Amid the new Pakistan government 's indecision about the International Monetary Fund's bailout program and prevailing discourse about the program's pros and cons, experts have warned against the economic consequences of the program, terming it "a disaster for the country". It was the first downgrade since July 2016.
The new projection is a marginal reduction of the 3.9 per cent projection of last April's World Economic Outlook report.
It is also lower than the IMF's 4.9-percent average forecast for 2018 and 4 percent for 2019.
What are the risks to global growth?
"In the United States, momentum is still strong as fiscal stimulus continues to increase, but the forecast for 2019 has been revised down due to recently announced trade measures, including the tariffs imposed on $200 billion of US imports from China", IMF report said.
Infrastructure needs: Pakistan needs more infrastructure development, Obstfeld added, and the country could benefit from China's role in supporting its project financing.
The World Economic Outlook (WEO) released ahead of the International Monetary Fund annual meeting in Bali said, "In India, important reforms have been implemented in recent years, including the Goods and Services Tax, the inflation-targeting framework, the Insolvency and Bankruptcy Code, and steps to liberalize foreign investment and make it easier to do business". But growth could weaken significantly further if additional trade protectionist measures are put in place, it said.
The IMF had earlier estimated that escalating tit-for-tat tariffs could lower global output by more than 0.8 per cent by 2020.
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Japan's benchmark Nikkei 225 fell 1.3 per cent to 23,469.39.
The IMF expects that Russia's growth will reach 1.8 percent in 2019, according to the World Economic Outlook report released on Tuesday.
As interest rates rise in advanced economies, prompting investors to take their money in search of higher returns, the IMF said emerging economies should take steps to insulate themselves from an exodus of funds.
Trump has levied or threatened tariffs on goods from economies around the world, notably China, but also on traditional allies such as the European Union.
In the latest report, Taiwan's major trade partner South Korea is projected to grow 2.8% and 2.6% for 2018 and 2019, respectively, downward revisions by 0.2 and 0.3 percentage points from previous forecasts. Dow futures lost 0.5 per cent and the S&P 500 futures were down 0.6 per cent.
This is down from its July forecast of 3.9 percent growth for both years.
"It was a combination of factors that basically affected emerging and frontier markets". "In the case of a flexible exchange rate regime and a further utility price hike, the country would have to face massive inflationary pressure that would trigger unemployment and poverty", Wizarat said.
The IMF expects the USA economy to grow 2.9 per cent this year, the fastest pace since 2005 and unchanged from the July forecast. Overall, global growth will remain steady - about 3.7 percent this year - and exceed that of 2012-2016. "Inclusive fiscal policies, educational investments, and ensuring access to adequate health care can reduce inequality and are key priorities", he added.