International Monetary Fund raises its economic growth forecast for SA

23 January, 2019, 11:41 | Author: Erin Carter
  • President Trump speaks at the White House on Saturday

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.

Brexit Britain will keep pace with the biggest economies in Europe but only if gets a divorce deal, the International Monetary Fund warned today.

'National governance has, in many respects, fallen into disrepute - witness the turmoil resulting from recent elections in many countries'.

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.

Pay growth stands at 3.3 per cent, its fastest rate for a decade. 42 per cent of those surveyed by PWC still see an improved outlook, albeit down from 57 per cent previous year.

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