IMF Revises Nigeria's Growth Outlook Upwards

The IMF has warned before of the threat from the growing use of robots
Free trade warning – IMF, WTO and World Bank say it must be defended

13 April, 2017

In the analytical chapters of its flagship World Economic Outlook report, the International Monetary Fund on Monday said emerging markets and developing economies may face less supportive external environment going forward than they experienced for long stretches of the post-2000 period.

"At the same time, there are clear downside risks: political uncertainty, including in Europe, the sword of protectionism hanging over global trade, and tighter global financial conditions that could trigger disruptive capital outflows from emerging and developing economies", Lagarde said.

Open markets and increased competition can help poor countries rise from poverty, lower prices in rich countries and force companies and countries to become more efficient and focus on what they do best.

It also noted that the sharp slowdown in global trade in recent years is both a symptom of and a contributor to low economic growth, and that trade openness has slowed down sharply in recent years as trade restrictions in some areas remain high and new restrictions continue to grow since the global financial crisis.

Policies that help to sustain strong economic and job growth can ease the costs of adjustments to trade, said the report, which also stressed on the importance of domestic policies to address such events. The organizations want countries to make it easier for people to switch careers or move where jobs are and in some cases to provide insurance for lost wages.

More news: Instagram Direct Brings Together Permanent And Disappearing Messages

These economies have been incompetent in addressing trade shocks such as job losses, though job losses in certain sectors or regions have resulted from technological changes to a large extent, rather than from trade, said the report.

"The good news is that, after six years of disappointing growth, the world economy is gaining momentum as a cyclical recovery holds out the promise of more jobs, higher incomes and greater prosperity going forward".

The IMF sees a more favorable outlook for the global economy this year and next than in 2016, but it has concerns beyond the near-term, IMF Managing Director Christine Lagarde said.

The report recommended more active government policies beyond traditional unemployment income benefits to retrain and redeploy workers idled by imports, including programs to encourage more worker mobility.

"I have also identified two key concerns that we at the International Monetary Fund have: one is persistent low productivity and, second, excessive inequalities that grow together with that low productivity", she said.

More news

  • Samsung Galaxy S8 Microsoft Edition comes with extra apps

    However, this version of the Galaxy S8 will only be available via Microsoft's brick and mortar stores in the United States. Samsung launched the S8 with many new security features, such as an iris scanner and a fingerprint sensor.
    Delta tries to 'normalize' as flight cancellations continue

    Delta tries to 'normalize' as flight cancellations continue

    The airline's travel waiver has been extended into the weekend so that customers can rebook their flights without the change fee. She said they had to wait four hours to get to the ticket counter to check bags, two hours after their flight had left.
    North Korea launches missile into Sea of Japan

    North Korea launches missile into Sea of Japan

    Most of North Korea's missiles use liquid propellant, which usually must be added on the launch pad before the weapon is fired. Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts.
  • Obama to give speech in Berlin to mark Reformation anniversary

    Obama visited Germany six times as president, but he captured the hearts and minds of Germans before he was even elected. A crowd of more than 200,000 turned out to hear the then presidential candidate Obama speak in Germany in July 2008.
    W. Mosul's old quarter hit by airstrike; 11 killed

    W. Mosul's old quarter hit by airstrike; 11 killed

    The Pentagon said the advisers are generally not near the front lines but work in headquarters behind the front lines. In one instance, the officials said a precision USA strike took out the sniper but left the building intact.

    Akshay Kumar named best actor, 'Kasaav' best film at National Film Awards

    I am very greatful to director Nagabharna for allowing me complete creative freedom in my first project as composer. Thanking everyone for his big win, the " Khiladi " actor said that he feels "humbled by this honour".
  • Neuville on cusp of Corsica win as Hyundai goes 1-2

    Neuville on cusp of Corsica win as Hyundai goes 1-2

    Sordo who finished the rally on third in his i20 had 13.6sec in hand over Jari-Matti Latvala of Toyota. Ogier has won the past four world titles and is looking to become only the second driver to win five.
    Bond yields headed northward, RBI tightens rate corridor

    Bond yields headed northward, RBI tightens rate corridor

    Considering the quick swings in global macro indicators and volatile political and fiscal set up, upside risks to inflation do remain.
    Reds recap: Cincinnati tops St. Louis, 8-0

    Reds recap: Cincinnati tops St. Louis, 8-0

    Matt Bowman had a ideal seventh for the Cardinals but Jonathan Broxton gave up a two-run homer to Scott Schebler in the eighth. The Yankees had taken a 5-1 lead thanks to early two-run homers from Matt Holliday and Gary Sanchez off Ubaldo Jimenez.
  • Shower and t-storm chances increase into the weekend

    At this point in the season, reaching 80 degrees has happened more than three weeks sooner than is typical. Even warmer temperatures are on track for the start of the upcoming Easter weekend with highs in the 70s.
    Tyga Handcuffed and Ticketed in Hollywood

    Tyga Handcuffed and Ticketed in Hollywood

    Of course, the rapper was filmed while being arrested, video which showed Tyga saying that he had just bought the auto . After the cops pulled him over for a routine traffic stop, they chose to give him a sobriety test for a possible DUI.

    Marshawn Lynch has reportedly "expressed interest" in signing with New England Patriots

    Michael Giardi of CSN New England reported that the defending Super Bowl champs are open to bringing Lynch under one condition. The ex-Seahawks' running back was in the Raiders' building and it was head coach Jack Del Rio's decision.