International Monetary Fund expects India's economy to grow at 7.4% in 2018

"Monetary tightening alone would have to push interest rates to a level that weighs on investment and competitiveness", an IMF staff mission said in a statement at the end of its visit to the country.

The IMF outlook is a reality check for finance ministers and central bankers from its 189 member countries as they gather this week in Washington for the fund's annual spring meetings.

In a sign of its growing concern that protectionism is being stimulated by voter scepticism, the International Monetary Fund used its half-yearly health check for the world economy to tell policymakers they needed to address the public's concerns before a better-than-expected period of growth came to an end. President Donald Trump's war of words with China over trade will be front and center. Financial markets have been choppy this year, with US stocks down slightly after a strong performance in 2017.

Meanwhile, IMF Research Director Maurice Obstfeld cautioned that a trade war could put global growth at risk. Romania's current account balance showed a deficit of 172 million euro ($212 million) in the first two months of 2018, compared to a surplus of 72 million euro in the same period of past year.

The IMF raised its 2018 forecast of gross domestic product to 1.5% for 2018 and 1.7 for 2019, compared to previous forecasts of 0.9% and 1.6% respectively. The United States will expand at a 2.7% pace next year, also up 0.2 point from three months ago.

The IMF has bailed out scores of countries over the years, including the United Kingdom in 1976 when the minority Labour government borrowed £2.3bn from the fund to stabilise the value of the pound; Iceland in 2008; and Greece in 2010, 2012 and 2015.

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He attributes the rosier USA outlook to federal tax cuts, a massive US$300 billion spending package, and the possibility of an additional spending or infrastructure bill.

But public optimism about the benefits of globalisation had been eroded because of the growing gap between rich and poor and the fact that many households in the west had seen little or no benefit from growth, he said.

The IMF's latest forecast for Romania's 2018 economic growth is below the government's projection of a 6.1% increase.

China will grow 6.6% this year and 6.4% in 2019, the fund said.

"Over the medium term, growth is expected to gradually rise with continued implementation of structural reforms that raise productivity and incentivise private investment", the WEO said.

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