The IMF again downgrades outlook for the global economy

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"Up from India's growth rate of 6.7 per cent in 2016, the growth projections for this year and the next reflect "a rebound from transitory shocks" of demonetisation and the implementation of the national Goods and Services Tax" and "strengthening investment and robust private consumption", WEO said.

The IMF said a new data base in its semi-annual Fiscal Monitor report showed considerable net worth in 31 countries that account for 61 per cent of global economic output.

"It was a combination of factors that basically affected emerging and frontier markets".

Share markets in Asia plunged to a 19-month low on Thursday after Wall Street's worst losses in eight months led to broader risk aversion, partly due to the heated global trade tensions as well as rapidly rising dollar yields.

The International Monetary Fund (IMF) has forecast Switzerland's economy will grow by 3% by the end of 2018.

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The IMF had in its World Economic Outlook report in July projected that Nigeria's economy would grow by 2.1 per cent in 2018 and 2.3 per cent in 2019.

But the gyrations that rocked Wall Street the day before and Asia and Europe on Thursday, taking the Shanghai Composite index down 5.2 per cent and Japan's Nikkei 225 almost 4 per cent, do partly reflect rising interest rates in the US and some other countries and growing uncertainty over trade, she said.

These policies have contributed to a slowdown in economic growth, which is happening just as trade tensions with the USA are starting to bite.

The global body, in its World Economic Outlook, also downgraded its growth forecast for India for 2019-'20 from 7.5% to 7.4%.

But China's involvement could also bring potential risks, he said.

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The IMF, in its twice annual assessment of global financial stability, said conditions remain broadly conducive to economic growth, but are at risk of worsening should emerging markets deteriorate further or trade tensions escalate.

However, the International Monetary Fund has upgraded its forecast for Ireland and now thinks the Irish economy will grow by 4.7%this year, up from its previous prediction of 4.5%. Trump has justified the higher USA tariffs as a response to the trade imbalance between the two countries, and China has swiftly responded with higher levies on US imports. "So, we will be listening very, very attentively when and if they come to us".

The IMF's warnings will increase fears that the present buoyancy in global growth may not last.

Washington simultaneously threatened to add tariffs to a further $267 billion (£205 billion) of products, which saw Beijing retaliate with 10 percent tariffs on $60 billion (£46 billion) of USA imports.

Adjustments would occur as domestic production displaces higher-priced imports, the model shows, but in the long run, the US GDP would still be 1% below a baseline without these tariffs, while China's GDP output would be 0.5% below the baseline.

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