IMF: Outlook is bright for US and global economies this year

WASHINGTON — The International Monetary Fund has upgraded its economic outlook for the United States in 2018 and foresees a strong year for the global economy as well. But its chief economist warns that the prospect of an escalating trade conflict "threatens to undermine confidence and derail global growth prematurely."

The IMF predicts that the U.S. economy will grow 2.9 percent this year, up from the 2.7 percent it had forecast in January and up from the 2.3 percent growth the economy achieved last year. The U.S. economy will enjoy a boost through 2020 from tax cuts President Donald Trump signed into law in December, the IMF predicts.

The lending agency kept its forecast for worldwide growth this year at 3.9 percent, which would be its fastest pace since 2011.

Must Read

Malian extremist pleads guilty to Timbuktu rampage

Aug 22, 2016

An Islamic extremist has pleaded guilty to destroying historic mausoleums in the Malian desert city...

Lawyer: Timbuktu residents felt shame after sites...

Aug 24, 2016

By reducing historic mausoleums in Timbuktu to dusty piles of rubble, Islamic extremists desecrated...

Turkey accuses Germany of 'Nazi' practices; rift...

Mar 5, 2017

A diplomatic rift between Turkey and key European nations deepened Sunday as President Recep Tayyip...

Anti-Islam populist Wilders protests outside...

Mar 8, 2017

Anti-Islam populist Geert Wilders says Turkey's foreign minister is not welcome in the Netherlands...

The Latest: French candidate Macron condemns...

Mar 12, 2017

French centrist candidate Emmanuel Macron "strongly condemns" what he calls provocations from the...