Home / World Economy / IMF/OECD News

IMF/OECD News

IMF Says Conditions In Place For Pickup In Australia’s Growth

Conditions are in place for a pick-up in Australia’s economic growth to above-trend rates, the International Monetary Fund said. Concluding the Article IV mission, IMF staff said, “The pickup in growth is likely to be modest.” Meanwhile, inflation and wages will be slow to rise. Household consumption is expected to be held back by low real wage growth, given labor market slack and structural change in some sectors. Economic slack is forecast to decline gradually. According to IMF, upward pressure on prices and wages should emerge once the economy has ...

Read More »

Europe needs fresh push at overhauling banking sector – IMF

The International Monetary Fund urged Europe to make a fresh push at strengthening its banking sector on Tuesday, calling for weak institutions to be closed, bigger financial safety buffers and a revival of cross-border M&A. In the text of a speech to a banking conference in London, the IMF’s First Deputy Managing Director David Lipton said European policymakers needed to take advantage of the region’s economic recovery. “The time has come to make that policy arsenal (to tackle banking crises) real and effective, and to coordinate such policies across the ...

Read More »

IMF Staff Concludes 2017 Article IV Visit to Korea

An International Monetary Fund (IMF) staff team led by Tarhan Feyzioglu visited Seoul during November 1–14 to conduct discussions for the 2017 Article IV Consultation. Mr. Feyzioglu issued the following statement at the conclusion of the visit: “Korea’s near-term outlook is improving despite elevated geopolitical tensions. After slowing in the second half of 2016, growth is picking up this year, led by a strong expansion in investment, especially in the IT and construction sectors. Export growth strengthened thanks to improving external conditions and high global demand for semiconductors. Private consumption ...

Read More »

Europe: Engine for Global Trade, but Should Prepare for Rainy Day

All European economies are growing, and the continent has become an engine of global trade, reveals the IMF’s latest Regional Economic Outlook released November 13. But countries should make some room in their budgets for maneuver so they can keep their economies afloat in worse times. Recovery in Europe has gained speed: overall real GDP growth is projected at 2.4 percent in 2017, faster than was expected in April 2017, and up from 1.7 percent in 2016. In the euro area, growth has not been this even across the member ...

Read More »

IMF, BOJ member say Japan needs to keep stimulus running

The IMF on Wednesday urged Japan to maintain its massive monetary stimulus to boost consumer prices, a view echoed by a central bank board member, reinforcing expectations policy will remain accommodative. International Monetary Fund Managing Director Christine Lagarde said Bank of Japan Governor Haruhiko Kuroda was doing the right thing by committing to keep the money spigot wide open until inflation hit his 2 percent target. “One of the strengths of central bankers is to be very clear in their communication and determined in their resolve, which clearly Governor Kuroda ...

Read More »

IMF’s Lagarde warns protectionism, while now just words, may come to hurt Asia

Protectionist sentiment has not yet gone beyond mere words, International Monetary Fund Managing Director Christine Lagarde said on Wednesday, but would hurt Asian economies with open and free markets if it did. Lagarde brushed off the concerns of some investors that the divergent monetary paths of major central banks could disrupt Asian capital flows, stressing that policymakers had the tools and means of communication needed to prevent market upheaval. Global policymakers have raised concerns over U.S. President Donald Trump’s “America First” agenda that aims to slash U.S. trade deficits, via ...

Read More »

‘Paradise Papers’ tax practices are dying out, OECD boss Gurria says

Tax practices detailed in the so-called Paradise Papers, a trove of leaked offshore investment documents relating to wealthy individual and institutions, are dying out, OECD boss Angel Gurria said on Monday. “When we’re talking about the Panama Papers, the Paradise Papers, we’re talking about a legacy that is fast disappearing,” Gurria said in a speech delivered in London at a Confederation of British Industry conference. “This could not be repeated anymore because of the joint work that you, your governments and the OECD have done in the last few years,” ...

Read More »

OECD Economies Continue to Set Global Best Practice in Business Reform: Doing Business

High-income OECD economies adopted 17 key reforms during the past year, as they continue to set global best practice in the area of business innovation and efficiency, says the 15 anniversary edition of the World Bank Group’s Doing Business 2018: Reforming to Create Jobs, which monitors the ease of doing business for small and medium enterprises around the world. Released today, the new report says that OECD’s latest reforms bring to a total of 529 the number of business improvements carried out by the 33 high-income OECD economies over the ...

Read More »

IMF Expects U.A.E. Economy to Rebound in 2018 as Abu Dhabi Grows

The International Monetary Fund expects the United Arab Emirates’ economic growth to nearly triple next year as the country’s largest sheikhdom, Abu Dhabi, benefits from an expected recovery in oil exports. The U.A.E.’s gross domestic product will expand 3.4 percent in 2018 from 1.3 percent this year, largely on expectations that growth in oil-rich Abu Dhabi will surge to 3.2 percent from 0.3 percent this year, the IMF forecast. Dubai’s output will accelerate more moderately, to 3.5 percent from 3.3 percent in 2017, the Washington-based lender estimated. “The non-oil sector ...

Read More »

IMF endorses Saudi plan for $500-billion business zone

The International Monetary Fund has endorsed an ambitious Saudi Arabian plan to build a $500-billion (378.56 billion pounds) business and industrial zone extending into Jordan and Egypt, saying the project could benefit the whole region. Jihad Azour, head of the IMF’s Middle East department, said Riyadh would need to balance the huge cost of the zone and other economic projects with its drive to cut a big state budget deficit caused by low oil prices. But the plan to develop the zone, known as NEOM, could stimulate trade and allow ...

Read More »

IMF says rising debt, political risk dim sub-Saharan Africa’s economic outlook

Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Nigeria and South African are the biggest economies in Africa south of the Sahara, but both nations have been clouded by political uncertainty linked to the tenure of their leaders. The IMF said a good harvest and recovery in oil output in Nigeria would contribute more than ...

Read More »

IMF’s Lagarde: If nothing is done about climate change, we will be ‘toasted, roasted and grilled’

There will be serious consequences if climate change is not tackled, according to the managing director of the International Monetary Fund (IMF). “As I’ve said before, if we don’t do anything about climate change now, in 50 years’ time we will be toasted, roasted and grilled,” Christine Lagarde said during a panel discussion Tuesday at the Future Investment Initiative in Riyadh, Saudi Arabia. “Decisions are needed at this point in time, which will probably mean that in 50 years’ time oil will be a secondary commodity,” Lagarde added. She said ...

Read More »

OECD boss advocates ‘whatever it takes’ approach to Brexit

Britain and the European Union should adopt a “whatever it takes” approach to Brexit talks to ensure the best outcome, OECD secretary-general Angel Gurria said. “I would say: … whatever it takes so that the outcome is the best for people, on both sides,” he said in London, adding that he did not think the Brexit process should be “wedded” to a particular timeframe. Source: Reuters (Reporting by Andy Bruce and Alistair Smout; editing by John Stonestreet)

Read More »

United Kingdom: Maintain close ties with EU to meet challenges of Brexit

The U.K. economy has weakened in the aftermath of the decision to leave the European Union. Maintaining close ties with the EU and implementing policies to boost productivity will be crucial for maintaining future living standards, according to a new report from the OECD. The latest OECD Economic Survey of the United Kingdom details developments since the June 2016 vote to leave the EU, highlighting growing uncertainties and a number of risks. This includes the hit on households’ purchasing power from higher inflation, declining savings rates, and a fall in ...

Read More »

Asia much more resilient to weather financial storms now: IMF official

Asia, the fastest-growing region in the world, has become much more resilient to weather financial storms with lessons learned from the Asian Financial Crisis 20 years ago, said a senior official at the International Monetary Fund (IMF). LESSONS LEARNED “Asian economies become much more resilient because of the lessons we learned” from the Asian Financial Crisis started in the summer of 1997, said Changyong Rhee, a well-respected economist and director of the Asia Pacific Department at the IMF. “Now we understand the risk from the double mismatch problem, you know ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping