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IMF hails upswing in global economic activity
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IANS | 16 Oct, 2017
The International Monetary Fund has hailed the strength of the global
economy at the close of the annual meetings of the World Bank Group and
the IMF.
"The outlook is strengthening with a notable pickup in
investment, trade and industrial production, together with rising
confidence," the IMF's International Monetary and Financial Committee
said in its final statement on Saturday, Efe news reported.
But
"the recovery is not yet complete, with inflation below target in most
advanced economies and potential growth remains weak in many countries",
the committee added.
Despite the cautiously optimistic wording
of the statement, the mood at numerous meetings and conferences attended
by economic leaders from around the world was almost festive,
especially compared to previous years when a series of crises had put
the global economy on the verge of collapse.
IMF Managing
Director Christine Lagarde tried to dampen the enthusiasm surrounding
forecasts for growth of 3.6 per cent this year and 3.7 per cent in 2018,
which would be the highest levels since 2010, warning that the biggest
risk is complacency.
Even German Finance Minister Wolfgang
Schauble acknowledged at the end of a meeting of G20 colleagues that the
atmosphere was more "relaxed and optimistic".
Tensions between
the IMF and the US administration headed by Donald Trump, who has argued
against free-trade agreements he says are harmful to American workers,
were not as high as on other occasions.
But even so US Treasury
Secretary Steven Mnuchin called for deep reforms in the way the IMF and
World Bank conduct their operations and demanded an end to the latter's
lending to China, the globe's second-leading economy.
"As the IMF
moves into the post-global financial crisis period, we urge the
institution to structure its lending programs to prioritize reforms that
drive private sector-led economic growth," Mnuchin said.
"In too many countries a large public sector crowds out the private sector."
That
position by the US, the leading shareholder and contributor to the IMF
and the World Bank, marks a 180-degree shift with respect to the policy
of the previous administration headed by Barack Obama and has forced the
rest of the international community to adapt to the changing reality.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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