ONU OKORIE writes that IMF rated economic outlook in 2015 low
International Monetary Fund, IMF, has rated the global economic output for 2015 as low compare to what obtained in the preceding year 2014. Result of the survey conducted by the world economic institution and obtained from the website during the weekend stated that the global output growth in 2015 remained weak.
According to the IMF World Economic Outlook for 2015, the estimated output growth of 3.1 per cent was 0.3 per cent lower than the 3.4 per cent recorded in 2014. The decline was attributed to the general slowdown in economic activities in emerging markets and developing economies, China’s rebalancing of economic activities away from investment and manufacturing to consumption and services, declining oil and other commodity prices and the gradual tightening of US monetary policy.
In advanced economies, the 2015 output growth estimate was revised downward to 1.9 per cent from the earlier projection of 2.1 per cent, slightly above the 1.8 per cent recorded in 2014. The modest rebound in output reflected primarily a strengthening of recovery in the euro area and a gradual return to growth in Japan. Other contributory factors include declining oil prices, accommodative monetary policies and currency depreciation. The pickup in output is expected to continue in 2016, particularly in North America. Output growth in advanced economies is projected at 2.1 per cent in 2016, which is 0.2 per cent higher than in 2015.It is, however, anticipated that this projected recovery could be dampened by downside risks.
Output growth in the US was expected to increase slightly from 2.4 per cent in 2014 to 2.5 per cent in 2015, despite strong second quarter growth of 3.9 per cent. The marginal rise in output growth in the US economy was attributed to decline in oil prices, fall in …Read More
Source:: Nigerian Pilot