India all set to deliver 7.7% growth in 2018

Donald Trump's attempts to push a healthcare bill through the Republican-controlled Senate collapsed last week

Donald Trump's attempts to push a healthcare bill through the Republican-controlled Senate collapsed last week

"A rule-based and open world trading system is especially vital for global prosperity, but it must be supported by domestic policies to facilitate adjustment, not only to trade but to rapid technological change", the International Monetary Fund said.

The 0.3 percentage-point cut to Britain's 2017 growth forecast contrasted with upgrades for most of the big advanced economies covered by the IMF's forecasts although the projection for USA growth this year was cut by 0.2 percentage points.

The envisaged stimulus includes a planned overhaul of the nation's tax system, which features a cut in the corporate tax rate to 15 percent from 35 percent, and Trump's promised $1 trillion infrastructure spending.

Obstfeld said the global economy has been the subject of considerable protectionist rhetoric, such as President Donald Trump's proposed tariff on steel imported from China, but such talk had yet to translate into much action.

"On the upside, the cyclical rebound could be stronger and more sustained in Europe, where political risk has diminished", the International Monetary Fund said in Monday's report. However, the fund cut its projection for Canadian growth next year to 1.9 per cent, down 0.1 point.

The IMF predicted a two-point-one percent and six-point-four percent increase of the world's largest and second largest economies next year, respectively.

The 2017 growth projection for China was revised upward 0.1 point to 6.7 percent and that for five Association of Southeast Asian Nations members - Indonesia, Malaysia, the Philippines, Thailand and Vietnam - was raised 0.1 point to 5.1 percent.

Cowboys coach Jason Garrett on Lucky Whitehead arrest: 'We'll respond accordingly'
The 25-year-old wideout told reporters after Monday morning's walkthrough that he wasn't aware of the warrant out for his arrest. Garrett said the team is gathering information on the incident and did not deny that player in this situation could be released.

The IMF tweaked its Japan forecast for 2017 to growth of 1.3 percent, up from 1.2 percent forecast in April, while leaving its 2018 forecast unchanged at 0.6 percent.

The IMF projects global trade growth approaching 4% in 2017-18, outpacing the world economy and well ahead of the 2015-16 trade growth of less than 2.5%.

The IMF said its downgrade reflected Britain's weaker-than-expected growth in the early part of this year.

Analysts polled by Reuters see an expansion of 0.3 percent compared with 0.2 percent in the first quarter - half the UK's long-term average growth rate.

However, Obstfeld welcomed China's recent measures regarding the management of bad loans and financial supervision coordination.

The Office for National Statistics will publish its first estimate of U.S. GDP figures for the second quarter on Friday, giving a bit of hard evidence on how justified the downgrade was.

"Near-term USA fiscal policy looks less likely to be expansionary than we believed in April", Mr Obstfeld said.

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