IMF Raises Israeli Economic Outlook for 2017, 2018

IMF Raises Israeli Economic Outlook for 2017, 2018

Its latest World Economic Outlook predicts strengthening economic growth globally, building on healthy data from the first half of 2017.

The International Monetary Fund (IMF) has raised Korea's outlook to 3 percent, 0.3 percentage points higher than the last forecast in April.

"A closer look suggests that the global recovery may not be sustainable" and neither policy makers nor markets should be "lulled into complacency", warned Maurice Obstfeld, the IMF's chief economist, in a note accompanying the forecast.

South Africa's Treasury said in February it expected the economy to grow 1.3 percent in 2017, but Finance Minister Malusi Gigaba is due to announce revised projections on October 25 when he presents his medium term budget policy statement to parliament. Even more pessimistically, the Centre for Economics and Business Research anticipates that the United Kingdom economy will grow by just 1.3 per cent in 2017, representing a substantial downward revision from an earlier forecast of 1.7 per cent.

It also lowered India's growth for 2018 to 7.4 per cent, 0.3 percentage points less than its previous two projections in July and April.

The IMF said the squeeze on household finances in the United Kingdom had hit growth in the first two quarters of this year, and "the medium-term growth outlook is highly uncertain and will depend in part on the new economic relationship with the European Union and the extent of the increase in barriers to trade, migration and cross-border financial activity".

However, the recovery is not complete: although the baseline outlook is better, growth remains weak in many countries.

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"Notably, we expect sub-Saharan Africa, where growth in per capita incomes has on average stalled for the past two years, to improve overall in 2018", he said. Hong Kong's growth projection was raised from 2.4 percent to 3.5 percent while Taiwan's was raised from 1.7 percent to 2 percent and Singapore from 2.2 percent to 2.5 percent.

Draghi has maintained the ECB's stimulus programme over the past year despite robust economic growth in the eurozone, while Yellen postponed a rate hike in September.

Also yesterday, the Asean+3 Macroeconomic Research Office (AMRO) cut its 2017 growth forecast for the Philippines on account of a first half slowdown.

China edged slightly ahead to be the growth champion with a projected growth rate of 6.8%, according to the latest World Economic Outlook report.

The IMF report has also downgraded South Africa.

Highlighting the growing income inequality within and among emerging market economies, International Monetary Fund said a country's growth rate does not always foretell matching gains in income for the majority of the population.

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