07 October 2016 Current Affairs: The International Monetary Fund has released World Economic Outlook (WEO) October 2016. The report projects global growth at 3.1 per cent in 2016, with slight increase to 3.4 percent in 2017.
It says that the persistent stagnation, particularly in advanced economies, could further fuel anti-trade sentiment, stifling growth.
Growth in emerging Asia, and especially India, continues to be resilient. India’s gross domestic product is projected to expand 7.6 percent in 2016 and 2017, the fastest pace among the world’s major economies. The IMF urged India to continue reform of its tax system and eliminate subsidies to provide more resources for investments in infrastructure, education, and health care.