International Monetary Fund predicts India will grow at 7.3% in 2018-’19

Cornelia Mascio
Ottobre 10, 2018

In a report released on Tuesday, the International Monetary Fund estimated that despite positive policy tailwinds in the USA economy resulting from things like tax reform, growth will be less than previously expected next year, as a result of the trade war. Pakistan's rupee slumped 7 pe rcent in an apparent devaluation before an expected International Monetary Fund program.

As stakeholders look for a categorical position of Khan's administration in going or not going to the IMF for financial assistance or the arrangement of funds from alternative resources, the country's stock market remains in a tight spot due to uncertainty.

It maintained a 5.3 per cent growth forecast for the Southeast countries in 2018, but lowered the 2019 estimate slightly to 5.2 per cent. "Considering developments since then, however, that number appears over-optimistic: rather than rising, growth has plateaued at 3.7%".

"In the case of a flexible exchange regime the national currency, the Pak rupee, would further depreciate to around PKR140 against the United States dollar from the current PKR127".

"There is no denying that the susceptibility to large global shocks has risen", the IMF's top economist Maurice Obstfeld told reporters after the fund cut its outlook for global GDP growth by 0.2 percentage points to 3.7 per cent for 2018 and 2019. EU Commission Vice-President Jyrki Katainen said Italy's situation is vulnerable and negotiations may prove hard.

Japan's benchmark Nikkei 225 fell 1.1 percent to 23,513.20.

India hopes to secure a waiver from USA sanctions on Iran before they take effect on November 4, as it had significantly cut Iranian oil imports before the deadline, officials said on Monday... Brent crude, used to price worldwide oils, rose 35 cents to $84.26 per barrel.

ENERGY: Benchmark U.S. crude added 31 cents to $74.60 a barrel in electronic trading on the New York Mercantile Exchange.

CURRENCIES: The dollar slipped to 113.13 yen from 113.21 yen on Monday.

Currency dealers fear the alarming increase will fan panic in the market for dollars, causing a buying frenzy for the U.S. dollar.

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, as buyers sought alternatives ahead of US sanctions that take effect on November 4. An industry source who also tracks exports said October shipments so far were below 1 million bpd.

The sanctions are being reimposed as a result of Trump's decision to withdraw the United States from Iran's 2015 nuclear deal with world powers, which had lifted sanctions in exchange for curbs on Tehran's nuclear activities.

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