International Monetary Fund projects.

In the Middle East, North Africa, Afghanistan, and Pakistan region, growth is forecast to rise from 2.6 per cent in 2017 to 3.4 per cent in 2018 and 3.7 per cent in 2019, but it will stabilise at about 3.6 per cent in the medium term.

China has since announced a series of retaliatory measures, while Trump has continually demanded that Beijing act to reduce its trade surplus with the United States.

The IMF said prospects for developing economies to grow per-capita incomes face difficulties over the next five years, especially in commodity-exporting countries in the Middle East, sub-Saharan Africa, Latin America and the Caribbean.


"In addition to that, it incorporates fiscal stimulus from the U.S.in the form of both tax cuts and additional spending". 9 per cent for 2018 and 2019.

There was a case for being prudent about government debt levels, although New Zealand's position remained "comfortable", he said. The IMF said the country has to improve its fiscal credibility as it missed to close down on the fiscal gap target and that public debt is at reaching an all-time high.

In a press conference later Tuesday, Obstfeld called the current trade frictions "more of a phony war", referring to the period of limited conflict at the start of the Second World War.

The "escalating tensions" over trade present a growing risk to the world economy, Obstfeld said.


Globally, the experts warned that President Donald Trump's trade wars, restrictions and counter restrictions from China and elsewhere may derail the global economic growth. Trump, who campaigned on a pledge to protect US industries from what he argues is unfair foreign competition, has slapped tariffs on steel and aluminum imports.

"The UAE is seeing a new period of slow and steady economic growth, supported by twin boosters of oil-producing giant Abu Dhabi partnered with Dubai benefiting from many years of efforts towards diversification".

The IMF issued the update to its World Economic Outlook on the eve of spring meetings in Washington this week of the 189-nation IMF, the World Bank and the Group of 20 major economies.

"We are very optimistic that food prices will come down, and as they come down it will help to complement the reduction in core inflation", he said on October 27.


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