Global growth is set to reach 3.9% in 2018 on the International Monetary Fund's latest numbers out Tuesday, boosted by stronger expansion in advanced economies and the fastest since 2011.
These projections came in the report reviewed by Maurice Obstfeld, chief economist at IMF, in a joint conference with Gian Maria Milesi-Ferretti, deputy director in the IMF Research Department, and Malhar Nabar, deputy division chief of the IMF World Economic Studies Division, the Jordan News Agency, Petra, reported. The IMF said officials were "eroding valuable policy space" but applauded regulators' efforts to rein in the riskiest portion of its lending known as shadow banking.
A Treasury spokesman responded: "Our economy is at a turning point with our national debt starting to fall and the lowest unemployment rate for 40 years".
Inflation rate in Azerbaijan is expected at 7 percent in 2018 and at 6 percent in 2019, according to the report.
He explained: "The prospect of trade restrictions and counter-restrictions threatens to undermine confidence and derail global growth prematurely".
Last month, the Trump administration imposed steep tariffs on global steel and aluminum exports to the United States and threatened China with about $100 billion in additional tariffs.
The Fund issues the report ahead of the Spring IMF and World Bank meetings where world leaders, finance ministers and nongovernmental organizations gather this weekend on the 10-year anniversary of the global financial crisis.
The country's current account balance is seen at a surplus of 5.7% of GDP this year and 5.2% next year, the International Monetary Fund said.
While President Trump's tax cuts are expected to boost the United States and global growth in the short term, the report warned that those effects will soon wear off as well.
The IMF upgraded its forecast for the 19-country eurozone to 2.4 percent - which would be its best showing since 2007 - and up from the 2.2 percent it predicted three months ago.
India's economy grew by an estimated 6.7% in 2017 as per the World Bank's estimates (there are several counts, including one by India) and is forecast to grow by 7.3% in 2018, and 7.5% in both 2019 and 2020. Bostjancic and her colleagues at Oxford Economics think growth from the Tax Cuts and Jobs Act and other financial stimulus may be temporary.