International Monetary Fund maintains 1.2% growth estimate for Japan in 2018

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The Washington-based IIF is projecting growth of 2.1 per cent for this year and 2.6 for 2019 and the World Bank is forecasting growth of 2.5 and 3.2 per cent for 2018 and 2019, respectively.

In its bi-annual World Economic Outlook, IMF kept its growth projections for India unchanged at 7.4% for 2018-19 and 7.8% for 2019-20, holding that economic activity will be lifted by strong private consumption as well as fading transitory effects of demonetisation and implementation of the Goods and Services Tax.

The IMF also said the country's economy could grow by 2.9 percent in 2019, the same expansion as forecast earlier.

China is projected to grow 6.6 percent this year, decelerating from 6.9 percent growth in 2017.

International Monetary Fund noted that said Saudi Arabia and some other oil exporters in the Middle East and sub-Saharan Africa have experienced recessions and/or substantial growth slowdowns in recent years as they started adjusting fiscal policy to the permanent loss of commodity revenues.

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The International Monetary Fund foresees strong, stable growth in the world economy for 2018-19 but is warning that prospect of an escalating trade conflict "threatens to undermine confidence and derail global growth prematurely".

A key question Bostjancic says, is whether that growth will continue.

It urges countries with excess current account surpluses and fiscal space - notably Germany - to increase public investment to boost potential growth and demand.

However, over the past three months President Trump has started to act on his tough talk and Ms Lagarde is anxious that Washington and Beijing will spark a trade war that triggers a global protectionist culture not seen since the 1930s.

The International Monetary Fund has said the tax cuts introduced by the Trump administration will give a temporary boost to the United States economy, but the tax reform effects will wear off in two years time.

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But there are signs the synchronized recovery may be becoming a little more uneven, at least in the short term, with the US charging ahead, fueled by tax cuts and government spending.

"The UAE is seeing a new period of slow and steady economic growth, supported by twin boosters of oil-producing giant Abu Dhabi partnered with Dubai benefiting from many years of efforts towards diversification".

Obstfeld was speaking at the World Bank and IMF Spring Meetings taking place in Washington, D.C.

"India must create 8.1 million jobs a year to maintain its employment rate, which has been declining largely due to women leaving the job market", the World Bank said.

The IMF has also predicted Chinese growth of 6.6% this year, an increase of 0.1% on the last forecast, while Japan is set for growth of 1.2%, a 0.5% uplift.

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