International Monetary Fund raises its economic growth forecast for SA
23 January, 2019, 11:41 | Author: Erin Carter
While the downward revisions were "modest", she said. Trimming its previous prediction, the worldwide body anticipated the global economy to grow at 3.5 percent in 2019 and 3.6 percent in 2020, down 0.2 and 0.1 percentage point respectively from last October's forecasts.
"There is a tremendous amount of distress in the agricultural sector and I believe that farm loan waivers don't solve the problem on any kind of permanent basis".
Among the important published data, the relatively good performance showed United Kingdom labor market, which helped the British pound to turn to mid-day growth and counter the overall negative sentiments on the global markets.
The World Economic Outlook cut the global GDP forecast for this year to 3.5 per cent from the 3.7 percent projected in October.
The fund left its prediction for US growth this year unchanged at 2.5 percent - though a continuation of the partial 31-day shutdown of the federal government poses a risk.
"Global growth in 2018 is estimated to be 3.7 percent, as it was last fall, but signs of a slowdown in the second half of 2018 have led to downward revisions for several economies".
"For South Africa, the deep decline expected by the International Monetary Fund in metals prices, in particular, is a negative for growth, as metals are among SA's key exports, and the perceived late cycle nature of global economic growth risks SA's mining sector seeing less significant performance", Bishop said. The IMF said a failure to resolve trade disputes could further destabilise a slowing global economy.
All that said, the main global forecast of 3.5% does, nonetheless, still constitute a respectable increase in economic activity.
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A package of tax cuts has now been passed by the country's Communist leadership to try and revive performance.
"Policymakers need to act now to reverse headwinds to growth and to prepare for the next downturn", she said.
Its US predictions are also unchanged at 2.5 per cent and 1.8 per cent respectively. Still, some of the world's largest investors are warning that may not last.
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European investors were rattled by yet more uncertainty over Brexit - the UK's planned exit from the European market.
It makes them more optimistic than bosses elsewhere, with only 53 per cent of business chiefs worldwide planning to take on additional staff. Nvidia fell 4.2 percent to $150.40 and Texas Instruments lost 2.9 percent to $96.55.
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The IMF said US-China trade confrontations, Brexit and other uncertainty are threatening to drag down global growth even further. The IMF expects the Chinese economy - the world's second biggest - to grow 6.2 percent this year, down from 6.6 percent in 2018.
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He insisted previously that he would not take up any shutdown bill unless both Trump and Democratic leaders backed it. Pelosi wrote a letter to Trump last week suggesting he postpone his January 29 speech until the government reopens.
This will then be followed by cold and bright weather on Monday, with heavy rain, gales and some snow likely from Monday night. There could even be possible "thundersnow" as wintry showers hit northern and western areas of the country.
She is expected to deliver a speech announcing her candidacy on Saturday in Oakland, the city in which she was raised. Her announcement has been described as " historic " by Vox, with many Twitter pundits seemingly in agreement.
Developing world currencies were subdued against a recovering dollar with Turkey's lira and South Africa's rand falling the most. Chinese stocks rose Friday on signs of possible progress in negotiations over Beijing's tariff war with Washington .
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