Australia fails to live up to International Monetary Fund forecast

Scott Morrison will attend the IMF and World Bank annual meetings in Washington on October 13-14

Growth prospects for emerging and developing economies are marked up by 0.1 percentage point for both 2017 and 2018 relative to April, primarily owing to a stronger growth projection for China, the report said.

The International Monetary Fund has cut its official outlook for United Kingdom economic growth this year, citing a slump in private consumption and a dramatic tumble in the value of the pound weighing on household spending.

"The global recovery is continuing, and at a faster pace", Maurice Obstfeld, IMF economic counsellor and director of research, said at a press conference on the release of the October World Economic Outlook on Tuesday in Washington. With growth outcomes in the first half of 2017 generally stronger than expected, upward revisions to growth are broad based, including for the eurozone, Japan, China, emerging Europe, and Russian Federation.

In its latest World Economic Outlook, the International Monetary Fund has revised its forecast for the global economy and is now expecting slightly stronger growth.

There's also a hint of concern about the administration of President Trump when the report says that "uncertainty about policy is more of a concern than usual reflecting, for example, difficult-to-predict U.S. regulatory and fiscal policies".

The IMF lowered India's forecast growth to 6.7 per cent from the 7.2 per cent predicted in July.

Egypt's average consumer price inflation for 2017/18 is projected at 21.3 percent, according to the report.

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The erosion of confidence in growth is seen even more clearly when compared with the IMF's forecasts from six months ago.

IMF's 6.7% growth rate projection is at the low end of the spectrum of estimates made by it and four other worldwide organisations with the UN Department of Economic and Social Affairs (UNDESA) putting it at 7.3%. The IMF didn't alter its forecasts for the United Kingdom, keeping expected GDP growth at 1.7% and 1.5% for this year and next, respectively.

Roughly 75% of the world's economy is sharing in the acceleration, a broader recovery than any in a decade, the agency said, MarketWatch reported.

"IMF is upbeat about Asia", Lagarde said, adding it was the "fastest growing region".

"The welcome cyclical upturn after disappointing growth over the past few years provides an ideal window of opportunity to undertake critical reforms, thereby staving off downside risks and raising potential output and standards of living more broadly".

"Monetary policy will need to stay tight in countries where inflation rates remain well above central bank targets, such as in Argentina and Turkey", the fund warned.

The IMF report has also downgraded South Africa.

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