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For the first time in two years, the International Monetary Fund expressed skepticism for global growth in the coming years as the organization cut its forecast for economic growth in 2018 and 2019, citing escalating trade wars as the prime disruptor.

"Last April, the world economy's broad-based momentum led us to project a 3.9 per cent growth rate for both this year and next", IMF Chief Economist Maurice Obstfeld said.

The IMF forecasts US GDP growth this year of 2.9 per cent, slowing to 2.5 per cent in 2019 - which is 0.2 points slower than the July estimate -and to 1.8 per cent in 2020.

Growth is projected to slow to 6.6 per cent this year and 6.2 per cent in 2019, a downgrade of 0.2 percentage points.

The IMF expects the USA economy to grow 2.9 per cent this year, the fastest pace since 2005 and unchanged from the July forecast.

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The worldwide organisation warned a full-blown trade war between the USA and China could have wider implications for the financial growth around the world.

Finance ministers and central bankers from numerous IMF's 189 member nations are meeting in Bali this week where concerns about protectionism have taken centre stage - especially the escalating trade war between the United States and China.

Equally, Angola is at the moment contracting by about 0.1 per cent this year, with a projection of almost four per cent in 2019.

It said trade tensions between the United States and China, which has led the countries to implement tarriffs against each other, had played a role in the tempered global expectations.

Asad Umar will meet International Monetary Fund officials on the sidelines of the meeting, where he will discuss the challenges confronting the Pakistani economy and the proposed International Monetary Fund loan programme. Not only have some downside risks that the last World Economic Outlook identified been realised, the likelihood of further negative shocks to our growth forecast has risen.

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The Washington-based fund said in Nigeria and Angola, tighter monetary policy and moderation in food price increases contributed to tapering inflation.

The repercussions for the United States and China would be particularly severe, with 2019 GDP losses of more than 0.9 percent in the United States and 1.6 percent in China in 2019.

China and the United States have slapped tit-for-tat tariffs over the past few months, rattling financial markets as investors anxious the escalating trade war could knock global trade and investment.

The Fund's analysts point out that the steady recovery, which has been occurring since mid-2016, continues, while the growth of the world economy for 2018-2019 is projected to remain at the 2017 level.

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