IMF Raises GDP Growth Forecast for Hungary

As Pakistan's Debts Pile On China Plans More CPEC Projects

The reason for the International Monetary Fund reducing its initial growth estimates is because of the imposition of duties on imports - read between the United States and China - and the under-performance of certain economies both developed and developing, including countries in the European Union, Great Britain, Japan, South Africa, Argentina, Turkey and Brazil.

"There are clouds on the horizon", he said.

Maurice Obstfeld, the IMF's economic counsellor, said at a press conference in Bali, Indonesia, after the report was released, admitted the April forecast was "overoptimistic" and that growth was "less balanced than we hoped".

This would mark China's weakest growth since 1990 and the impact could be harsher - a decline of 1 percentage point or more - if a worst-case trade war scenario were to materialise.

The possible failure of Brexit negotiations also dampened the eurozone's growth outlook. South Africa, only 0.8% this year. Meanwhile, the benchmark Nikkei 225 Index fell 1.32 percent or 314.33 points to 23,469.39 points at the close.

The IMF's cut to its outlook was broad-based.

"The government has made a decision to do both", he said while addressing a ceremony to launch Naya Pakistan Housing Programme, a flagship project of his government to build 5 million houses in five years for low income people.

The latest of these exchanges saw US President Donald Trump impose a 10 percent tariff on $200 billion (£153 billion) worth of Chinese goods in September, which would increase to 25 percent by the end of 2018.

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Last year, China shipped goods worth $375 billion more to the US than it took in from the United States, a figure Trump has often said he wants to curb sharply in an effort to promote American businesses.

Besides, the Azerbaijani government expects the growth of the country's GDP at the level of 2 percent for this year, 3.19 percent for 2019, and 3.5 percent for 2020.

Overall, global growth will remain steady - about 3.7 percent this year - and exceed that of 2012-2016.

In addition to the revised outlook for the rest of this year, the International Monetary Fund has downgraded expectations for China in 2019 - from 6.6 percent to 6.2 percent.

It also slashed its outlook this year for 19 countries, including several eurozone member states and emerging markets.

"Growth performance varies, however, across countries".

The IMF boss also decried the nation's current earnings from its non-oil revenue which she said is just 5 percent of the country's gross domestic production (GDP). "Inclusive fiscal policies, educational investments, and ensuring access to adequate health care can reduce inequality and are key priorities", he added.

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