Nigeria's growth not enough to create jobs, says International Monetary Fund

Currency dealers fear the alarming increase will fan panic in the market for dollars causing a buying frenzy for the US dollar

The IMF said the RRR cut, together with other easing and stimulus policies, "may help support economic growth in the near term in the face of rising external pressures.(but) may entail greater risks to financial stability over the medium term should they set back progress toward reducing financial vulnerabilities".

It kept the 7.3 per cent growth projection for this year made in July.

It predicted 2.9 percent US growth this year, dropping to 2.5 percent next year, and to 1.8 percent in 2020, as the effect of USA tax cuts wears off and the trade war with China inhibits growth.

The risk of further capital outflows remains high for Indonesia, especially if oil prices continue to rise, and this is quite worrisome, because 40 percent of its fiscal deficit, although below 2 percent of GDP, is held by typically jittery foreign portfolio investors.

"We have not been formally approached yet", said Maurice Obstfeld, the IMF's top economist, during the fund's annual meeting in Bali.

In a report released on Tuesday, the International Monetary Fund estimated that despite positive policy tailwinds in the US economy resulting from things like tax reform, growth will be less than previously expected next year, as a result of the trade war.

According to experts, such rise in the U.S. dollar rate against Pakistani rupee is an impact of government's decision to approach the International Monetary Fund (IMF) in order to handle the financial crisis that Pakistan is facing.

The IMF said it was now predicting 3.7 percent global growth in both 2018 and 2019, down from its July forecast of 3.9 percent growth for both years.

The IMF expects SA's economy to expand by 1.4% in 2019, down from its April projection of 1.7%.

According to him, the report showed that the negative revisions for emerging markets and developing economies would be more severe, at minus 0.2 and 0.4, respectively.

The IMF said the balance of risks was now tilted to the downside, with a higher likelihood that financial conditions will tighten further as interest rates normalise, hurting emerging markets further at a time when US-led demand growth will start to slow as some tax cuts expire.

In addition to the trade barriers, the International Monetary Fund said higher interest rates are also contributing to slowed economic growth.

"We are all deeply concerned about this news and the potential impact on the business".

"We will be listening very, very attentively when and if they come to us", said Obstfeld.

It said that a full-blown trade war between the U.S. and China would put a significant dent in economic recovery.

Trump has levied or threatened tariffs on goods from economies around the world, notably China, but also on traditional allies such as the European Union. Overall, global growth will remain steady - about 3.7 percent this year - and exceed that of 2012-2016.

It also assumes that Trump imposes a 25% tariff on imported cars and auto parts imports.

Pakistan is also seeking fresh loans from China, which has already heavily invested in joint transport and energy sectors in Pakistan.

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