Fund predicts that global GDP will grow by 3% this year and 3.4% in 2020. Brazil and Saudi Arabia may see a recovery next year.
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IMF report shows that trade uncertainty may affect global growth in 2019, but in some regions, like the Middle East, it remains moderately low.
The foreign ministers of the bloc composed of Brazil, Russia, India, China and South Africa convened in Rio de Janeiro. They called out for increased representation of emerging countries with international organizations.
Executive Board published a report about the Arab country and forecasted non-oil GDP growth at 5.4% in 2019.
Fund allowed Egypt to draw USD 2 billion, the fifth part of the USD 12 billion agreement signed in 2016. IMF acting managing director praised the reforms made by the country.
The Arab country is struggling with high public debt and lackluster economic growth, made worse by repercussions from fighting in Syria. After visiting the country, an International Monetary Fund staff team recommended a surplus-inducing fiscal plan, structural reforms and financial sector enhancement.
IMF report shows positive shows positive figures on the Arab country, such as a 2.6% GDP growth projection this year, against 2018 2.2%. Qatar achieved fiscal consolidation, despite lower oil prices, according to the fund.
IMF expects the Arab country’s economy to accelerate 6.7% this year after a 3.6% growth in 2018.
IMF released its economic outlooks of the Middle East, North Africa, Afghanistan, and Pakistan. The fund asks for reforms that lead to growth so that it may be possible to create jobs amid a slowing global economy, volatile oil prices, and uncertainty around trade tensions.
Recovery of the international prices of the commodity last year have strengthened the confidence in the country, but there are still some challenges, particularly the fiscal consolidation, according to IMF report.
The draft budget for the 2019/2020 financial year provides for stronger GDP growth and public debt reduction.
Global expansion is weakening amid risks, says International Monetary Fund economic counsellor and director of Research Gita Gopinath.
Managing director of the IMF said the country needs financial assistance more than ever in order to deal with the great number of refugees while doing the tax adjustment.
The country has a USD 160 million loan agreement in place with the International Monetary Fund to support a reforms program.
