China trade dispute risks undermining stronger global growth, International Monetary Fund warns

China trade dispute risks undermining stronger global growth, International Monetary Fund warns

The IMF has also strongly criticised the approach of the Trump administration to trade deficits.

In its January upgrades, the International Monetary Fund forecasted a 4.3 percent growth for Turkey in 2018 and 2019 for each.

Keeping its growth predictions unchanged for India, the International Monetary Fund (IMF) on Tuesday said the country's GDP would grow at 7.4 per cent in 2018 and to further grow to almost 8 per cent in 2019. The IMF also warned that the world economy may become weaker post-2020.

The economist said global financial conditions remain generally loose despite the approach of higher central bank interest rates.

"While some governments are pursuing substantial economic reforms, trade disputes risk diverting others from the constructive steps they would need to take now to improve and secure growth prospects", he said.

This will require higher future revenues - presumably through tax increases - and slowing the rate of increase in public spending, while re-directing money towards infrastructure, boosting labour force participation and combating poverty.

Mr Obstfeld said the "get tough" approach by the United States in trade talks with China, Mexico Canada and others "will do little to change the multilateral or overall U.S. external current account deficit, which owes primarily to level of aggregate USA spending that continues to exceed total income".

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China is expected to grow respectively at 6.6 and 6.4 per cent in the two years.

The IMF stuck to its most recent world growth forecast of 3.9 per cent for both this year and next.

Speaking to a news conference before the start of International Monetary Fund and World Bank spring meetings in Washington, Obstfeld said that it was too soon to declare that a trade war was underway as tariffs have not yet been activated.

South Africa's economy grew by 1.3% in 2017 compared with a revised 0.6% in 2016.

The unemployment rate was 5.6 per cent in February.

"Over the medium term, growth is expected to gradually rise with continued implementation of structural reforms that raise productivity and incentivise private investment", it added.

Global growth is projected to pick up to 3.9% this year and next, supported by strong momentum, favourable market sentiment, accommodative financial conditions, and the domestic and worldwide repercussions of expansionary fiscal policy in the US.

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