Nigeria's growth not enough to create jobs, says International Monetary Fund

PM Khan talks to media persons in Lahore. —DawnNewsTV

"We have not been formally approached yet", said Maurice Obstfeld, the IMF's top economist, during the fund's annual meeting in Bali.

Despite the recent pullback, US stocks are near record highs and that has raised concerns over valuations, especially of high-growth stocks, such as technology and the FAANG group.

The new forecasts, released on the Indonesian resort island of Bali where the International Monetary Fund and World Bank annual meetings are getting underway, show that a burst of strong growth, fueled partly by US tax cuts and rising demand for imports, was starting to wane. The move is speculated to have been pushed by authorities in response to the IMF's calls for a weaker exchange rate. The Nasdaq composite lost 0.7 percent to 7,735.95. The U.S. economy is expected to grow 2.5 percent in 2019.

The IMF's cut to its outlook was broad-based. The Outlook said the global economy is expected to grow at 3.7 percent this year and next year - down 0.2 percentage points from an earlier forecast, as the trade war started to hit economic activity worldwide.

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China's central bank fixed its yuan rate at 6.9019 per dollar on Tuesday, so breaching the 6.9000 barrier and leading speculators to push the dollar up to 6.9120 in the spot market.

"IMF's downgrade just goes to show how the tariff dispute between US and China is beginning to take its toll on the global economy", said Peter Cardillo, chief market economist at Spartan Capital Securities in NY.

The IMF warned that China's growth even risked declining by a full percentage point by next year in the event of a "worse-case" scenario, involving further tariffs coupled with a collapse in confidence by businesses and markets.

Several emerging markets had their forecasts cut, including Argentina, Brazil, Iran and Turkey, reflecting factors including tighter credit.

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Nonetheless, despite trade tensions and continued monetary policy normalisation in a few advanced economies, global financial markets have remained buoyant and appeared complacent about the risk of a sudden, sharp tightening in financial conditions, the world body said. Core inflation, which excludes volatile items such as energy, will vary from country to country, it said.

United States growth this year remained steady at 2.9 percent but is set to slow in 2019 as the effect of Trump's sweeping tax cuts wear off and the trade dispute with China begins to set in.

Experts believe the International Monetary Fund program will come up with harsh conditions that will largely impair the country's growth.

In a press conference at the White House on Tuesday, President Trump said "China wants to make a deal and ... they're not ready yet", adding that is a reason his administration has canceled a couple of meetings with Beijing. The acceleration relative to 2016-17 reflects a more supportive external environment, including stronger global growth, higher commodity prices, and improved capital market access, following efforts to improve fiscal balances in the aftermath of the commodity price slump.

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