The other positive is actually the forecast growth going up in 2019 because of two factors - the lower commodity prices, and a more accommodative monetary policy, she said. Advanced economies are set to grow by 2.3% in 2018, by 2.0% in 2019 and just 1.7% in 2020, according to the release.
"The numbers we saw for China today are completely consistent with our forecasts", the IMF's chief economist Gita Gopinath told the briefing, calling on Beijing to continue with efforts to rebalance its economy by reining in excessive credit growth and reforming its financial sector. The multilateral agency on Monday retained its growth projection for the country at 7.5 per cent for 2019-20 and said it is likely to accelerate to 7.7 per cent in 2020-21.
And due to slowing momentum in latter part of 2018, from trade tensions and rising fears on global financial markets, growth previous year was expected to come in at just 3.7 percent, two-tenths slower than the October forecast.
The IMF has lowered its growth forecasts from 3.7 per cent in 2018 to 3.5 per cent in 2019. The Sarb growth forecast for this year is 1.7 percent, down from 1.9 percent; it is unchanged at 2 percent for 2020 and increases to 2.2 percent in 2021.
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The IMF said the forecasts for both this year and next were previously pared partly due to the negative impacts of the US-China trade war.
"Global growth in 2018 is estimated to be 3.7 percent, as it was last fall, but signs of a slowdown in the second half of 2018 have led to downward revisions for several economies".
Rising trade tensions pose a major risk to the world economy.
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The WEO also forecast 1.5 percent 2019 growth for Britain, the same as in October, but warned the estimate is fraught with uncertainty since "as of mid-January, the shape that Brexit will ultimately take remains highly uncertain". Countries should quickly resolve their trade disagreements and the resulting policy uncertainties, rather than raising more harmful barriers and destabilising an already slowing global economy.
Despite fiscal stimulus that offsets some of the impact of higher USA tariffs, China's economy will slow down due to the combined influence of needed financial regulatory tightening and trade tensions with the United States, the International Monetary Fund said in its latest report.
"Across all economies, measures to boost potential output growth, enhance inclusiveness, and strengthen fiscal and financial buffers in an environment of high debt burdens and tighter financial conditions are imperatives", it said.
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