Washington-Based Institution: Percent and Policy Changes

washington-based institution: However, the growth forecast for the U.S. was lowered to 2.1 percent for both this and next year down from 2.3 percent and 2.5 percent, respectively reflecting a fiscal policy that is expected to be less expansionary than previously anticipated, according to The Japan Times. The IMF cited uncertainty about the timing and nature of U.S. fiscal policy changes, in reference to growing doubts about U.S. President Donald Trump's ability to promote his stimulus plans in coordination with Congress. In an update Sunday to the IMF's World Economic Outlook published in April, the Washington-based institution revised its forecast for Japan's growth to 1.3 percent, 0.1 percentage point higher, buoyed by first-quarter growth propelled by personal spending, investment and exports. ; The 2017 growth projection for China was revised upward 0.1 point to 6.7 percent and that for five Association of Southeast Asian Nations members Indonesia, Malaysia, the Philippines, Thailand and Vietnam was raised 0.1 point to 5.1 percent. The envisaged stimulus includes a planned overhaul of the nation's tax system, which features a cut in the corporate tax rate to 15 percent from 35 percent, and Trump's promised 1 trillion infrastructure spending. There is now no question mark over the world economy's gain in momentum, Obstfeld said. Despite the downward revision to the U.S. economy, IMF chief economist Maurice Obstfeld hailed the steady growth in the world economy, saying the projected global growth rates for 2017 and 2018 are an improvement from 3.2 percent in 2016. (news.financializer.com). As reported in the news.