11 October 2018

Africa: IMF Cuts Global Economic Growth Target to 3.7 Percent

The International Monetary Fund (IMF) has cut global growth projection to 3.7 per cent for this year [2018] and 2019.

The Fund says the global economy's growth target has dropped by 2 percent from the initial 3.9 percent.

The Economic Counsellor and Director of Research Department at the IMF, Maurice Obstfeld disclosed the Fund's new projection for global economic growth.

Addressing the media on the World Economic Outlook, in Bali, Indonesia, Mr. Obstfeld said developments on the global market have warranted a revision of their earlier decision.

These include instances where some key economies have supported their growth with policies that seem unsustainable over the longer term.

Again, the challenges that have confronted three major economies in Africa that is; Nigeria, South Africa and Angola, have impacted the region's growth which has also affected overall global growth.

The Briton Woode institution is also projecting growth of 1.9 and 0.8 percent for Nigeria and South Africa while it is predicting contraction of 0.1 percent for Angola.

Also, the IMF admits that though oil producing countries like Nigeria are going to benefit from higher prices, it sees signs of lower investment in manufacturing, coupled with weaker trade growth.

It is unclear how this projection is going to affect the Fund's assessment of Ghana's economic performance as the country nears the completion of the three-year programme.

Either ways, Ghana's performance or otherwise in the eyes of the Fund may be judged based on the conditions set when the agreement was first signed in 2015.

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