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International Monetary Fund significantly improves Slovenia's GDP growth forecast to 4.0% in 2018

18 April 2018

Its goals are to ensure the stability of the worldwide monetary system (exchange rates and global payments), to secure financial stability, facilitate global trade, promote high employment and sustainable economic growth, and reduce poverty.

While iPhones aren't physically exported from Ireland, the gadget giant's intellectual property is based here, which has led the authors of a report into smartphones and global trade to estimate that in value-added terms, iPhone exports accounted for 25 per cent of the Irish economy's growth in 2017.

He told reporters in Washington that a fight over trade will not help anyone and there will be no winners, even if some may see some short-term benefits.

While it is hard to predict how things will play out, "I suspect if you keep poking at economic expansion it could turn around and bite you", Obstfeld warned. Referring to the projected growth rate for India in 2018 and 2019, which is higher than that of the previous year of 2017, the International Monetary Fund explained this is due to the strong private consumption as well as fading transitory effects of the currency exchange initiative and implementation of the GST.

The country saw a 4.3 percent growth past year.

"Risks beyond the next several quarters clearly lean toward the downside", the report added. At the same time, the clear slowing of the increase in productivity and the aging population will have a negative impact on the growth rate. He has also proposed imposing tariffs on $50 billion in Chinese imports to punish Beijing for its aggressive attempts to obtain foreign technology. The fund said it expected expansion of 3.9% this year and next - up by 0.2 points in each year from the October WEO, but unchanged from the latest WEO update in January.

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"Our strong message at this meeting is there is a multilateral system".

"If the housing boom were to rekindle or for other reasons household debt were to increase again, it would probably be useful to have another instrument to use, rather than only relying on LVRs".

The IMF has also strongly criticised the approach of the Trump administration to trade deficits.

Rather than lower the trade deficit, as Trump has called for, the U.S. trade actions could expand it by another $150bn by 2019, according to the report. The acceleration is driven by faster growth in the euro area, Japan, China, and the United States, as well better performance in Brazil, Mexico and emerging Europe, and underpinned by growing trade and investment.

The rapid decline should "serve as a cautionary reminder that asset prices can correct rapidly and trigger potentially disruptive portfolio adjustments".

By 2023, the International Monetary Fund expects United Kingdom growth to be 1.6%, slightly higher than the 1.4% pencilled in for the eurozone. Figures disclosed a year ago that some €119 million in Apple's global sales are put through its Irish operations.

International Monetary Fund significantly improves Slovenia's GDP growth forecast to 4.0% in 2018