This short-term growth boost will have positive, albeit short-lived, output spillovers for United States trade partners, but will also likely widen the U.S. current account deficit, strengthen the dollar, and affect global investment flows, the IMF official said.
Further growth of 3.5% is anticipated in 2019 on the back of a modest upgrade to the growth forecast for Nigeria while not much growth is expected from South Africa.
But markets have rallied since Deputy President Cyril Ramaphosa's election as the ruling African National Congress (ANC) leader in December, as investors have warmed to his promises to root out corruption and kick-start economic growth. Some 120 economies, accounting for three-quarters of world GDP, have seen a pickup in growth in year-on-year terms in 2017, the broadest synchronised global growth upsurge since 2010, it said. In a survey conducted by consulting firm PricewaterhouseCoopers, chief executives said that excluding their home market they are most likely to invest in the USA, followed by China with the world's largest economy expanding its gap as corporate chiefs expect more rapid growth in America.
The IMF said the current cyclical upswing provides an ideal opportunity for reforms.
For the year 2019, the outlook represents a 0.1 percentage point downgrade for Britain.
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Japanese Foreign Minister Taro Kono said the world should not be naive about North Korea's "charm offensive" over the Olympics. In the interests of fairness, only 22 players will be entitled to play in each match, in line with the other teams, it said.
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New gadgets also make their entrance in Apocalypse alongside the new Hansa Brandenburg GI and Airco DH10 aircraft bombers. In the meantime, they can wait for the North Sea campaign, which includes two additional maps.
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But they quickly made up for it as they greeted those in attendance, including many local children waving the Welsh flag. Meghan Markle will send off her single life with a celebration, but it will not be a typical bachelorette bash.
Lagarde urged countries to take advantage of healthy growth to enact reforms that will make their economies more efficient to spread prosperity to those who have been left behind. High-frequency hard data and sentiment indicators point to a continuation of strong momentum in the fourth quarter.
The most consequential part of the USA tax-code change will be the lowering of corporate-income tax rates, which should lead to an acceleration of business investment, the International Monetary Fund said.
"Multilateral cooperation remains vital for securing the global recovery".
Inward-looking policies, geopolitical tensions, and political uncertainty in some countries also pose downside risks, it said. We are in ideal environment to boost reform, International Monetary Fund tops, because " next slowdown will come sooner rar than later and it will be harder to fight".
"Shared priorities across all economies include implementing structural reforms to boost potential output and making growth more inclusive".
An improving global growth outlook, weather events in the USA, the extension of the Opec+ agreement to limit oil production, and geopolitical tensions in the Middle East have supported crude oil prices. Markets expect prices to gradually decline over the next 4-5 years. Forecasts for emerging and developing economies were unchanged.