International Monetary Fund upgrades outlook on Russian Federation as economy recovers

Finance Minister Asad Umar speaks in a video message. — DawnNewsTV

According to the Bretton Woods institution's latest World Economic Outlook Report on World Economy and Financial Surveys, the economic growth will however be higher at 7.6 per cent GDP in 2019 but will gradually dip to about 5.1 per cent GDP by 2023.

Pakistan's current account deficit widened 43 percent to $18 billion in the fiscal year that ended June 30, while the fiscal deficit has ballooned to 6.6 percent of gross domestic product.

The IMF said Tuesday it projects continued growth in the United States, but at a slower pace next year.

It is also lower than the IMF's 4.9-percent average forecast for 2018 and 4 percent for 2019.

This acceleration reflected a rebound from transitory shocks (demonetisation and implementation of the GST), with strengthening investment and robust private consumption, it said.

The World Economic Outlook (WEO) presented twice annually in April and October also marked down the growth projections for the euro area and the United Kingdom, following surprises that suppressed activity in early 2018.

The worldwide finance agency dropped its projection for world economic growth by two-tenths of a percentage point for both 2018 and 2019 to 3.7 percent, the first time it had trimmed its economic outlook in more than two years.

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So, the country's debt is substantially less than the global debt as percentage of world GDP.

It also said renewed impetus to reform labour and land markets, along with further improvements to the business climate, are crucial.

"Priority areas in Russian Federation include improving property rights and governance, enhancing the institutional infrastructure, reforming labor markets, and investing in innovation and infrastructure", the report added.

While noting the fact that the President Muhammadu Buhari-led administration has visibly prioritised non-oil revenue drive, International Monetary Fund said certainly, increase in revenues was the way which a country creates the space to do social spending, infrastructure and other spending that benefit economic growth.

"If you have the world's two largest economies at odds, that is a situation in which everyone, everyone is going to suffer", International Monetary Fund chief economist Maurice Obstfeld said Tuesday.

The Deputy Director at the fund's Fiscal Affairs Department, Paolo Mauro, while speaking on Nigeria's revenue challenge, noted that while the priority of the country was increasing non-oil revenue, the ratio of interest payments, however, had continued to rise out of proportion. Worsening notably due to the global financial crisis, it had sunk by 2016 to negative 17 percent as a share of GDP, the report said. In India, a high interest burden and risks from rising yields require continued focus on debt reduction to establish policy credibility and build buffers.

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