IMF foresees global economy accelerating to 3.5 pct. in '17

Mr Ross laid out America's stance very clearly and he's not impressed with Europe

The IMF forecast that China's economy will grow 6.6% in 2017, in January the IMF estimated a 6.5% growth. At the same time, adverse weather conditions and civil unrest threaten several low-income countries with starvation.

"Avoiding the damage from potential protectionist measures will require a renewed multilateral commitment to support trade", said International Monetary Fund head of research Maurice Obstfeld. The UAE's forecast is cut to 1.5 per cent from 2.5 per cent previous year.

The IMF resident representative also said higher commodity prices will push up inflation to 3.6 percent in 2017, then slightly decelerate to 3.3 percent in 2018. The UAE's growth forecast, which is cut to 1.5 per cent in 2017 from 2.5 per cent previous year, is seen accelerating to 4.4 per cent in 2018, at the fastest pace in the region.

International Monetary Fund chief economist Maurice Obstfeld said: "This improvement comes primarily from good economic news for Europe and Asia as well as our continuing expectation for higher growth this year in the United States".

The IMF said the expected growth improvements for this year and the next are broadly based, although growth remains tepid in many advanced economies, while the export industry continues to struggle.

The report warns of the "significant downside risks" to the outlook, which have gotten worse since January - among them, "the turn towards protectionism, leading to trade warfare", Obstfeld said in the foreword of the report. "But even as things look up, the post?World War II system of global economic relations is under severe strain despite the aggregate benefits it has delivered - and precisely because growth and the resulting economic adjustments have too often entailed unequal rewards and costs within countries", he said. Unemployment in Italy will fall from 11.7% in 2016 to 11.4% in 2017 and 11% in 2018, but it will remain the highest in the euro zone with the exception of Spain and Greece.

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"Protectionist policies in advanced economies would have an overall negative impact in Asia including the Philippines but the magnitude of impact and channels would depend on the specific policies that are still uncertain", he said.

While the Netherlands rejected such an approach earlier this year, the same feelings are thought to have helped drive the UK's Brexit vote and USA president Donald Trump's ascension to the Oval Office.

The IMF pointed out that China's desirable rebalancing process continues, as seen in a declining current account surplus and an increased GDP share of services, but it said the growth has remained reliant on domestic credit growth so rapid that it may cause financial stability problems down the road.

"I will meet the Emir and other Qatari government and business officials as we seek to strengthen our countries' business and trade relations", Museveni said before flying out on Tuesday.

The reference to the threats posed by protectionist choices in the U.S. is clear.

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