Categorized | SRI LANKA

IMF expects global economy to perform better this year

Posted on 12 April 2017 by admin

 

Apr 11, 2017 (LBO) – The International Monetary Fund expects the global economy to perform better this year and next year compared with 2016, but it has concerns beyond the near-term, said IMF Managing Director Christine Lagarde.

“Our forecast for 2017 and 2018 is certainly more favourable than what we have seen in 2016, and probably a bit more so than we had forecast previously,” she said, according to a CNBC report.

“So there is a positive short-term outlook on the horizon, which is unfortunately tainted by the risks that are still there, and that lead us to be concerned about the risk of complacency,” Lagarde added.

“I have also identified two key concerns that we at the IMF have: one is persistent low productivity and, second, excessive inequalities that grow together with that low productivity.”

Largarde made these comments after meet the heads of global economic organisations and German Chancellor Angela Merkel. The IMF will release its world economic outlook later this month.

In the U.S., Fed Chairwoman Janet Yellen said the aim was to raise U.S. interest rates gradually to sustain full employment and near-2-percent inflation without letting the economy overheat.

She added that the focus has shifted from a post-crisis exercise of healing the economy, hinting that the Fed may now be more influenced by Congress.

Oil futures rose on Monday due to uncertainty on the situation in Syria, with the upcoming French presidential election and North Korea underpinning safe-haven demand for U.S. government debt.

Brent crude futures, the international benchmark for oil prices, settled up 1.3 percent at $55.98 per barrel and U.S. crude futures settled up 1.6 percent at $53.08.

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