International Monetary Fund says global economy will slow after 2019

Global growth is expected be 3.9% in 2018 and 2019: IMF

The 3.9 per cent global growth forecast for 2018, 2019, he said, is being borne out by continuing strong performance in the euro area, Japan, China, and the U.S., all of which grew above expectations past year.

Global gross domestic product will increase 3.9 per cent this year and next, the fund predicts.

The Government's ban on foreigners buying New Zealand houses is "unlikely" to have a significant impact on housing affordability, International Monetary Fund officials say. China is expected to grow respectively at 6.6 and 6.4 per cent in the two years.

Overall in India, growth was "lifted by strong private consumption as well as fading transitory effects of the currency exchange initiative and implementation of the national goods and services tax", the report said.

Three months later, the World Economic Outlook expects business confidence to "gradually firm up" following political changes but warns that growth prospects remain weighed down by "structural bottlenecks" and the medium-term outlook is subdued, with growth expected to stabilise at 1.8% over 2020-23.

But it added that the "recapitalisation should be part of a broader package of financial reforms to improve the governance of public sector banks, and banks' debt recovery mechanisms should be further enhanced".

"The corporate debt overhang and associated banking sector credit quality concerns exert a drag on investment in India", it said.

In 2017, the world economy grew at 3.8% - the fastest expansion since 2011, noted the Fund.

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"And because the U.S. boost accounts for most of the higher world expansion, beyond 2019 "global growth is projected to gradually decline to 3.7% by the end of the forecast horizon", the report said".

Maurice Obstfeld, research chief at the world's lender of last resort, said that long-term prospects for the global economy are "sobering" as escalating tensions over trade "present a growing risk" to prosperity.

For the United Kingdom, the report says that unemployment close to historic lows could add to inflationary pressures, by triggering faster wage growth.

The Trump administration has maintained that Republican tax cuts passed last year would allow the United States to maintain sustained gross domestic product growth above 3 percent for years and defy forecasts that USA budget deficits will balloon over the coming decade.

It noted that the decline in inflationary expectations had created "room for monetary policy to support activity should downside risks to growth materialize".

Helbling says policies such as these, which seek to manage capital flows, can be appropriate if there is a surge in investment.

The IMF urged countries to take advantage of the rise in economic growth levels in the near-term to enact policies and reforms which will strengthen "the potential for higher and more inclusive growth" and to build buffers ahead of the next downturn, including improving financial systems and increasing global cooperation.

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