International Monetary Fund announces forecasts for economic growth in Azerbaijan

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Mr Milesi-Ferretti noted Nigeria's (economic) growth of about 1.9 per cent this year to rise to about 2.3 in 2019, with South African economy, now in technical recession at only 0.8 per cent growth rate this year.

The revised estimates includes a worsening outlook for developing economies this year and next compared to the July report, as well as downgrades for the U.S. and China in 2019.

In September, the US implemented another round of tariffs on $200 billion worth of Chinese goods, which were met with countermeasures out of Beijing on $60 billion worth of USA goods.

In its World Economic Outlook report released in July 2018, the Bretton Wood Institution had projected that Nigeria's economy would grow by 2.1% in 2018 and 2.3% in 2019. These were reduced by 0.2 and 0.4 percentage points for this year and next, partly as a result of higher interest rates making these nations' debts more costly to service.

A white paper published by China last month revealed that the country can economically withstand the effects of a long, drawn-out trade war with the United States, but it took extra measures for preparation when the Chinese central bank cut the amount of reserves held by banks.

Rising trade tensions are a key challenge to the world economy as "protectionist rhetoric increasingly turned into action".

The fund said risks to the short-term outlook for the world economy had "shifted to the downside".

The exercise assumes that US President Donald Trump imposes tariffs on the remaining $267 billion worth of Chinese goods imports not already under punitive tariffs and China retaliates in kind.

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When the world's two biggest economies - the U.S. and China - are "at odds", that is going to create "a situation where everyone is going to suffer", Obstfeld said. The number is the same as last year's 3.7 percent growth.

Keeping rates low would avoid increasing the cost of borrowing, which could help support China's slowing growth.

Finance Minister Umar had informed that foreign reserves need to be boosted by at least $8 billion, while ministry sources said International Monetary Fund could lend up to $10 billion.

Meanwhile, the United States would see a roughly 0.9 percentage point hit, damping growth from 2.5% next year to 1.6%.

In addition to the revised outlook for the rest of this year, the International Monetary Fund has downgraded expectations for China in 2019 - from 6.6 percent to 6.2 percent.

The impact of the US-China trade conflict is likely to be felt beyond the two economic superpowers.

The IMF, in the WEO report, said inflation pressures in sub-Saharan Africa had broadly softened, with annual inflation projected to drop to 8.6 per cent in 2018 and 8.5 per cent in 2019, from 11 per cent in 2017.