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India is expected to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019, leaving its nearest rival China behind respectively at 6.6 and 6.4 per cent in the two years, the International Monetary Fund (IMF) said on Tuesday.

World Bank has also projected 2.5 per cent GDP growth for the UAE in 2018, higher than past year, as oil production capacity is expected to increase and the strength of the non-oil economy will boost prospects particularly later in the forecast period as megaproject implementation ramps up ahead of Dubai's hosting Expo 2020.

The government here said it expects Asia's fourth-largest economy to advance 3 percent in 2018.

According to the Ministry of Economy estimates, GDP will grow by 3.9 per cent this year.

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The IMF said the reforms would improve infrastructure in transport and telecommunication sectors to spur growth. Growth for 2019 remains confirmed at 1.1%.

That level of diversity could build a "financial ecosystem that is more efficient and potentially more robust in resisting threats", she said.

Christine Lagarde told an audience in Hong Kong last week that the rules that underpin global trade were "in danger of being torn apart" by protectionist forces in what the International Monetary Fund managing director said would be "an inexcusable, collective policy failure".

Her remarks, made ahead of the IMF's annual spring meeting in Washington this week, come as the world's financial regulators grapple with how best to handle digital money that has been created to trade without the oversight of a central monetary authority.

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But there are signs the synchronized recovery may be becoming a little more uneven, at least in the short term, with the USA charging ahead, fueled by tax cuts and government spending. Trump, who campaigned on a pledge to protect US industries from what he argues is unfair foreign competition, has slapped tariffs on steel and aluminum imports.

The report predicted that the current year's economic growth will be pushed higher by "strong private consumption as well as fading transitory effects of the currency exchange initiative and implementation of the national goods and services tax". It projected that in general, the global economy would grow by 3.9 percent.

"We are very optimistic that food prices will come down, and as they come down it will help to complement the reduction in core inflation", he said on October 27. Global trade would fall 15 percent after five years and 16 percent in the long run under such a scenario, it said.

A World Bank report cautioned that macroeconomic stability in Pakistan was a major concern for the near-term economic outlook.

21st Commonwealth Games concludes with new medal record for Sri Lanka
Rachel Clun is a reporter at the Sydney Morning Herald . "And I will continue to do so till the time my body is fit", she added. "We wanted athletes to be part of and enjoy the Closing Ceremony", he said. "To be perfectly honest, Jo, so have we".