To assist Indian nationals at the Dubai airport, the Consulate General of India in Dubai has operationalised emergency helpline numbers
In an update of its World Economic Outlook, the IMF however warned that US growth would likely start weakening after 2022 as temporary spending incentives brought about by the tax cuts start to expire.
The tax cuts would likely widen the US current account deficit, strengthen the US dollar and affect international investment flows, IMF chief economist Maurice Obstfeld said.
US President Donald Trump signed Republicans' massive $1.5 trillion tax overhaul into law in December, cementing the biggest legislative victory of his first year. The tax package, the largest such overhaul since the 1980s, slashed the corporate rate from 35 per cent to 21 per cent and temporarily reduced the tax burden for most individuals as well.
The US economy has been showing steady but underwhelming annual growth since the last recession in 2007-2009.
The Fund revised up its forecast for global growth to 3.9 per cent for both 2018 and 2019, a 0.2 percentage point change from its last update in October.
It also said that economic activity in Europe and Asia was surprisingly stronger than expected last year, and global growth in 2017 was now estimated to have reached 3.7 per cent, 0.1 percentage point higher than the Fund projected in October.
"The US tax policy changes are expected to stimulate activity, with the short-term impact in the United States mostly driven by the investment response to the corporate income tax cuts," the IMF said in the update, which was released on the sidelines of the World Economic Forum in Davos, Switzerland.
"The effect on the US growth is estimated to be positive through 2020, culminating to 1.2 per cent through that year," it said, cautioning that after 2022 the tax cuts were expected to lower growth for a few years.
The IMF said the US economy was now expected to expand by 2.7 per cent in 2018, higher than the 2.3 per cent the Fund forecast in October. US growth was projected to slow to 2.5 per cent in 2019, it said. - Reuters
To assist Indian nationals at the Dubai airport, the Consulate General of India in Dubai has operationalised emergency helpline numbers
The Argentine goalkeeper made the save that sent his side through to their first major European semi-final since 1982 after penalty chaos against Lille
After the evacuation, an area was set up to provide food, water, and medical assistance to the citizens residing in the community
The Red beat Italian side Atalanta in the second leg quarter-final but lost 3-1 on aggregate as Leverkusen advance to semis despite 1-1 draw with West Ham
US equity futures and Asian shares declined while safe haven demand lifted US Treasuries
Passengers reaching their final destination without their baggage should contact the airport airline representative or contact their airline call centre, DXB said
Spot gold was trading at $2,384.14 per ounce at 9.25 am UAE time, up 0.17 per cent
Passengers already in Dubai and in transit will continue to be processed for their flights, the airlines said