PH growth forecasts revised by IMF, AMRO

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The IMF also said that it expects Cyprus's current account deficit to shrink to 3.8 percent this year, compared to 5.3 percent last year and to 2.7 percent in 2018 percent.

"The current global acceleration is also notable because it is broad-based-more so than at any time since the start of this decade", said Maurice Obstfeld, the organization's economic counsellor and director of research.

Treasury had previously indicated that it expects the economy to grow by 1.3% in 2017, but this is likely to be revised when finance minister Malusi Gigaba gives his mid-term budget speech on 25 October.

The United States, the 19-country eurozone, Japan and China are all forecast to grow faster this year.

For both years, the outlook is up 0.1 percentage points from the IMF's previous forecast in July and would mark the fastest growth since 2010. The global lending agency also notes that inflation remains worryingly low, a sign that the world economy still has not returned to full health in the aftermath of the Great Recession of 2007-2009.

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Egypt's average consumer price inflation for 2017/18 is projected at 21.3 percent, according to the report.

The Fund upgraded its growth rates for China all the way through 2022, on the assumption that authorities in Beijing will maintain expansionary policies.

If Korea does reach an economic growth of 3 percent, it would be the first time since 2014.

IMF's 6.7% growth rate projection is at the low end of the spectrum of estimates made by it and four other global organisations with the UN Department of Economic and Social Affairs (UNDESA) putting it at 7.3%.

However, the recovery is not complete: although the baseline outlook is better, growth remains weak in many countries.

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The IMF said that it only expects the United Kingdom to outperform a small handful of its peers this year, including with Italy which is expected to grow by 1.5 per cent, France, by 1.6 per cent and Japan by 1.5 per cent.

"This is not bounce back from a sharp deceleration, this is an acceleration from the fairly tepid growth rates of recent years, so that's really good news", International Monetary Fund chief economist Maurice Obstfeld told the Financial Times.

"This change is driven to an important extent by the revision to Turkey's growth in 2017 to 5.1 percent, reflecting a stronger-than-expected outturn in the first quarter of the year", the International Monetary Fund said.

"The welcome cyclical upturn after disappointing growth over the past few years provides an ideal window of opportunity to undertake critical reforms, thereby staving off downside risks and raising potential output and standards of living more broadly".

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