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24.01.2018 17:17 IMF sees world GDP growth picking up as US tax cuts gain traction

Global growth will accelerate to the fastest pace in seven years as US tax cuts spur businesses to invest, the International Monetary Fund (IMF) said. The fund raised its forecast for world expansion to 3.9% this year and next, up 0.2 percentage point both years from its projection in October. That would be the fastest rate since 2011, when the world was bouncing back from the financial crisis. About half of the IMF`s global upgrade stems from the Republican tax cuts passed in December and enacted this year. Cuts to the corporate tax rate will give the world`s biggest economy a shot in the arm, lifting US growth to 2.7% this year, 0.4 point higher than the fund expected in October, the IMF said on Monday in an update to its World Economic Outlook. Projected US growth was the highest among advanced economies.

21.01.2018 19:19 Russia c.bank: low inflation is leading to consumption growth

Russia`s economy is seeing consumption begin to increase off the back of low inflation, Russian central bank Governor Elvira Nabiullina said on Wednesday. Russia`s economy ministry said on Monday it expects inflation to stay below the central bank`s target of 4 percent, if there are no weather-related shocks, with January inflation expected at record lows of 2.3 percent to 2.5 percent. Inflation in Russia hit a record low of 2.5 percent last year, the country`s official statistics service Rosstat said Wednesday. The rate began to steadily decline from a peak of 12.9 percent in 2015 to 5.4 percent in 2016. Last month, the Russian central bank said it expected annual inflation to reach 3 percent at the end of 2017 and draw near 4 percent by late 2018.

18.01.2018 21:07 China economy rebounds in 2017 with better than expected 6.9% growth

China`s economy grew faster than expected in the fourth quarter of 2017, as an export recovery helped the country post its first annual acceleration in growth in seven years, defying concerns that intensifying curbs on industry and credit would hurt expansion. The official growth figures released on Thursday are welcome news for Beijing policymakers who are looking to cut debt and pollution in older industries without stunting growth in the world`s second-largest economy. China`s gross domestic product grew 6.8 percent in the October to December period from a year earlier. That was better than the 6.7 percent growth forecast by analysts in a Reuters poll and unchanged from the previous quarter. The headline numbers and signs of property market resilience support economist views that fundamentals will remain intact in 2018, although some see headwinds from tighter regulations, U.S. trade protectionism and a softer consumer sector. "China`s growth is very healthy," said Iris Pang, a Hong Kong-based Greater China economist at ING.

16.01.2018 18:45 Russian economy suddenly shrinks in November

Russia`s economy unexpectedly contracted in November, hit by a drop in industrial production, the economy ministry said on Monday. Gross domestic product shrank 0.3 percent year on year in November, the economy ministry said, contrasting with analysts` consensus call for a 1.5 percent growth. Russia`s oil-dependent economy was on the mend in 2017 after two years of recession, triggered by a sharp drop in global commodity prices as well as sanctions imposed by Western countries against Moscow for its role in the Ukrainian crisis. In November, GDP was dragged down by the industrial sector where output contracted 3.6 percent compared with a year ago.

13.01.2018 20:42 World Bank forecast broad-based recovery for global economy

World Bank on Tuesday raised its forecast for global economic growth in 2018 to 3.1 percent, saying that a broad-based recovery was underway across the world. The forecast was 0.2 percentage point higher than its projections in June last year, said the Washington-based lender in its flagship Global Economic Prospects report. "2018 is on track to be the first year since the financial crisis that the global economy will be operating at or near full capacity," said the lender. It estimated that the global growth reached 3 percent in 2017, the strongest pace since 2011 and a notable recovery from a post-crisis low of 2.4 percent in 2016. Growth increased in more than half of the world`s economies in 2017, highlighting the broad-based nature of the recovery, said the lender. It expected the global growth to slow to 3 percent in 2019 from 3.1 percent in 2018 and further down to 2.9 percent in 2020. According to its forecast, growth in advanced economies is expected to moderate slightly to 2.2 percent in 2018 from 2.3 percent in 2017, because major central banks are likely to gradually withdraw from accommodative monetary policies. With stronger private investment, U.S. economy is estimated to grow 2.3 percent in 2017. The growth is expected to accelerate to 2.5 percent in 2018 and then moderate to an average of 2.1 percent in 2019 and 2020.

09.01.2018 19:47 CICC raises China growth forecast to 7 pct for 2018

A leading Chinese investment firm raised its forecast for China`s economic growth in 2018, citing stronger external demand and strength in consumption and manufacturing investment. The China International Capital Corp. (CICC) raised its forecast for China`s 2018 real GDP growth to 7 percent year on year, up from a previous estimate of 6.9 percent, according to a report from the company. An expected tax cut in the United States will boost external demand for China, contributing to faster export growth, according to Liang Hong, chief economist with the CICC. Stronger-than-expected external demand growth in 2018 will add to the inflationary pressure, and the consumer price index is predicted to rise 2.6 percent year on year in 2018, up from 2.5 percent in the previous estimate, according to the report.

05.01.2018 22:08 Australian economy is on the up, set to overtake Russia`s

In the next few years the Australian economy will become larger than Russia`s in US-dollar terms. And yes, you read that right. The latest World Economic League Table, published by influential British consultancy the Centre for Economics and Business Research (CEBR), predicts a stunning divergence in the the two nation`s fortunes. For some strange reason, CEBR chose to release its latest league table on boxing day, meaning it received little attention from most media outlets. But there it is in black-and-white. By 2026, Australia will have the 11th largest economy, up from 13th today, and Russia will be tumbling back the other way - from a current 11th place to 17th by 2032.

31.12.2017 14:21 Chinese cities` GDP swell by 2035 but can`t beat NY, Tokyo, London

China`s four economic centers, Shanghai, Beijing, Guangzhou and Tianjin, will be among the world`s 10 largest cities in terms of gross domestic product by 2035, but they will still trail New York, Tokyo and London, according to the latest forecast by Oxford Economics. The U.K. research company with links to Oxford University examined how 780 large cities in the world -- which account for 35% of the world population and 59% of global GDP in 2016 -- will change in terms of economic growth by 2035. The aggregate GDP of the 780 cities is expected to increase at an average of 2.9% annually. "Many of today`s emerging market cities, particularly in Asia, will continue to progress along the development path and the balance of urban economic power will shift further east," the report summarized. China is likely to be the growth center over the period. Shanghai will climb five positions to 5th, topping Paris, while Beijing will go up nine places to 6th in 2035. Guangzhou and Tianjin will also jump to 8th and 10th position from 22nd and 27th in 2016, respectively.

28.12.2017 15:51 World`s Richest Accumulated US$1 Trillion in 2017

World`s richest people nearly quadrupled their wealth reaching US$1 trillion in 2017, as the soaring stock markets aided the process, a new report indicates. Per the Bloomberg Billionaires Index, Amazon`s founder, Jeff Bezos added the most, US$34.2 billion this year replacing the richest person, Microsoft Corp. co-founder Bill Gates as world`s richest person in October, raising his "net worth" to US$99.6bn. Facebook Inc. co-founder Mark Zuckerberg gained US$22.6 billion, a 45 percent hike. He also announced plans to sell 18 percent of his stake in the giant, as part of his philanthropy project, as he intends to give away a majority of nearly US$72.6 billion fortune. Together, the world`s five richest people – Bezos, Gates, Buffett, Amancio Ortega, the owner of Zara, and Facebook`s Zuckerberg – hold US$425bn of assets, an amount equal to one-sixth of the UK`s GDP.

25.12.2017 19:04 India GDP to Grow 7.5% in 2018

Indian economy is expected to witness sharp recovery in the January-March quarter and its GDP growth likely to be around 7.5% for 2018, a report said. According to Japanese financial services major Nomura`s Composite Leading Index, some growth consolidation is likely in the Q4 (October-December), followed by a sharp recovery in Q1 (January-March) 2018 due to ongoing remonetization and improving global demand, PTI reported. "We remain bullish on the growth outlook. We expect GDP growth to rise to 6.7% year-on-year in Q4 from 6.3% in Q3, followed by a stronger rebound to 7.5% in 2018," Nomura said in a research note. The report further noted that a tightening of monetary policy is likely owing to inflationary pressures and higher oil prices. Moreover, the minutes of the December 6 monetary policy committee meeting suggest that even as most members saw upside risks to inflation, weak growth concerns have held them back.


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