The International Monetary Fund has downgraded its outlook for United Kingdom growth for 2019, the year of Brexit, while much of the rest of the G7 have been upgraded on the back of a strengthening global economy.
The World Economic Forum that is taking place in Davos, Switzerland will tackle the risks associated with the global economy, approaching subjects such as geopolitical tensions and extreme meteorological phenomena.
Releasing its 2018 World Economic Outlook, the International Monetary Fund said growth in 2017 was 3.7 percent - up 0.1 percent from what was forecast last fall and half a percentage point higher than 2016.
"The expected global macroeconomic effects account for around one-half of the cumulative upward revision to the global growth forecast for 2018 and 2019, with a range of uncertainty around this baseline projection". According to the IMF, Mexico's economy will experience an additional 0.4 percent growth this year and 0.7 percent growth next year, thanks to the changes in USA taxes. But the fact that forecast for China's 2018 and 2019 had been revised upward by 0.1 percentage point each from its earlier prediction did contribute to Asia's growth compared to previous estimates.
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It had been, together with Germany, the fastest-growing of the G7 economies in 2016.
However, the Fund now expects UK GDP growth in 2017 to have come in at 1.7 per cent, slightly higher than the 1.6 per cent it pencilled in last month when it delivered its annual "Article IV" health check on the UK economy. Consistent with these plans, the country's ongoing and necessary rebalancing process implies lower future growth, Obstfeld said at a news conference in Davos.
The GDP may grow by 2.1 percent in the region in 2019, reads the report.
The most consequential part of the USA tax-code change will be the lowering of corporate-income tax rates, which should lead to an acceleration of business investment, the International Monetary Fund said.
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"On the upside, the cyclical rebound could prove stronger in the near term as the pickup in activity and easier financial conditions reinforce each other".
On the downside, rich asset valuations and very compressed term premiums raise the possibility of a financial market correction, which could dampen growth and confidence. In an environment of financial market optimism, ensuring financial resilience is imperative, the report said.
She asserted said " Global growth has been accelerating since 2016, and all signs point to a continuing strengthening of this growth".This is why she has charged global political leaders to guard against the risk of complacency in the management of their economies.
Current upswing in the global economy "furnishes an ideal moment to act on a range of multilateral challenges", Obstfeld said.
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