversial Opera House projection is due to take place at 8pm on Tuesday, when the barrier draw for The Everest will be projected on the Opera House sails.
  • Google+ shutting down following security bug

    Google+ shutting down following security bug

    Google adds that it "cannot confirm" which users were affected, but over 500,000 of them could have been. As many as 438 outside apps may have connected with the flawed software.
    Wozniacki wins 30th title with China Open victory

    Wozniacki wins 30th title with China Open victory

    Wozniacki claimed her first China Open title in 2010 when she jumped to top the WTA rankings for the first time. The physios did a good job and somehow I'm still hanging in there, serving OK", world number 20 Sevastova said.
    Melania Trump Won't Attend Kavanaugh Swearing In

    Melania Trump Won't Attend Kavanaugh Swearing In

    Mrs Trump was received by her Egyptian counterpart Entissar al-Sisi at the Cairo International Airport. The First Lady of the USA showed off a tan-and-white look while exploring Egypt .


Most liked

Ramaphosa to announce fate of Nene on Tuesday
President Cyril Ramaphosa has yet to respond to mounting calls to fire Finance Minister Nhlanhla Nene. The rand fell more than one percent on the report.

A closer look at the Houston Astros ahead of the ALCS
Brett Gardner was back in center, but Boone said he wouldn't hesitate to use Hicks in any role off the bench. Then, he proceeded to get hit hard in three innings of work during Monday's Game 3 loss in NY .

Strengthening hurricane closes in on Florida Panhandle
Forecasters expect Hurricane Michael to grow stronger still as it crosses the Gulf of Mexico on its way to Florida's Panhandle. Scott also told Florida hospitals and nursing homes to do all they can to assure the safety of the elderly and infirm.

IPhone XS charging fix now available in new iOS 12.0.1 update
The update now "resolves the issue that could cause iPhone XS devices to rejoin a Wi-Fi network at 2.4GHz instead of 5GHz". Since 5 GHz networks offer faster data speeds than 2.4 GHz, that could have a noticeable impact on usability.

Taylor Swift statement inspires voter registration surge
The White House this week confirmed President Trump and adviser Jared Kushner would have lunch with West on Thursday. By comparison, the group said 56,669 new voters registered in August and 190,178 registered in September.

Kanye West Expected To Meet With Donald Trump At White House
At the time , the singer John Legend, a close friend of Mr West, called the meeting a "publicity stunt". Jared Kushner , Mr Trump's son-in-law and senior adviser, will also be present, the paper reports .

Google's Pixel 3 and Pixel 3 XL Phones Are Finally Official
A couple of weeks ago, I posted the latest findings on this device , but with the event being held tomorrow we now know even more. This, however, didn't stop the leaks as 9to5google found a new leak exposing the camera features of the Pixel 3 and Pixel 3 XL .

Silence is goal-den for Arsenal striker Alexandre Lacazette
France global Lacazette joined Arsenal a year ago for a then-club record fee but Aubameyang set a new mark of £56 million ($73 million) when he joined from Borussia Dortmund in January.

International Monetary Fund cuts global growth forecasts
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. USA stimulus also adds to the "already-unsustainable" debt and deficit that will undercut future growth, the report warns.

Second Sergei Skripal 'poisoner' identified as Russian military doctor
Both he and another man are wanted for attempted murder for a Novichok attack on Sergei Skripal and his daughter Yulia in March. Russia has denied any involvement in the case and has claimed the two Russians were in Salisbury on a tourist trip.

Luis Severino's brutal outing dooms Yankees in ALDS Game 3
Boston plated a touchdown-and-conversion worth of runs in the fourth inning to blow open what was a 3-0 lead. In the eighth, facing lefty Stephen Tarpley, he hit an RBI double, putting himself a homer shy of history.

Apple tells Congress it found no signs of hacking attack
Bloomberg said it stands by its reporting, even as the Department of Homeland Security and the UK's National Cyber Security Centre backed up Apple and Amazon's denials .

New Climate Change Report Sounds Global Alarm ー Is Anyone Listening?
Plants, insects, animals, and marine life will all be pushed farther out of current geographic ranges with 2 degrees of warming. The report warns India to prepare for annual heat wave conditions and singles out Kolkata for special mention on this count.

Susan Collins: 'I do not believe' Kavanaugh was Ford's assailant
Sweet said a big factor would be whether Collins, 65, decides to run at all. "That's what I did in this case", she said. She said she'd give a possible Senate bid "due consideration after the midterms".

Latvia election puts pro-Russia Harmony party on top
But on the eve of the election, a quarter of voters remain undecided, according to independent polling firm SKDS. But Latvia's ethnic Russian minority makes up about a quarter of the country's 1.9 million population.