Nigeria's economy to grow by 0.8% in 2017

Posted April 19, 2017

In its latest World Economic Outlook, the International Monetary Fund forecast the global economy will grow by 3.5 percent in 2017, an acceleration from the 3.1 percent growth a year ago and an upgrade of 0.1 percentage points from its January projection.

The head of the International Monetary Fund (IMF) said last Wednesday that after six years of disappointing growth, the world economy was finally gaining momentum.

"At the same time, a combination of adverse weather conditions and civil unrest threaten several low-income countries with mass starvation".

When presenting his forecasts, IMF Chief Economist Maurice Obstfeld said that protectionism and a race to the bottom in financial regulation (another fear concerning the United States' new line) "would be worse for everybody".

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One bright spot is gas-rich Qatar which is expected to register 3.4-percent growth this year, compared with 2.7 percent in 2016.

'In Washington this week I will be talking to our worldwide partners about how we can carry on increasing global economic growth, with Britain again playing an active and engaged role in the global economy'.

The report said the UK's "principal challenge will be to successfully navigate the exit from the European Union and negotiate new arrangements for economic relations with the European Union and other trading partners".

The IMF said the expected growth improvements for this year and the next are broadly based, although growth remains tepid in many advanced economies, while the export industry continues to struggle.

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He warned that if the degree of remaining slack in the USA economy is small, the result could be inflation and a faster than expected pace of interest-rate rises, that could spark sharp dollar appreciation and possible difficulties for emerging and some developing economies-especially those with dollar pegs or extensive dollar-denominated liabilities.

However, Obstfeld warned: ""Capitulating to those pressures would result in a self-inflicted wound", which would harm countries by pushing prices higher and eroding household income, prompt retaliation, and worsen the global economy".

He said, however: "We think a better approach than cutting off trade or managing trade heavily is to embrace trade and the productive enhancements it brings, but also to make sure that the people who are negatively affected are not left behind".

"I will meet the Emir and other Qatari government and business officials as we seek to strengthen our countries' business and trade relations", Museveni said before flying out on Tuesday.

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Global trade has fostered "economic miracles" around the world, driving growth and lifting millions out of poverty, he stressed. "President Trump has failed to follow through on the protectionist threats he made during his election campaign, including labelling China as a currency manipulator and overhauling the NAFTA agreement [between the US, Canada and Mexico]".