World Bank President Jim Yong Kim also warned against an escalation of the trade row, saying that if all countries maxed out their trade threats, "We'd see a clear slowdown in the economy and the impact on developing countries would be great".
That initiative includes China, India and Japan, but not the United States. "And there would also be lots of innocent bystanders", including countries that supply commodities and components to China, such as Indonesia. In India, the report said, important reforms have been implemented in the recent years, including the Goods and Services Tax, the inflation-targeting framework, the Insolvency and Bankruptcy Code, and steps to liberalise foreign investment and make it easier to do business.
At its annual meeting in Bali it downgraded its prediction to 3.7% from 3.9% in July.
Using a hypothetical "stress test" scenario developed by the US Federal Reserve for banking regulation, the International Monetary Fund found a severe recession would cut the value of America's publicly held assets by an amount equal to 26 percent of GDP by 2020.
Those involved had badges allowing them to enter the tightly guarded venue.
He said the country is going through a tough time, which has been left behind by the previous government.
"During the meeting, they requested financial assistance from the International Monetary Fund to help address Pakistan's economic challenges", Lagarde said in a statement. It has been the largest recipient of funding under Beijing's Belt and Road Initiative.
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The IMF said a high interest burden and risks from rising yields in India also require continued focus on debt reduction to establish policy credibility and build buffers.
In the low income countries, a key challenge is to improve people's livelihoods by meeting the Sustainable Development Goals by 2030.
China and the United States have slapped tit-for-tat tariffs over the past few months, rattling financial markets as investors anxious the escalating trade war could knock global trade and investment.
Similarly, the Minister of Budget and National Planning, Udoma Udoma, said about N300 billion had been released as part of efforts to fire off capital projects nationwide. "Fix the system. Don't break it".
But it predicts that US growth will slow to 2.5 percent next year as the effect of recent tax cuts wears off and as President Donald Trump's trade war with China takes a toll.
But she said the WTO does need to work on addressing issues like subsidies.
"Our strong recommendation is to de-escalate those tensions and to work toward a global trade system that is stronger, fairer and is fit for goal and for the future". In September, Trump imposed tariffs on almost $200 billion of Chinese imports, with China responding with higher tariffs on about $60 billion of USA imports.