Israel's economy will grow 3.3 percent in 2018 and 3.5 percent in 2019, the International Monetary Fund (IMF) said in a forecast published on Tuesday. It said growth was on course to be 0.1 points higher in 2018, at 1.6%, but left its 2019 forecast unchanged, at 1.5%.
While iPhones aren't physically exported from Ireland, the gadget giant's intellectual property is based here, which has led the authors of a report into smartphones and global trade to estimate that in value-added terms, iPhone exports accounted for 25 per cent of the Irish economy's growth in 2017.
The global body of 189 member countries, set up to foster worldwide monetary cooperation, says New Zealand is enjoying a "solid economic expansion" in the concluding statement of its regular "Article IV mission review", with growth set to remain near or above potential.
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The IMF, whose members are drawn from 189 economies, can play an important role by offering advice and serving as a forum for discussion and collaboration in the development of a consistent regulatory approach, she said.
He also pointed to the trade tensions that already exist, with skirmishes over steel tariffs and the U.S.
Research from 2016, the International Monetary Fund said, showed that tariffs or other barriers that led to a 10 percent increase in import prices in all countries would lower global output and consumption by about 1.75 percent after five years and close to 2 percent in the long term.
Mr Obstfeld said the "get tough" approach by the U.S. in trade talks with China, Mexico Canada and others "will do little to change the multilateral or overall United States external current account deficit, which owes primarily to level of aggregate USA spending that continues to exceed total income". It projected that in general, the global economy would grow by 3.9 percent.
House describes 2017 a unique "breakout year", with growth boosted by the new federal child-care benefit and the oil rebound from sagging prices and the Fort McMurray fires.
"This IMF Statement follows recent positive reviews from the major credit rating agencies of our Government's economic plan and different priorities", Grant Robertson says.
In this respect the authors do add the caveat that the income from these smartphone sales "does not fully contribute to the Irish economy", as the acquisition of foreign owned IP assets, "leaves domestic employment mostly unchanged". Over the medium term, India's economic growth is "expected to gradually rise with continued implementation of structural reforms that raise productivity and incentivise private investment", it added.
Slovenia's unemployment rate is seen falling to 5.9% this year and further to 5.5% next year, from 6.8% in 2017.