Brexit to be threat to world economy, says International Monetary Fund

US / China trade war and Brexit threaten global growth says IMF

Pakistan's fiscal deficit was on target to hit 7.2 percent of gross domestic product in the fiscal year ending in June 2019, but the government has introduced measures to bring it closer to 5 percent.

The government is seeking to curb spending, while the central bank has raised interest rates to the highest in three years to help shore up confidence in the economy.

The fund downgraded its forecast for U.S. growth next year to 2.5 per cent, down 0.2 percentage point from July, after factoring in the impact of tariffs imposed by the Trump administration and retaliatory duties by other nations.

To offset the effects of Federal Reserve rate rises, USA trade tariffs and domestic economic pressure caused by tighter financial regulation aimed at reducing debt risks in China's financial system, the Chinese authorities have eased monetary policy and the implementation of proposed new financial regulations.

Over 15,000 delegates from 189 countries are now gathered at Bali, Indonesia for IMF/WB Group Annual meetings from October 10 to October 14, 2018.

Also on Tuesday, it projected that inflation in Nigeria would increase to 13.5 per cent next year. Both nations had to raise interest rates sharply in recent months. "Trade tensions have escalated, policy uncertainties have increased in a number of countries, and some emerging market economies are facing financial-market pressures", Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department of the IMF, said. The fund expected inflation at 10.8 percent in 2018.

Virgin Galactic is weeks away from reaching space, CEO Richard Branson says
The 42-second burn blasted it to 171,000 feet, almost five times the cruising altitude of a transatlantic passenger plane. Branson has had astronaut, fitness and centrifuge training to prepare himself for his trip into space.

The cut its 2019 United States growth forecast to 2.5 percent from 2.7 percent previously, while it reduced China's 2019 growth forecast to 6.2 percent from 6.4 percent. It estimates global output could fall by more than 0.8 per cent in 2020 and remain 0.4 per cent below its trend line over the long term, in a scenario where US President Trump follows through on all his threats, including global duties on cars.

Released in Bali during the annual meeting of the International Monetary Fund and the World Bank, the IMF's flagship World Economic Outlook said its 2019 growth projection for China is lower than in April, given the latest round of U.S. tariffs on Chinese imports, as are its projections for India.

The financial market volatility will likely continue next year, because the US Federal Reserve, after raising the federal funds rate by 25 basis points in its September 26 meeting, nonetheless signaled another rate hike by the end of this year and maintained its projection for three rate hikes in 2019.

Brazil will see a 0.4 percentage-point drop in GDP growth to 1.4% for 2018 as a nationwide truckers strike paralysed much of the economy.

China's growth is still expected to be more than 6% next year, but the IMF's chief economist Maurice Obstfeld warned Beijing to concentrate on quality and sustainability of growth, not quantity of growth. It cited Australia, New Zealand and Britain as countries that are taking positive steps to better manage their assets against the growth of future liabilities.

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