IMF report: Citigroup, Barclays among banks that could struggle in near future


Inflation in Cairo is expected to fall to 23.5 percent by the end of this year and fall to 21.3 percent in 2018, and to 7.1 percent in 2022, the IMF said in its World Economic Outlook on Tuesday.

The report was issued on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, which started today and continues until October 15, and in which Egypt participates with a high-level delegation including Sahar Nasr, Minister of Investment, Amr al-Garhy, Minister of Finance and Tariq Amer, the CBE Governor. "Among emerging market and developing economies, higher domestic demand in China and continued recovery in key emerging market economies supported growth in the first half of 2017".

There is a danger that governments will be fooled by a false sense of security as markets thrive, he warned. "In India, growth momentum slowed, reflecting the lingering impact of the authorities' currency exchange initiative as well as uncertainty related to the midyear introduction of the country-wide Goods and Services Tax", the report said.

Some degree of inequality is inevitable in a market economy, the report acknowledges, as result of differences in talent, effort and luck.

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"So these are the dissipating of negative factors and it is not a very strong growth impetus that is coming".

"In addition, tax systems are less progressive than indicated by the statutory rates, because wealthy individuals have more access to tax relief", Gaspar said in the blog co-written with Mercedes Garcia-Escribano. That marks a slowdown from last year's 4% rate but higher than its previous estimates of 2.9% and 3% for 2017 and 2018, respectively, made in July.

It projects world growth to increase from 3.2 per cent in 2016 to 3.6 per cent in 2017 and 3.7 per cent in 2018-an upward revision of 0.1 percentage point for both 2017 and 2018 relative to its April report. This breadth offers a global environment of opportunity for ambitious policies that will support growth and raise economic resilience in the future.

Trump administration officials fired back at the IMF, arguing the lender had a vested interest in preventing the U.S. from revamping its fiscal policy. The US economy is now expected to grow 2.2 per cent this year and 2.3 per cent in 2018. The report says income inequality has decreased if you take the entire global population, owing to strong income growth in some large emerging economies. "The nation expected to beat China - the one that the consensus view of forecasters sees as having an economy growing even faster than that of China over the next decade - is India".