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China: time to focus on financial risks and structural reform

As the Chinese economy matures to a slower but more sustainable growth path, policy efforts need to focus more on efficiency, stability and inclusiveness, according to a new OECD report. The latest OECD Economic Survey of China projects that the Chinese economy will remain the major driver of global growth for the foreseeable future, with per capita GDP on course to almost double by 2020 from 2010 levels. The Survey recommends continued efforts to rebalance the economy from investment to consumption and to address key risks including high corporate debt, ...

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Christine Lagarde Calls for Global Cooperation and Strong Policies to Sustain the Growth Momentum

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of the Group of 20 (G20) Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany: ‘Our meeting showed once again that the G20 provides a critical platform for major economies to work together within an established framework. We met at a time when growth is gaining momentum around the world and there are signs that the global economy has reached a turning point, even though uncertainties remain. ‘Strong monetary, fiscal ...

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Chinese economy to lead global recovery: IMF official

China will remain a strong engine of global recovery with its ongoing economic reforms, an official with the International Monetary Fund (IMF) said Saturday. “Steering its economy to a sustainable path will benefit China itself and the world as a whole,” said IMF Deputy Managing Director Zhang Tao at the China Development Forum 2017 in Beijing. The country and other emerging economies have contributed over 70 percent of global economic growth in recent years and will remain such a contributor, he said. China’s 6.7-percent growth in 2016 hit a 26-year ...

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Growth-oriented policy agenda needed to ensure stronger economic recovery with benefits for all workers and households

Governments must deploy policy packages that take advantage of the synergies between labour, product and financial market reforms to escape the low-growth trap and ensure that benefits are broadly shared by the vast majority of citizens, according to the OECD’s annual Going for Growth report. Going for Growth 2017 offers a comprehensive assessment of policy reforms that can be packaged together to boost long-term growth, improve competitiveness and productivity, create jobs and ensure a more inclusive economy. This year’s edition of Going for Growth reveals an uptick in policy-maker attention ...

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IMF: global economy shows more positive momentum, warns of inward-looking policies

International Monetary Fund (IMF) on Tuesday said that the global economy is showing more positive momentum, but warned that inward-looking policies and sharp tightening in global financial conditions could threaten the growth momentum. “Near-term global growth is expected to pick up, reflecting a firming-up of activity in advanced economies, an anticipated shift in the macroeconomic policy mix in the United States, and stabilization in stressed emerging economies,” said the IMF in its G20 surveillance note released ahead of the G20 finance ministers and central bank governors’ meetings on March 17 ...

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IMF urges G20 cooperation to preserve trade, reduce imbalances

The International Monetary Fund on Tuesday called on the Group of 20 major economies to work together to preserve the benefits of trade and avoid protectionism, while also urging them to reduce external imbalances and halt policies that distort global trade. Under pressure from rising protectionist sentiment in many advanced economies, including the United States, the IMF said that international cooperation was needed to maintain trade as an engine of growth that has lifted millions out of poverty worldwide. In a “surveillance note” outlining its view of prospects and risks ...

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U.S. tax reform plan could have currency spillover effect – IMF’s Obstfeld

A proposal to overhaul the U.S. tax code that favours exports over imports could have spillover effects to other economies as it would strengthen the dollar, International Monetary Fund (IMF) chief economist Maurice Obstfeld said on Monday. “There are significant spill-over effects that we are looking into,” Obstfeld said, adding that G20 finance ministers and central bankers will discuss the issue later this week at their meeting in Baden-Baden, Germany. “It’s a legitimate topic for discussion… It’ll be discussed. There will be a lot of questions among the finance ministers,” ...

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IMF says China’s lower growth target is achievable

China’s new reduced economic growth target of 6.5 percent for this year looks achievable, an International Monetary Fund spokesman said, adding that the Fund does not see an imminent threat to China’s exchange rate from capital outflows. IMF spokesman Gerry Rice said China’s economic momentum should make its growth targets achievable, as they now match the current IMF estimates. China on Sunday reduced its GDP growth target for 2017 to about 6.5 percent from a range of 6.5 to 7 percent last year “We continue to advises less focus on ...

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IMF welcomes ‘progress’ in Greek bailout talks, deal unclear

The International Monetary Fund is seeing progress in negotiations over Greece’s bailout program but prospects for an agreement are still unclear, IMF spokesman Gerry Rice said on Thursday. Rice told a regular news briefing that an IMF mission is in Athens and that the fund typically refrains from commenting on such discussions while they are underway. “There has been progress in some important areas and we welcome that. However, differences remain in important areas,” Rice said. “It’s still to early to speculate on when an agreement might be reached.” Asked ...

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IMF says ‘reassured’ by ECB’s decision to maintain stimulus

The International Monetary Fund on Thursday praised the European Central Bank’s decision to maintain its aggressive monetary stimulus, saying it was helping a eurozone recovery. “The ECB’s accommodative stance is improving credit conditions and supporting a recovery of output and a gradual rise in inflation” IMF spokesman Gerry Rice told a news briefing. “We are reassured by the ECB’s continuing commitment to use all instruments available within its mandate to ensure a sustained adjustment in the path of inflation consistent with its medium-term price stability objective.” Source: Reuters (Reporting by ...

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OECD unemployment rate down to 6.1% in January 2017

OECD unemployment rate fell by 0.1 percentage point to 6.1% in January 2017 after two consecutive months of stability. Across the OECD area, 38.3 million people were unemployed, 5.7 million more than in April 2008, before the crisis. The unemployment rate was stable in the euro area in January (at 9.6%) with unchanged rates in about half of the countries, and declined by 0.1.percentage point in the European Union (to 8.1%). A 0.2 percentage point decrease was recorded in Ireland (to 6.7%, the eighth consecutive monthly decline), Luxembourg (to 6.1%), ...

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OECD: Modest pick-up in global growth but risks and vulnerabilities could derail recovery

Global economic growth is expected to pick up modestly next year to around 3.6 % from a projected 3.3% in 2017 but a risk of rising protectionism, financial vulnerabilities, potential volatility from divergent interest rate paths and disconnects between market valuations and real activity hang over the outlook, according to the OECD. The projected improvement largely reflects continuing and expected combined fiscal and structural initiatives in the major economies – notably China, Canada and the United States – together with a slightly more expansionary stance in the euro area, which ...

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Iran’s ‘Impressive Recovery’ Clouded by ‘Uncertainty,’ IMF Says

The Iranian economy has had an “impressive recovery” following sanctions relief last year, though new uncertainty regarding the fate of the nuclear deal and relations with the U.S. threaten to undermine it, the International Monetary Fund said. Iran’s economy is expected to grow 6.6 percent in the calendar year ending March 20 and stabilize at 4.5 percent “over the medium-term as the recovery broadens,” the IMF said in a report released on Monday. The report also highlighted the government’s ability to maintain inflation in single digits and stabilize the foreign ...

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India: Strong growth has raised incomes and reduced poverty, but challenges remain

The Indian economy is expanding at a fast pace, boosting living standards and reducing poverty nationwide. Further reforms are now necessary to maintain strong growth and ensure that all Indians benefit from it, according to a new report from the OECD. The latest OECD Economic Survey of India finds that the acceleration of structural reforms and the move toward a rule-based macroeconomic policy framework are sustaining the country’s longstanding rapid economic expansion. The Survey, presented in New Delhi by OECD Secretary-General Angel Gurría and India’s Secretary Economic Affairs Shaktikanta Das, ...

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IMF participation on Greece contingent on reforms, debt relief -spokesman

The International Monetary Fund will only consider a financial contribution to the bailout programme for Greece after there has been full discussion on economic reforms and debt restructuring, IMF spokesman Gerry Rice said on Thursday. “Before the IMF would be able to make a commitment on our participation in the programme, we would need to have the discussion of both policies and debt relief, and beyond the discussion credible commitments in which we have confidence,” Rice said in response to a question at a regular news briefing. Source: Reuters (Reporting ...

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