sful first-time Eurobond

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COPENHAGEN [url=http://www.cheapestwholesaleshoes.com/]cheap nike shoes clearance[/url] , Sept. 23 (Xinhua) -- Denmark's central bank lowered the country's economic growth expectations for 2014 and 2015 on Tuesday.

Growth in gross domestic product (GDP) is expected at 0.8 percent in 2014, which represent a reduction from the previously forecast of 1.5 percent.

Moreover, GDP growth is revised down from 1.8 percent to 1.7 percent in 2015, Danmarks Nationalbank said in its review of the Danish economy's third-quarter performance.

Meanwhile, the GDP growth projection for 2016 is maintained at 2 percent.

"Danmarks Nationalbank expects the tentative upswing seen since 2013 to strengthen and gradually to become more self-sustaining," said central bank governor Lars Rohde in a statement released in connection with the third-quarter review.

According to the 2015 budget proposal, the Danish government budget deficit is likely to be close to the limits in the EU Stability and Growth Pact and the Budget Act.

"This leaves no scope for negative surprises," said Rohde, adding that "At the current point in the business cycle and with the current capacity situation in the labour market, it would be desirable to have a margin to the limits for budget deficits."

The government's growth forecast for 2014 is 1.4 percent, but it has already announced that the estimated growth is also likely to be downgraded.

NAIROBI, Oct. 2 (Xinhua) -- The International Monetary Fund (IMF) on Thursday lauded Kenya's economic outlook which it said was favorable, but said the country remains vulnerable to external shocks.

A statement from the IMF's board of directors issued following the review mission in July commended Kenyan authorities for maintaining macroeconomic stability, introducing important market- friendly reforms and the successful debut Eurobond issuance.

"To mitigate downside risks, directors encouraged stronger policy buffers and further structural reforms, including strengthening the business climate and improving security conditions," the statement said.

The IMF noted that the fixing security and enhancing business climate would help to consolidate the gains to date, contribute to poverty reduction, and promote more inclusive growth.

The IMF team, led by the assistant director of the IMF's African department Mauro Mecagni visited Kenya in July to assess the country's economic development and discuss the next round of financing from the institution.

The team held talks with officials from the National Treasury, the Central Bank of Kenya and parliament, among others, to conduct the Kenya 2014 Article IV Consultation which provides an opportunity to review recent economic developments in the country.

The IMF board called for continued commitment to fiscal discipline in the wake of challenges emerging from the ongoing process of devolution of government responsibilities.

"This process should lead to better delivery of services to help alleviate poverty and inequality across counties," the statement said.

Kenya's economy expanded to 55.2 billion U.S. dollars which is about a quarter larger than earlier estimated, after the east African nation re-based its national accounts.

Latest statistics released on Tuesday show the country's annual output of goods and services is about 25 percent greater than previously thought.

The revised gross domestic product (GDP) per capita for 2013 stood at 1,269 dollars compared to the previous estimate of 994 dollars.

The IMF also agreed that a prudent fiscal stance, consistent with Kenya's medium-term debt target, will create space for much needed infrastructure investment and priority social spending.

The East African nation's economy has continued to expand in a stable economic environment. Credit to the manufacturing sector has picked up and foreign investor interest is growing, notably in the extractive industries.

The economy's growth rate rose to 5 percent in 201314 and is expected to gain further momentum in 201415, driven by higher domestic and external investment.

According to IMF, inflation remains moderate, but rising food prices and rapid credit growth may fuel inflation expectations.

According to the Central Bank of Kenya, international reserves reached some four and a half months of prospective import coverage in June following a successful first-time Eurobond issue of 2 billion U.S. dollars.

"In view of the rise in headline inflation in recent months, directors encouraged the authorities to monitor the accelerated pace of credit growth, and to stand ready to tighten monetary conditions to anchor inflationary expectations," IMF said.

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