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OECD sees synchronised momentum for global economy, but urges further policy action to ensure sustainable and inclusive medium-term growth

The world economy has picked up momentum, as expanding investment, employment and trade support synchronised growth across most countries, according to the OECD’s latest Interim Economic Outlook. The pace of expansion is projected to be faster this year than in 2016, with a further uptick expected in 2018, but strong, sustainable, and inclusive medium-term growth is not yet secured. The Outlook points out that the recovery of business investment and trade remain too low to sustain healthy productivity growth, while wage growth has been disappointing on average, and not equitable ...

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The IMF Needs to Stop Torturing Greece

“Beware of Greeks bearing gifts,” wrote the ancient Roman poet Virgil. In the 21st century, it’s the Greeks who should have been more careful about accepting offerings — specifically from the International Monetary Fund, which is now torturing the country in a misguided effort to get its money back. Greek officials have worked hard to shore up their economy and finances. From 2010 through 2016, the government achieved the all-but-impossible task of shrinking its primary budget deficit by nearly 18 percent of gross domestic product, and is finally in surplus. ...

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OECD raises France’s economic growth outlook

France should see this year its best growth rates since 2011, the OECD said on Thursday, revising up its outlook in its first in-depth look at the French economy since Emmanuel Macron became president. While looking on Macron’s reform agenda with a largely favourable eye, the Organisation for Economic Co-operation and Development (OECD) said it had to be anchored with a long-term plan to cut public spending, the highest in the 35-nation club. After growth of only 1.1 percent last year, the French economy is set to grow 1.7 percent ...

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Global recovery could be derailed by policy uncertainty, protectionism risk – IMF’s Lagarde

The global economy is recovering, but could easily be derailed by policy uncertainty and the threat of protectionism, International Monetary Fund Managing Director Christine Lagarde said in Beijing. Lagarde and the heads of other international organisations including World Bank President Jim Yong Kim are meeting with Chinese Premier Li Keqiang on Tuesday in Beijing. Source: Reuters (Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam)

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Greek PM urges IMF to decide on bailout participation by end of year

The International Monetary Fund should decide whether it will fund Greece’s current bailout programme by the end of the year and help Greece conclude a key bailout review on time, Prime Minister Alexis Tsipras said on Sunday. Euro zone governments in June approved another 11th-hour credit line for Greece, worth nearly $10 billion, after the IMF said it would join the country’s current bailout, the third since 2010, in principle. “We can live with or without the IMF presence,” Tsipras said in a press briefing at a trade fair in ...

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IMF must show “good faith” in Greek debt talks – France’s Macron

French President Emmanuel Macron urged the International Monetary Fund to show “good faith” in upcoming Greek debt talks. “The IMF’s role in the end of these talks must be in good faith and without adding further conditionality,” Macron told journalists in a joint news conference in Athens with Greek Prime Minister Alexis Tsipras. “We should not exhaust our ministers and officials with nights and weeks of talks about the (Greek) growth rate over the next 20-25 years down to the decimal point,” he added. Source: Reuters (Reporting by Michel Rose, ...

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IMF: We see a broad-based global recovery

The global economy is doing well, the chief economist for the International Monetary Fund told CNBC. The IMF’s new forecast on the world’s economy is expected in about five weeks, Maury Obstfeld said. And while he wouldn’t divulge what that may be, he did say the organization “certainly” isn’t going to lower the number from its last projection. In July, the IMF forecast global economic growth of 3.5 percent for 2017 and 2.5 percent for 2018. “We see broad-based recovery. The importance is that it’s really broad-based in a way ...

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Growth outlook up but don’t be too optimistic about China, IMF says

China’s growth prospects may be higher but it’s a bit too optimistic to suggest the world’s second-biggest economy is entering a new cycle of expansion, the International Monetary Fund’s chief in China said. The caution over the country’s economic prospects came a week after the Washington-based fund revised up China’s average annual growth forecast from 6.0 per cent to 6.4 per cent for 2018-2020. “We would be a little bit more cautious on the [new cycle] statement because some of the tightening coming from the financial sector should have a ...

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Labour shortages show promise of reviving inflation – OECD

Localised labour shortages, notably in Japan and the United States, are finally bringing the promise of higher inflation but only stronger growth will really drive it higher, OECD Secretary General Angel Gurria said on Thursday. The Paris-based Organisation for Economic Cooperation and Development had said in June the global economy was on course this year for its fastest growth in six years, but a resurgence in inflation has yet to materialise. “You’re getting to a point where you are starting to see localized labour shortages and a natural reaction, finally,” ...

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China’s Economic Outlook in Six Charts

China continues to enjoy strong growth—projected at 6.7 percent for 2017. And the country has potential to sustain strong growth over the medium term. But to do so safely requires speeding up reforms to make growth less reliant on debt and investment, the IMF said in its latest annual assessment of the economy. Here are the six things you need to know about this report. 1.IMF staff have revised up China’s growth outlook compared to last year’s report. Growth between 2017 and 2021 for the world’s second largest economy is ...

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China’s strong growth paves way for accelerating needed reforms: IMF

China’s strong economic growth so far this year has paved way for policymakers to accelerate needed reforms and focus more on quality growth, the International Monetary Fund (IMF) said on Tuesday. “China continues to transition to a more sustainable growth path and reforms have advanced across a wide domain,” the executive board of IMF said in a statement after concluding Article IV consultation with Chinese authorities on the Chinese economy. China’s economy expanded 6.9 percent in the first half of the year, well above the government’s yearly target of 6.5 ...

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Fitch: Iraq Bond Issue, IMF Review Keep 2017 Financing on Track

Iraq’s USD1 billion bond issue and the completion of the second review of its IMF programme keep the country’s financing plans for 2017 on track, Fitch Ratings says. External financing is playing a larger role in Iraq’s fiscal financing, underscoring the importance of the IMF programme. Iraq’s 2023 bond priced to yield 6.75% last week. It is the first unguaranteed new Iraqi sovereign bond in more than a decade and follows a USD1 billion five-year US-guaranteed deal in January. Both deals were part of the Iraqi government’s announced funding plan ...

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IMF cuts Philippine 2017 growth forecast, but keeps buoyant view

The International Monetary Fund trimmed its 2017 growth forecast for the Philippines to 6.6 percent from 6.8 percent, citing slower than expected first quarter expansion, but was optimistic the economy would grow strongly in the medium term. There is no evidence that investor confidence in one of Asia’s fastest-growing economies has been hit by security worries, an IMF official said on Tuesday. However, he warned that rapid credit growth and strong private investment could lead to overheating. “The Philippines really stands out as a place that continues to do very well economically,” Luis Breuer, who ...

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Nothing cold about sub-zero rates, IMF researchers find

Negative interest rates imposed by central banks have generally worked as a tool to boost inflation, pulling down yields and sometimes weakening currencies, International Monetary Fund research has concluded. It also found that commercial banks for the most part have maintained their profits under such policy, cushioning margins with such tactics as not passing on all of a policy rate cut to customers. The findings come in a report by IMF economists Giovanni Dell’Ariccia, Vikram Haksar and Tommaso Mancini-Griffoli who studied the impact of sub-zero interest rate policy in the ...

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More work need to be done despite IMF’s forecast adjustment on Italy

The International Monetary Fund (IMF) recently up adjusted its forecast for Italy’s economic growth, but warned the growth could not be maintained without healthier development in some areas. The IMF now says it expects the Italian economy to grow by 1.3 percent this year, up from the 0.8 percent forecast at the start of the year and higher than the 1.1 percent growth rate predicted by the Italian government’s own economists. For the next year, IMF predicts 1.0 percent growth, compared with a 0.8-percent rate in its previous forecast for ...

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