Iran's economy is now forecast to contract this year and especially in 2019, by 3.6 percent, "on account of reduced oil production, before returning to modest positive growth in 2020-23", according to the International Monetary Fund.
Last month, the Swiss government, raised its GDP forecast for 2018 to 2.9% from 2.4% and, earlier this year, it was announced that Swiss exports had matched and surpassed their recent growth.
IMF's forecast for Singapore's economic outlook remains steady at 2.9% for 2018, but has been revised downward by 0.2 percentage points to 2.5% for the following year.
U.S. Treasury Secretary Steven Mnuchin is expected to meet with worldwide finance officials in Indonesia this week during IMF and World Bank summits, though as of Monday he had no meetings scheduled with Chinese officials - as reported by Reuters. The U.S. economy is expected to grow 2.5 percent in 2019.
So far, the impact of the trade war between China and the USA has been contained to the two countries, but if it escalates, it could affect global financial stability, the International Monetary Fund said.
Couple of days ago, IMF chief economist Maurice Obstfeld said that the fund has not been formally approached by Pakistan for financial assistance, and the country's cooperation with China has both financial benefits and risks.
UBG chairman and FPCCI former president Iftikhar Malik said the IMF programme will come with specific external, fiscal and monetary measures, which will likely result in slowdown in GDP growth to around 4 percent compared to GDP growth of 5.8 percent in FY18, besides further hike in interest rates.More news: Red Sox Name Starters for Games 1 and 2 of ALCS
"We continue to closely monitor developments in the yuan; we remain concerned about the recent depreciation of the yuan", said the official, who spoke on condition of anonymity.
"US growth will decline once parts of its fiscal stimulus go into reverse", Mr Obstfeld said in a statement.
The model also includes the effects of a reduction in business confidence that reduces investment and leads to a tightening of financial conditions.
According to the IMF, Japan's growth is projected to soften to 0.9 percent in 2019, unchanged from the July estimate.
China, however, could still be labelled a currency manipulator if the US Treasury decides to rely more heavily on the older 1988 Act, which allows for a more subjective assessment of whether a currency is being manipulated to gain unfair competitive advantage in trade.