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11 October 2018, 02:20 | Joann Bryant
Christine Lagarde International Monetary Fund Flickr
The Pakistani rupee plunged about 7 percent on Tuesday in an apparent central bank devaluation, while the stock market snapped a six-day skid after the government said it plans to seek a bailout from the International Monetary Fund (IMF).
Lagardetold reporters the Fed's rate hikes were justified by fundamentals. Over the medium term, growth is expected to gradually slow to 5.6 per cent as the economy continues to make the transition to a more sustainable growth path with continued financial de-risking and environmental controls, it noted.
The IMF said that monetary policy normalisation and a stronger dollar in the United States has put pressure on the exchange rates in emerging economies like Brazil, India and South Africa, among others.
Montfort Mlachila, senior resident representative for International Monetary Fund in South Africa, said that countries like Zimbabwe, Eritrea, and Mozambique were facing worrying levels of debt and as the International Monetary Fund they were concerned about the situation in these countries.
Lagarde told her audience on October 10 that she did not feel overly gloomy about global conditions.
One of the International Monetary Fund (IMF)'s most detailed studies of the state of banking since the financial crisis revealstrade tensions are building and claims a "growing anxiety" around a breakdown in negotiations between Britain and the European Union could lead to financial uncertainty.
An IMF report released Wednesday said global growth could be at risk if emerging markets deteriorate further or trade tensions escalate.
The latest World Economic Outlook Report has predicted a slightly lower growth rate than it made projections in the April 2018 World Economic Outlook for 2019.
Mr. Khan said that the country was burdened due to debts incurred by the previous government and his government was constrained to borrow more money to pay back those debts.
Brazil will see a 0.4 percentage-point drop in GDP growth to 1.4% for 2018 as a nationwide truckers strike paralysed much of the economy.
The IMF expects the U.S. economy to grow 2.9 per cent this year, the fastest pace since 2005 and unchanged from the July forecast.
It predicted 2.9 percent USA growth this year, dropping to 2.5 percent next year, and to 1.8 percent in 2020, as the effect of US tax cuts wears off and the trade war with China inhibits growth. In September, Trump imposed tariffs on almost $200 billion of Chinese imports, with China responding with higher tariffs on about $60 billion of USA imports.
But it predicts that US growth will slow to 2.5 per cent next year as the effect of recent tax cuts wears off and as US President Donald Trump's trade war with China takes a toll. "We look forward to our continuing partnership".
"While foreign investors play a critical role in financial deepening in emerging market economies, excessively high levels of participation may increase the sensitivity of emerging asset markets to external shocks", the report said.
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