Finance minister to attend annual IMF, World Bank meetings

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In its latest World Economic Outlook, the organisation downgraded global economic growth to 3.7% for both 2018 and 2019 - 0.2% lower for both years than had been forecast in April.

That includes President Donald Trump's imposition of tariffs on US$250 billion in Chinese goods, as well as on aluminium, steel and other products worldwide.

In China, growth is projected to moderate from 6.9 percent in 2017 to 6.6 percent in 2018 and 6.2 percent in 2019, reflecting a slowing external demand growth and necessary financial regulatory tightening, the report said.

In its latest "World Economic Outlook", (WEO) the IMF's has predicted that the global economy will grow by 3.7% in 2018, down from the 3.9% it predicted in April 2018. The growth rate of the U.S. for 2018 is 2.9 percent and that of 2019 has been powered to 2.5 per cent.

Washington | India is projected to grow at 7.3 percent in 2018 and 7.4 percent next year, the International Monetary Fund said on Tuesday in its latest report, predicting India to regain the tag of the world's fastest growing major economy this year, crossing China with more than 0.7 percentage points.

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"We have not been formally approached yet", said Maurice Obstfeld, the IMF's top economist, during the fund's annual meeting in Bali Tuesday.

Growth of less than five percent would be unprecedented for China since it began its economic reforms in the 1970s, and complicate its efforts to move towards a more balanced economy with a greater role for services.

"Notwithstanding the present demand momentum, we have downgraded our 2019 U.S. growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation".

The IMF also took aim at Brexit in its assessment, as it warned how slow progress in thrashing out an European Union divorce deal for Britain is creating "pervasive uncertainty" about future trade costs.

While the International Monetary Fund said United Kingdom interest rate rises would need to rise over the next few years to keep a lid on inflation, it urged the Bank of England to remain "flexible" and ready to move in either direction depending on the outcome of Brexit negotiations.

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Downgrades to global growth also reflected predictions of a slower expansion in the eurozone as well as turbulence in a number of emerging market economies.

With much of the US-China tariff war's impact to be felt next year, the Fund cut its 2019 US growth forecast to 2.5 per cent from 2.7 per cent previously, while it cut China's 2019 growth forecast to 6.2 per cent from 6.4 per cent.

"The possible failure of Brexit negotiations poses another risk".

IMF-WB meetings organizing committee Susiwijono, who is also secretary to the Coordinating Economic Minister, stressed that the government had anticipatory measures in place for managing natural disasters in coordination with relevant institutions like the Bali Police and the National Disaster Mitigation Agency (BNPB).

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