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Inflation in Cairo is expected to fall to 23.5 percent by the end of this year and fall to 21.3 percent in 2018, and to 7.1 percent in 2022, the IMF said in its World Economic Outlook on Tuesday.

The Fund claimed that income inequality around the world is increasing, and a significant shift of taxes towards the wealth and incomes of wealthy individuals will be a key to reducing inequality in the OECD.

"In the rest of emerging market and developing Asia, growth is expected to be vigorous and marginally higher than in April 2017", it said.

In an analysis certain to be seized on by Labour as backing for its tax strategy, the IMF used its influential half-yearly fiscal monitor to attack the rationale for the reductions in tax for the highest earners in recent decades. The Asian Development Bank has cut India's growth forecast to 7% and the Organization for Economic Cooperation and Development estimates that India's economy will grow 6.7% in 2017. That is not to say that a number of economies are not growing stronger; many countries are growing at five percent so that is a favorable story although it comes with risks, with some countries with public debt has been quiet strong.

The report argues that tax on personal income is probably even less progressive than the tax rates suggest, because wealthier individuals have more resources to plan their tax affairs and more incentive to do it. The picture is very different from early last year, when the world economy faced faltering growth and financial market turbulence. "In India, growth momentum slowed, reflecting the lingering impact of the authorities' currency exchange initiative as well as uncertainty related to the midyear introduction of the country-wide Goods and Services Tax", the report said.

The average top rate for the rich countries fell from 62% (in 1981) to 35% in 2015. The obvious examples are China and India.

The IMF said that it only expects the UK to outperform a small handful of its peers this year, including with Italy which is expected to grow by 1.5 per cent, France, by 1.6 per cent and Japan by 1.5 per cent.

According to IMF's Economic Counsellor, Maurice Obstfeld, "The global recovery is continuing, and at a faster pace. Policymakers should seize the moment: the recovery is still incomplete in important respects, and the window for action the current cyclical upswing offers will not be open forever".

"The slowdown is driven by softer growth in private consumption as the pound's depreciation weighed on household real income", it said. But India's gross domestic product growth decelerated to 5.7% in the April-June quarter.