Pakistan to seek its largest loan package from International Monetary Fund

"Notwithstanding the present demand momentum, we have downgraded our 2019 USA growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation".

In the IMF's most recent World Economic Outlook (WEO), the global financial authority forecast the Philippines's inflation numbers to hit 3 percent in 2023.

The International Monetary Fund (IMF) on Monday retained economic growth projection for India at 7.3 per cent for 2018-19 (FY19), lower than the government's and the Reserve Bank of India's (RBI's) forecasts.

"The government has made a decision to approach the International Monetary Fund for stabilisation and an economic recovery programme", said the Finance Ministry in a statement after the stock market suffered an over 1,300-point plunge, losing nearly 270 billion Pakistani rupees ($2 billion) of its capitalisation - the highest single-day loss in a decade. Fed Chair Jerome H. Powell recently said these are "extraordinary times" for the USA economy.

The IMF said a new data base in its semi-annual Fiscal Monitor report showed considerable net worth in 31 countries that account for 61 per cent of global economic output.

In the latest report, Taiwan's major trade partner South Korea is projected to grow 2.8% and 2.6% for 2018 and 2019, respectively, downward revisions by 0.2 and 0.3 percentage points from previous forecasts.

Pakistan Finance Minister Asad Umar, who is attending the Fund's annual meeting in Bali, announced earlier this week that the government would seek talks with the IMF on a "stabilization recovery program".

"U.S. growth will decline as fiscal stimulus begins to unwind in 2020, at a time when the monetary tightening cycle is expected to be at its peak", the IMF said.

According to the IMF, Japan's growth is projected to soften to 0.9 percent in 2019, unchanged from the July estimate.

"Where we are now is we've gotten some bad news".

China and the United States have slapped tit-for-tat tariffs over the past few months, rattling financial markets as investors anxious the escalating trade war could knock global trade and investment.

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

The repercussions for the United States and China would be particularly severe, with 2019 GDP losses of more than 0.9 percent in the United States and 1.6 percent in China in 2019.

Much of the global angst has been dominated by Trump's escalating tariff war with China and his disdain for world trading norms.

The alternative conference, which had attracted around 300 registrants from Indonesia and around the world, was to bring together dozens of civil society groups to draw attention to the impact of free trade and IMF-WB backed policies that critics say aggravate income inequality, abuse labor rights and hurt the environment.

U.S. President Donald Trump has accused China of deliberately manipulating its currency to gain a trade advantage, claims Beijing has consistently rejected.

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