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The Economic Counselor and Director of Research of the International Monetary Fund Maurice Obstfeld, this week in Kuala Lumpur, Malaysia, presented the update of its flagship publication, the World Economic Outlook.
Global growth projections remain unchanged, at 3.5 percent in 2017 and 3.6 percent in 2018, but country contributions differ from those presented last April. For instance, the growth forecast for the United States has been revised down, from 2.3 to 2.1 percent in 2017 and from 2.5 to 2.1 percent in 2018. The reason for this revision is that fiscal policy will be less expansionary than expected during the first half of this year.
By contrast, growth projections were revised upward for Japan and the Euro area. Also revised upward is the growth projection for China, 0.1 percent to 6.7 percent in 2017 and 0.2 percent to 6.4 percent in 2018. The strongest growth projection is for India, at 7.2 and 7.7 percent in 2017 and 2018, respectively. Also projected to be robust, at around 5 percent, is growth in the South East Asian economies.
In commodity producing economies, growth is projected to remain weak, but better than the negative figures of 2016. For Latin America, the growth forecast is 1.0 percent in 2017 and 1.9 percent in 2018.
