International Monetary Fund gloom on USA and United Kingdom balanced by brighter spots elsewhere

IMF: The rest of the world is picking up the economic slack as US looks weaker

The 2017 growth forecast for Canada was also revised higher thanks to strong domestic demand. "Market expectations of fiscal stimulus have also receded". The forecasts for this year and next are unchanged from the fund's projections in April.

US President Donald Trump's budget relies on assumption of 3 percent growth, which, as Federal Reserve Chair Janet Yellen said in mid-July, would be challenging to accomplish.

Saudi Arabia's economy, the largest in the region, grew by 4.1pc and 1.7pc in 2015 and past year respectively.

In the April world economic outlook, it had forecast USA growth of 2.3 per cent and 2.5 per cent, respectively, in 2017 and 2018.

"Our projections for long-term British growth are actually based on a pretty optimistic assessment of how the negotiations are likely to turn out, so if things are worse than that it will turn out to be correspondingly worse for the British economy".

"The ultimate impact of Brexit on the United Kingdom remains unclear".

However, the growth forecast for the USA was lowered to 2.1 percent for both this and next year - down from 2.3 percent and 2.5 percent, respectively - reflecting a fiscal policy that is expected to be less expansionary than previously anticipated. The Fund reversed previous assumptions that the Trump administration's planned stimulus measures would boost USA growth, largely because no details of those plans have been made public.

"What will happen in the future, we don't know".

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The IMF said growth in the euro zone was now expected to be slightly stronger in 2018 and pointed to "solid momentum".

For 2018, the International Monetary Fund raised its China growth forecast by 0.2 percentage point to 6.4 percent on expectations authorities will maintain high public investment to meet their target of doubling 2010 real gross domestic product (GDP) by 2020.

Many holidaymakers heading off on their summer break have also been left aghast at the poor exchange rate, with some people getting as little as €0.88 for £1. It cited stronger first-quarter growth buoyed by private consumption, investment and exports.

"Growth out-turns in the first quarter of 2017 were higher than the April WEO forecasts in large emerging and developing economies".

The IMF predicted global growth would come in at 3.5% in 2017 and 3.6% in 2018, these however are still below pre-crisis levels, especially for the most advanced economies.

China: 2016 6.7 per cent, 2017 6.7, 2018 6.4.

Fed officials will meet again this week to discuss further rate hikes, but most market observers expect the Fed to delay any further rate increases until the end of this year. "We always prefer more multilateral solutions and bigger deals because with regional agreements there is always the danger of trade diversion, overwhelming trade creation", he added.

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