Confirms 3 pct growth forecast for Serbia in 2017

President Donald Trump gestures as he and Chinese President Xi Jinping walk together after their meetings at Mar-a Lago in Palm Beach Fla

President Donald Trump gestures as he and Chinese President Xi Jinping walk together after their meetings at Mar-a Lago in Palm Beach Fla

"The expected growth improvements in 2017 and 2018 are broadly based", said Maurice Obstfeld, Economic Counsellor and International Monetary Fund director of the Research Department, but he added that "growth remains tepid in many advanced economies, and commodity exporters continue to struggle". Unemployment rate in Kazakhstan will remain at 5 percent level in 2017 and 2018 as it was in 2016.

"Momentum in the global economy has been building since the middle of last year, allowing us to reaffirm our earlier forecasts of higher global growth this year and next", Maurice Obstfeld, economic counsellor and director of the International Monetary Fund (IMF) Research Department, told reporters at a news conference at Washington.

Morocco's economic growth is forecast to jump from 1.5 percent last year to 4.4 percent this year, while Tunisia's economy is seen expanding by 2.5 percent compared with just one percent the year before.

Uganda's president visits a region that is under pressure after fall in oil prices.

"The world economy may be gaining momentum, but we can not be sure that we are out of the woods", said Obstfeld.

"(But) that data release has come after our forecast was closed.

The IMF Team was concluding the 10-day visit to Tanzania last week that the projection based on anticipating financing constraints easing in the second half of the year.

Policy actions should also consolidate the disinflation underway since the collapse in commodity prices through agricultural sector reforms and infrastructure enhancements to ease supply bottlenecks, the report said.

Financial markets have marched upward. "If confidence and market sentiment remain strong, short-term growth could indeed surprise on the upside".

The 19 countries in the eurozone - although overshadowed by Brexit and election uncertainties - are expected to achieve modest growth thanks to the weaker euro and accommodative fiscal policy such as low interest rates.

It said that that the economic projections for the UK "points to a more gradual materialisation than previously anticipated of the negative effects of the United Kingdom's decision to leave the European Union".

The IMF report stressed that risks to the outlook "remain tilted to the downside", meaning that while growth could turn out to be faster than expected - particularly if there is a large USA government spending program - there are more negative possibilities on the horizon.

In 2016 GDP growth hit 1.1 percent, according to International Monetary Fund.

China will likely achieve a steady pace of growth this year on government-led boosting measures and an expansion in public investment.

"Similarly, curbing immigration flows would hinder opportunities for skill specialization in advanced economies, limiting a positive force for productivity and income growth over the long term", the report said.

In advanced economies, especially Europe, the cyclical recovery from the crises of 2008-09 and 2011-12 will help keep growth modestly above potential over the next few years, the report said. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times.

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