International Monetary Fund positive on global economic prospects

The number of people employed in the casual'gig economy has surged through the launch of services such as Uber

Maurice Obstfeld, IMF Economic Counsellor and Director of Research, said while the global recovery is continuing at a faster pace, the picture is very different from early a year ago, when the world economy faced faltering growth and financial market turbulence.

The International Monetary Fund has cut its official outlook for United Kingdom economic growth this year, citing a slump in private consumption and a dramatic tumble in the value of the pound weighing on household spending.

Releasing its latest World Economic Outlook in Washington, IMF economic counsellor Maurice Obstfeld says the global recovery is continuing and "at a faster pace".

Treasury had previously indicated that it expects the economy to grow by 1.3% in 2017, but this is likely to be revised when finance minister Malusi Gigaba gives his mid-term budget speech on 25 October.

"The UK, where the strong depreciation of the pound since last summer has passed through into higher consumer prices, is an exception to this pattern [of low inflation in other countries]".

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In contrast, compared with the April 2017 WEO forecast, growth has been marked down for 2017 in the United Kingdom and for both 2017 and 2018 in the U.S., implying a 0.1 percentage-point aggregate growth downgrade for advanced economies in 2018.

In its latest World Economic Outlook, IMF said the world economy is going through a cyclical upswing that began midway through 2016.

The International Monetary Fund (IMF) has delivered an unusually upbeat assessment of the prospects for the global economy, with worldwide growth now at its strongest rate in seven years.

Earlier this year the International Monetary Fund cut Britain's growth expectations for 2017 by 0.3 per cent to 1.7 per cent - a prediction which has remained unchanged.

If Korea does reach an economic growth of 3 percent, it would be the first time since 2014.

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IMF's 6.7 percent growth rate projection is in line with the Reserve Bank of India's forecast.

That marked a one tenth of a percentage point upwards revision for each year versus its last set of projections made in July.

In the next six to nine months, the US, Japan, Canada and the majority of European countries are expected to maintain "stable growth momentum", according to the OECD.

"In advanced economies, monetary policy settings should remain accommodative until there are firm signs of inflation returning to targets.(as) still-subdued wage pressures mostly reflect remaining slack, not fully captured by headline unemployment rates", the Fund said.

The report also projects strengthening economic growth across most of Asia, raising its forecast for Japan but reducing it for India.

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