Canadian economy gets a boost while United States downgraded

The IMF said it now expects the economy to grow by 1.7

That's just shy of the IMF's 2.1 per cent forecast for the USA but slightly ahead of Britain's, whose projected growth rate was revised down by 0.3 percentage point to 1.7 per cent following a weak first quarter that raised concerns about the country's economy ahead of its exit from the European Union.

As he launched IMF's latest quarterly update to World Economic Outlook in Kaula Lumpur Monday, IMF's Economic Counselor Maurice Obstfeld, said, "From a global growth perspective, the most important downgrade was the United States".

The International Monetary Fund has downgraded its predictions for growth in the United Kingdom economy.

Global growth forecasts were left unchanged at 3.5% for 2017 and 3.6% for next year, with the report stating that stronger than expected performances in the Eurozone, China and Japan would be likely to offset more sluggish performances around the globe.

It revised growth for emerging markets and developing economies to 4.6 percent this year from last year's 4.3 percent projection.

Saudi economic growth is also forecast to rebound to 1.1 percent next year, down 0.2 percentage points on April projections, it said.

However, the International Monetary Fund projects a growth rate of 7.7 percent for 2018, thus projecting a significant increase against the backdrop of ongoing economic reforms in the country.

On the global perspective, the International Monetary Fund said the pickup in global growth recovery remains on track, maintaining its previous forecast of global growth at 3.5 percent and 3.6 percent respectively for 2017 and 2018.

Mourinho: Why waste time on Bale, Ronaldo?
The Red Devils booked their place in the Champions League next season thanks to a 2-0 win against Ajax in the Europa League final. Manchester United fans will certainly feel they've got one of the best "back-up" goalkeepers in club football.

EPOC's July communique notes that recurrent expenditure for the first two months of the fiscal year fell below budget by $1.1 billion, while capital expenditure was $800 million or 27.7 per cent below budget.

Despite the upbeat worldwide assessment, the forecasts for world growth are still below the average before the 2008 global financial crisis.

The IMF also revised up China's growth projections, saying that it expected banks to continue to lend to support activity so that authorities could meet a highly publicized target of doubling China's economy by 2020.

Nigeria's economy dropped into recession in 2016, with the economy contracting by 1.6 percent.

Meanwhile, forecasts for the euro zone, Japan, Canada and China were raised.

The IMF said policy choices will therefore be crucial in shaping the outlook and reducing the risk.

The more supportive policy tilt in China, especially strong credit growth, comes with rising downside risks to medium-term growth.

"The U.S. dollar has been quietly weakening since the beginning of [the] year", Porter said.

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