International Monetary Fund raises Korea's growth forecast to 3%

The number of people employed in the casual'gig economy has surged through the launch of services such as Uber

The International Monetary Fund singled Britain out as a "notable exception" to an improving global economic outlook on Tuesday, as it cut its forecast for United Kingdom growth and said the long-term negative effects of Brexit were beginning to show.

"In India, growth momentum slowed, reflecting the lingering impact of the authorities' currency exchange initiative as well as uncertainty related to the midyear introduction of the country-wide Goods and Services Tax", the International Monetary Fund said in its latest World Economic Outlook report.

The IMF said it expects a strong recovery that is faster than earlier expectations, particularly in advanced economies, including the Eurozone, Japan and Canada.

The IMF upgraded its global economic growth forecast for 2017 by 0.1 percentage points to 3.6 percent, and to 3.7 percent for 2018, from its April and July outlook, driven by a pickup in trade, investment, and consumer confidence. Even more pessimistically, the Centre for Economics and Business Research anticipates that the United Kingdom economy will grow by just 1.3 per cent in 2017, representing a substantial downward revision from an earlier forecast of 1.7 per cent.

The IMF said it expected South Africa's economy to grow by 0.7 percent this year, down from an earlier projection of 1 percent given in July.

However, the recovery is not complete: although the baseline outlook is better, growth remains weak in many countries. In the last two years, under the Park Geun-hye administration, the nation's growth has been below 3 percent.

Louis Weather Conditions and Forecast, October 3 am
Tuesday night: A chance of showers and thunderstorms, then showers likely and possibly a thunderstorm after midnight. Wednesday's forecast calls for partly sunny skies with a high of 59 and a 10 percent chance of showers before 7 a.m.

Both the Asian Development Bank as well as the Organisation for Economic Cooperation and Development (OECD) have also cut their growth projections for India to 7% and 6.7%, respectively, for fiscal 2017-18.

The IMF report added, "In India, growth momentum slowed, reflecting the lingering impact of the authorities' currency exchange initiative as well as uncertainty related to the midyear introduction of the country-wide Goods and Services Tax".

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.

The statement which made available in Nicosia said that GDP growth this year will reach 3.4 percent compared to its original estimate of 2.5 percent and to 2.6 percent in 2018 from an original estimate of 2.3 percent.

IMF's 6.7 percent growth rate projection is in line with the Reserve Bank of India's forecast.

But an International Monetary Fund official briefing the media about the World Economic Outlook report called it a "blip" in a longer term positive picture for India.

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