International Monetary Fund cuts South Africa's growth forecast for 2017

UK economic growth outlook slashed by IMF due to weak pound and spiking inflation

Growth prospects for emerging and developing economies are marked up by 0.1 percentage point for both 2017 and 2018 relative to April, primarily owing to a stronger growth projection for China, the report said.

The IMF said that it expects India's economy to grow by 6.7% in 2017, slower than the 7.2% it had forecast in April, due to the lingering impact of the government's sudden demonetization previous year and a newly introduced goods and services tax.

In August, the International Monetary Fund had said that the Philippines remained an economic standout amid global uncertainties, supported by robust domestic demand and recovery in exports.

Upward revisions in the eurozone, Japan, emerging Asia, emerging Europe and Russian Federation more than offset downward revisions for the U.S. and Britain.

Although the United Kingdom is an exception to the pattern of strengthening growth in the IMF's assessment, for this year and next the growth projections are stronger than two other G7 economies, Japan and Italy.

The IMF said the squeeze on household finances in the United Kingdom had hit growth in the first two quarters of this year, and "the medium-term growth outlook is highly uncertain and will depend in part on the new economic relationship with the European Union and the extent of the increase in barriers to trade, migration and cross-border financial activity".

The news comes at a time when G20 finance ministers and central bank governors are gathered in Washington for the semi-annual meeting of the International Monetary Fund and the World Bank.

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The IMF forecast growth of 4 percent in 2017, slower than the government's forecast of 4.3 percent.

The International Monetary Fund (IMF) has delivered an unusually upbeat assessment of the prospects for the global economy, with worldwide growth now at its strongest rate in seven years.

China edged slightly ahead to be the growth champion with a projected growth rate of 6.8%, according to the latest World Economic Outlook report.

Another UN agency, the Economic and Social Council for Asia and the Pacific (ESCAP), also in May, expected this year's growth rate to be 7.1 percent before rising to 7.5 percent next year. Global GDP growth was 3.2% in 2016.

A delay in infrastructure projects execution also risks having the additional revenues from the comprehensive tax reform program being diverted to other expenditure items with little growth potential, it added.

"While most of the world is sharing in the current upswing, emerging market and low-income commodity exporters, especially energy exporters, continue to face challenges, as do several countries experiencing civil or political unrest, mostly in the Middle East, North and sub-Saharan Africa, and Latin America", said Obstfeld.

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