International Monetary Fund forecasts strong global growth, warns against escalating trade war

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The International Monetary Fund (IMF) in the latest World Economic Outlook (WEO) has projected India to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019. They all projected the country's economy will grow above 8 per cent, but that won't be. Sub-Saharan Africa's economy is expected to grow 3.4 percent this year, up from 2.8 percent in 2017.

The study shows that past year, global smartphone sales stood at close to 1.5 billions - or one for every five people on the planet.

It urges countries with excess current account surpluses and fiscal space - notably Germany - to increase public investment to boost potential growth and demand.

"The prospect of trade restrictions and counter-restrictions threatens to undermine confidence and derail global growth prematurely", said Maurice Obstfeld, the fund's economic counsellor and director of the research department.

In the Middle East, North Africa, Afghanistan, and Pakistan region, growth is forecast to rise from 2.6 per cent in 2017 to 3.4 per cent in 2018 and 3.7 per cent in 2019, but it will stabilise at about 3.6 per cent in the medium term. Trump, who campaigned on a pledge to protect US industries from what he argues is unfair foreign competition, has slapped tariffs on steel and aluminum imports.

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Two dogs in the backyard of the burning home on the 2200 block of North Jackson Avenue were safely removed from the property. Crews contained the fire to the rear addition. "I'm not sure if we would rebuild it", she said.

In the case of the United States, the noted that the sweeping USA tax cuts was expected to fuel higher growth only through next year, and after that would "subtract momentum".

The IMF said the reforms would improve infrastructure in transport and telecommunication sectors to spur growth. "Let's use it and proceed in a collaborative way rather than conflictive way", he said, adding that "[there are] not going to be any winners coming out of a trade war".

In Turkey, limiting balance sheet currency mismatches and the high exposure to foreign exchange risk are urgent priorities, especially with monetary policy normalization under way in the United States and the United Kingdom (and the resulting possibility of a shift of capital flows away from emerging market economies), the IMF warned.

This compares with locations where smartphones are manufactured, such as Korea, where the production chain of smartphone rleated components is estimated to have contributed one-third of real GDP growth in 2017, while in Taiwan, the contribution is as high as 40 per cent.

India is expected to outpace China, registering 7.4 percent growth this year.