IMF Cuts India's Growth Forecast But Sees Slowdown As 'Blip'

IMF Cuts India's Growth Forecast But Sees Slowdown As 'Blip'

IMF Cuts India's Growth Forecast But Sees Slowdown As 'Blip'

Still, it emphasizes this should be a goal, not just for the sake of equity but also as an underpinning for sustainable long-run economic growth: "Optimal tax theory suggests significantly higher marginal tax rates on top income earners than current rates".

Corbyn and the shadow chancellor, John McDonnell, said the proposed changes were needed to arrest rising income inequality - a line of argument supported by the IMF study.

Hit hard by demonetisation, India lost the tag of the fastest growing economy to China in the March quarter with a GDP growth of 6.1 per cent, according to data released by the Indian government's Central Statistics Office (CSO). The country's exports would also benefit from increased external demand.

In an IMF blog, the head of the IMF's fiscal affairs unit, Vitor Gaspar, said the average top income tax rate for the rich country members of the Organisation for Economic Cooperation and Development had fallen from 62% in 1981 to 35% in 2015.

The lender revised down its forecast for U.S. economic growth from 2.3 percent to 2.1 percent from July and called on countries with significant debt to raise taxes to protect their financial stability.

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Mena growth as a whole is projected to more than halve in 2017, from 5.1 per cent to 2.2 per cent, "on the back of a slowdown in the Islamic Republic of Iran's economy after very fast growth in 2016 and cuts in oil production in oil exporters", the IMF said.

Despite projections, Wednesday's report notes that the large banks have become "more resilient since the crisis with stronger capital and liquidity". But between 1995 and 2010, income tax systems failed to respond to the continuing increase in inequality.

The report was issued on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, which started today and continues until October 15, and in which Egypt participates with a high-level delegation including Sahar Nasr, Minister of Investment, Amr al-Garhy, Minister of Finance and Tariq Amer, the CBE Governor.

"Better public spending can help, for instance, by reallocating education or health spending from the rich to the poor while keeping total public education or health spending unchanged", they added. Too much money was chasing too few assets offering a yield, the IMF said.

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