Tax the Rich, Says IMF


The International Monetary Fund (IMF) raised Argentina's growth forecasts for 2017 and 2018 in the new report on the country's economy by Alejandro Werner, IMF's Western Hemisphere Department director.

Israeli gross domestic product will expand 3.1% this year and 3.4% in 2018, the IMF said in its World Economic Outlook.

The IMF however downgraded its growth projection for the sub-Saharan Africa economy to 2.6 per cent for 2017 and 3.4 per cent for 2018, from 2.7 per cent and 3.5 per cent respectively projected in July. It identifies this trend as a significant contributor to the sharp rise in income inequality plaguing the United States and other rich nations.

"...there are going to be different complaints - some legitimate, some manufactured", the Minister said, adding that the government needs to have capacity to distinguish between a genuine and a manufactured complaint.

In terms of how much inequality is reduced by taxes and spending, the UK is close to average for the developed economies.

But it found that income tax systems had become markedly less progressive in the 1980s and 1990s and had remained stable since then, even though growing inequality raised the need for a more progressive approach.

Firenze, studenti in corteo contro l'alternanza scuola-lavoro
In Italia solo una piccola parte (il 30%) degli alunni delle scuole medie fa il ritorno a casa non accompagnato da un genitore. In caso non si presenti nessuno, il Preside potrebbe addirittura chiamare la Polizia.

The Ministry of Finance of Azerbaijan informs that in the meeting Azerbaijan was represented by a delegation led Finance Minister Samir Sharifov.

The report said "pickups in investment, trade, and industrial production, coupled with strengthening business and consumer confidence, are supporting the recovery", globally.

Labour proposed a new 45% tax band on those earning more than £80,000 and a 50% rate for those on more than £123,000. But the impact has declined over the period examined.

According to Obstfeld: "What we see in the headline numbers is growth this year and better outcome which is largely driven by the larger economies such as Nigeria South Africa and Angola where one of the factors that had being laying on growth and allowing for a somewhat better outcome but not necessarily a strong one in particular with the case of Nigeria is stronger oil production after the problems and anticipating better agricultural production are playing a role likewise in South Africa, a rebound in agricultural has ease drought in that region and stronger mining output are helping".

Further, the IMF suggested that increasing taxes for the wealthy would not lead to decreased economic productivity or growth.

Together, ASEAN-5, China and India are seen growing at 6.5% in 2017 and 2018, outpacing the aggregate growth of emerging and developing economies in the list.