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IMF Raises Israeli Economic Outlook for 2017, 2018

11 Octubre 2017, 03:53 | Azura Castelo

IMF Raises Israeli Economic Outlook for 2017, 2018

IMF Managing Director Christine Lagarde and World Bank President Jim Yong Kim at the IMF and World Bank semi-annual meeting. This October's meeting coincides with the OECD's optimistic projection for the world's economy

Israeli gross domestic product will expand 3.1% this year and 3.4% in 2018, the International Monetary Fund said in its World Economic Outlook.

"We of course discussed as well the particular prospects of the Korean economy of which the forecast in our view is 3 percent for this year and probably 3 percent for next year as well".

The IMF said Israeli consumer prices would climb 0.2% this year after falling 0.5% in 2016.

In the years 2012, 2013 and 2014 it grew at a rate of 5.5 percentage, 6.4 and 7.5 respectively. The Chinese economy is predicted to grow by 6.8 percent in 2017 and by slightly less in 2018. The fund has revised its forecast for the eurozone up by 0.3 points to 1.9%.

The White House and congressional leaders last month unveiled proposals for deep cuts United States income taxes, notably by lowering corporate rates from 35 to 20 per cent, which they hope to complete by January.

The net oil importers are projected to fare better, led by Pakistan which is estimated to grow by 5.3 per cent in 2017 from 4.5 per cent past year.

Canada will be the fastest-growing G7 economy this year, on 3%, according to the WEO. The country has also benefited from investment in the China-Pakistan Economic Corridor.

But its latest forecast is marginally higher than the 1.6 per cent growth pencilled in by the Organisation for Economic Co-operation and Development for this year.

India announced currency demonetization in November previous year and this led to major disruption.

The International Monetary Fund issued Tuesday a more optimistic prognosis for Russian Federation five months ahead of presidential elections but warned the authorities of structural constraints that jeopardise long-term economic prospects.

In contrast, compared with the April 2017 WEO forecast, growth has been marked down for 2017 in the United Kingdom and for both 2017 and 2018 in the USA, implying a 0.1 percentage-point aggregate growth downgrade for advanced economies in 2018. "However, the recovery is not complete: although the baseline outlook is better, growth remains weak in many countries".

At the same time, a premature exit by the European Central Bank from its easy monetary-policy stance could derail growth in many European countries. 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.

"Likewise, brisk fiscal spending adding to an already buoyant domestic demand, rapid credit growth and rising inflation could give rise to overheating pressures in the near term, although this risk may diminish over the medium term as the economy's productive capacity improves".



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