IMF managing director Christine Lagarde (left) with Treasury Cabinet
Secretary Henry Rotich at the Treasury Building in Nairobi January 2,
2014. Photo/Billy Mutai
In Summary
- “We will be revising upwards the global forecast of the economic growth,” she told a press conference in the Kenyan capital, adding that it would be premature to say any more.
Nairobi. The International
Monetary Fund (IMF) will revise upward its global growth forecast in
about three weeks, Managing Director Christine Lagarde said in Nairobi.
“We will be revising upwards the global forecast
of the economic growth,” she told a press conference in the Kenyan
capital, adding that it would be premature to say any more.
Lagarde, who was wrapping up a two-day visit to
Kenya, gave no reason for the revision. When it issued its latest World
Economic Outlook report in October, the IMF lowered its forecasts,
saying that global growth “remains in low gear.”
It said it expected the global economy to grow 2.9
per cent year-on-year in 2013 and 3.6 per cent in 2014. That
represented a downward revision of 0.3 and 0.2 percentage points,
respectively, from its July estimates.
Emerging-market economies, although still
accounting for most global growth, were losing more momentum than
previously thought, the IMF said in November, although advanced
economies, in particular the United States, were showing signs of
picking up.
The fact that the US Federal Reserve has started
to change the easy-money policy it had been pursuing has had the effect
of slowing capital inflows to emerging-market economies as long-term
yields in the United States and many other economies have risen, Lagarde
said Tuesday. The IMF chief dined with Kenyan President Uhuru Kenyatta
on Monday evening in the coastal city of Mombasa.
Her visit came a month after the final
disbursement of a three-year, $750 million support loan for Kenya that
had backed major restructuring of economic policies and strengthening of
the government’s financial position. (AFP)
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