In cutting its growth forecast for the U.S. and other advanced economies, the IMF said then that the global economy would grow 3.4% this year vs. 3.1% in 2016.
In a pointed criticism of nationalistic economic proposals in the U.S. and other European Union countries, the IMF said “inward-looking policies threaten global economic integration and the cooperative global economic order, which have served the world economy, especially emerging-market and developing economies, well.”
The IMF also raised its outlook for the advanced economies, which include the U.S., the U.K., Germany, Italy, Spain, Japan and other developed nations.
Its outlook for the U.S. economy, whose 2017 growth was projected in January at 2.3%, was left unchanged.
“Higher commodity prices have provided some relief to commodity exporters and helped lift global headline inflation and reduce deflationary pressures,” the IMF said.
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Opinion By Voting for Erdogan, Turks Have Ruined Their Economic Outlook Turkey has been massaging the data and unwitting Turkish voters have just undone the democracy that had enabled prosperity
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Experts predict 2017 economic outlook more of the same for farmers
Agricultural economists and bankers are also cautious about farm income in the crop year ahead and leery about calling a bottom to the recent economic downturn.
Farmers are also watching fixed costs with the recent increase in interest rates and more projected to be on the way.
“I would say that the interest costs in terms of the debt that’s actually involved in terms of operations is a relatively small component of producer expenses,” he said.
Nathan Kauffman, economist with the Federal Reserve Bank of Kansas City, said historically this economic cycle is nowhere near the farm crisis of the 1980s, but it has been a real adjustment.
Farmers are feeling a little better about the future with good yields last fall, a pickup in demand and improvements in the general economy.
collected by :Mathio Rix