IMF downgrades outlook for Australian economy on trade fears

https://www.smh.com.au/business/the-economy/imf-downgrades-outlook-for-world-economy-to-3-7-percent-growth-20181009-p508pf.html

The International Monetary Fund is downgrading its outlook for the world economy, citing rising interest rates and growing tensions over trade.

The IMF said the global economy would grow 3.7 per cent this year, the same as in 2017 but down from the 3.9 per cent it was forecasting for 2018 in July.

Australia would hit 3.2 per cent growth this year before slipping to 2.8 per cent next year, the IMF said. In April, the IMF was forecasting 2.9 per cent for Australia next year. The May federal budget forecast 3 per cent GDP in 2018-19 and the same the following financial year.

“The downward revisions to the 2019 growth forecast for Australia and Korea…partially reflect the negative effect of the recently introduced trade measures,” the report says.

The report comes on the eve of the October 12-14 meetings in Bali of the IMF and its sister lending organisation, the World Bank.

The IMF expects the US economy to grow 2.9 per cent this year, the fastest pace since 2005 and unchanged from the July forecast. But it predicts that US growth will slow to 2.5 per cent next year as the effect of recent tax cuts wears off and as US President Donald Trump’s trade war with China takes a toll.

The Federal Reserve, the US central bank, has raised short-term US rates three times this year as the American economy gains strength more than nine years after the end of the Great Recession.

The fund kept its forecast for growth in the Chinese economy unchanged at 6.6 per cent this year. Citing the impact of US taxes on Chinese imports, however, the IMF shaved the outlook for China next year to 6.2 per cent, which would be the country’s slowest growth since 1990.

The United States and China – the world’s two biggest economies – are sparring over Beijing’s aggressive effort to challenge American technological dominance. Washington charges that China uses predatory tactics, including outright cyber theft and forcing foreign companies to hand of trade secrets in exchange for access to the Chinese market.

———-

i blame trump..not the fact nothing was ever fixed from 2007!!

“The fund kept its forecast for growth in the Chinese economy unchanged at 6.6 per cent this year. Citing the impact of US taxes on Chinese imports, however, the IMF shaved the outlook for China next year to 6.2 per cent, which would be the country’s slowest growth since 1990.”

should be using a 4 not a 6 for china..

“The International Monetary Fund is downgrading its outlook for the world economy, citing rising interest rates

but when rates went down it was because the worlds economies were in trouble..but they go up and its the same??

401

~ by seeker401 on October 11, 2018.

5 Responses to “IMF downgrades outlook for Australian economy on trade fears”

  1. “but when rates went down it was because the worlds economies were in trouble..but they go up and its the same??”

    Exactly. And who makes them go and down? At what whim? I heard on the radio the dow dropped because of the hurricane. That hurricane must have hit Florda and then taken a turn toward the dow. Earthquakes are due to climate change too. And, and…

  2. Explain the Chinese spy, Sen. Feinstein
    October 9, 2018
    Imagine if it emerged that the Republican chairman of the House or Senate intelligence committee had a Russian spy working on their staff. Think it would cause a political firestorm? Well, this month we learned that Sen. Dianne Feinstein (D-Calif.) had a Chinese spy on her staff who worked for her for about 20 years, was listed as an “office director” on payroll records and served as her driver when she was in San Francisco, all while reporting to China’s Ministry of State Security through China’s San Francisco Consulate. The reaction of the mainstream media? Barely a peep.

    Feinstein acknowledged the infiltration but played down its significance. “Five years ago the FBI informed me it had concerns that an administrative member of my California staff was potentially being sought out by the Chinese government to provide information,” Feinstein said in a statement — which means the breach took place while Feinstein was heading the Intelligence Committee. But, Feinstein insisted, “he never had access to classified or sensitive information or legislative matters” and was immediately fired. In other words: junior staffer, no policy role, no access to secrets, quickly fired — no big deal.

    But it is a big deal. I asked several former senior intelligence and law enforcement officials how serious this breach might have been. “It’s plenty serious,” one former top Justice Department official told me. “Focusing on his driver function alone, in Mafia families, the boss’s driver was among the most trusted men in the crew, because among other things he heard everything that was discussed in the car.”

    snip
    Washington is understandably focused on the threat from Russia. But according to FBI Director Christopher A. Wray, “China from a counterintelligence perspective represents the broadest, most pervasive, most threatening challenge we face as a country.” It was China, after all, that hacked the Office of Personnel Management in 2015, stealing the SF-86 security clearance forms of many thousands of executive-branch employees in the most devastating cyber attack in the history of our country. Beijing has successfully recruited FBI agents and State Department employees as spies, and has used information from U.S. informants to kill more than a dozen CIA sources inside the regime. And now, we know China recruited a high-value Senate staffer who worked in immediate proximity to the head of the Senate Intelligence Committee.

    https://www.washingtonpost.com/opinions/explain-the-chinese-spy-sen-feinstein/2018/08/09/0560ca60-9bfd-11e8-b60b-1c897f17e185_story.html?noredirect=on&utm_term=.4ed9f81fca8a

    interesting …..

    ““Focusing on his driver function alone, in Mafia families, the boss’s driver was among the most trusted men in the crew”

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