In a message dated 9/7/99 2:58:55 PM Central Daylight Time, AOL News writes: << Subj: IMF Issues World Economic Forecast Date: 9/7/99 2:58:55 PM Central Daylight Time From: AOL News BCC: Ahab42 IMF Issues World Economic Forecast .c The Associated Press AMSTERDAM, Netherlands (AP) - The International Monetary Fund expects the world economy to expand by 2.8 percent this year and by 3.4 percent in 2000, according to preliminary IMF projections posted late Tuesday on the Dutch Finance Ministry's Internet site. The document, placed for unknown reasons on the Finance Ministry's Web site, reveals the forecasts along with the agenda for the IMF's Sept. 26-27 meeting. A Finance Ministry spokesman who declined to give his name said the forecasts in the document were preliminary and could change before the meeting. The outlook for the expansion of the global economy as outlined in the document is an upward revision of the IMF's previous world economic outlook in May, when gross domestic product was seen to rise by 2.3 percent in 1999 and by 3.3 percent next year. The Finance Ministry said growth estimates for all ``Asian crisis countries'' have been revised upwards, and that the crises in Russia and Brazil are less problematic than expected. Brazil's 1999 GDP is expected to contract by only 1 percent, down from a previous 3.7 percent, and Russia's economy should shrink by 2 percent, down from an earlier forecast of 7 percent. ``Growth in Japan and Europe seems to be recovering and the expansion in the U.S. is continuing, almost without price or wage pressure,'' the document said. It noted that the IMF now sees imbalances such as the highly valued stock market and the strong U.S. dollar as a danger for an overheating of the American economy, and said timely rate increases in the United States might be needed in order to prevent a ``hard landing.'' For Japan, the preliminary economic outlook called for GDP growth of 0.2 percent in 1999 and a growth of 1 percent in 2000. ``Several signals point to a limited recovery of the Japanese economy,'' the document read. It said economic growth in the 11 countries committed to Europe's common currency should expand by 2.1 percent this year and by 2.8 percent in 2000. For the entire European Union, GDP was projected to increase by 1.9 percent in 1999 and by 2.7 percent next year. AP-NY-09-07-99 1557EDT Copyright 1999 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without prior written authority of The Associated Press. Announcement: America Online has added Reuters newswires to News Profiles. To add Reuters articles to your daily news delivery, go to KW: <A HREF="aol://5862:146">News Profiles</A> and click on "Modify Your News Profiles." Then click "Edit" and add Reuters from the list on the left. To edit your profile, go to keyword <A HREF="aol://1722:NewsProfiles">NewsProfiles</A>. For all of today's news, go to keyword <A HREF="aol://1722:News">News</A>. >>
IMF Issues World Economic Forecast .c The Associated Press AMSTERDAM, Netherlands (AP) - The International Monetary Fund expects the world economy to expand by 2.8 percent this year and by 3.4 percent in 2000, according to preliminary IMF projections posted late Tuesday on the Dutch Finance Ministry's Internet site. The document, placed for unknown reasons on the Finance Ministry's Web site, reveals the forecasts along with the agenda for the IMF's Sept. 26-27 meeting. A Finance Ministry spokesman who declined to give his name said the forecasts in the document were preliminary and could change before the meeting. The outlook for the expansion of the global economy as outlined in the document is an upward revision of the IMF's previous world economic outlook in May, when gross domestic product was seen to rise by 2.3 percent in 1999 and by 3.3 percent next year. The Finance Ministry said growth estimates for all ``Asian crisis countries'' have been revised upwards, and that the crises in Russia and Brazil are less problematic than expected. Brazil's 1999 GDP is expected to contract by only 1 percent, down from a previous 3.7 percent, and Russia's economy should shrink by 2 percent, down from an earlier forecast of 7 percent. ``Growth in Japan and Europe seems to be recovering and the expansion in the U.S. is continuing, almost without price or wage pressure,'' the document said. It noted that the IMF now sees imbalances such as the highly valued stock market and the strong U.S. dollar as a danger for an overheating of the American economy, and said timely rate increases in the United States might be needed in order to prevent a ``hard landing.'' For Japan, the preliminary economic outlook called for GDP growth of 0.2 percent in 1999 and a growth of 1 percent in 2000. ``Several signals point to a limited recovery of the Japanese economy,'' the document read. It said economic growth in the 11 countries committed to Europe's common currency should expand by 2.1 percent this year and by 2.8 percent in 2000. For the entire European Union, GDP was projected to increase by 1.9 percent in 1999 and by 2.7 percent next year. AP-NY-09-07-99 1557EDT Copyright 1999 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without prior written authority of The Associated Press. Announcement: America Online has added Reuters newswires to News Profiles. To add Reuters articles to your daily news delivery, go to KW: <A HREF="aol://5862:146">News Profiles</A> and click on "Modify Your News Profiles." Then click "Edit" and add Reuters from the list on the left. To edit your profile, go to keyword <A HREF="aol://1722:NewsProfiles">NewsProfiles</A>. For all of today's news, go to keyword <A HREF="aol://1722:News">News</A>.
