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International Monetary Fund ups forecast for Kazakh GDP growth

26 April 2017

The IMF revised its forecast for this year by 0.1 percentage point from the last prediction, issued in January.

It has pegged world output at 3.5 per cent in 2017, rising marginally to 3.6 per cent in 2018. The inflation rate will accelerate to 3.1% next year.

The estimates on Romania's current account deficit haven't changed, and remained at 2.8% of the GDP this year.

As for growth in 2018, Brazilian analysts project a high of 2.5 percent.

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The US economy is projected to gather steam as a result of expansionary fiscal policy, the report said. The IMF has raised its predictions of global growth, with stronger momentum from the second half of a year ago carrying through to 2017.

One of the biggest improvements to the outlook was for the United Kingdom, which is preparing to leave the EU. The deficit would be on the upward trend as compared to 1.1 percent in 2016.

But the International Monetary Fund gave its backing to the Bank of England's decision to persist with historic-low interest rates, describing it as "appropriate because growth is expected to slow".

China has set its GDP growth target at around 6.5 percent for 2017. The outlook for next year was raised to 6.2% from 6%.

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The 2017 figure, which refers to the 2016-17 fiscal year ending in June, is lower than what the global lender had expected in a report around the time Egypt accepted the loan. The projection for next year was left unchanged at 7.7%.

"A distinct set of threats comes from the growth in advanced economies of domestic political movements skeptical of worldwide economic integration", he added.

"The Government has committed to support the business environment of Romania and we will take all measures in this respect".

The organisation attributes both this year's and 2018's marginal growth improvement to the rebound seen in commodity prices, the expansion of the country's electricity capacity as well as the effects of the drought dissipating. Its most recent International Monetary Fund mission report said the domestic economy continue to be favorable despite external headwinds.

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He added that commodity prices "have firmed since early 2016, but at low levels, and many commodity exporters remain challenged - notably in the Middle East, Africa, and Latin America".

International Monetary Fund ups forecast for Kazakh GDP growth