burnt
04-07 02:57 PM
Friends I have a Question. I went to my home country couple of months back, but somehow forgot to surender my I-94 at the port of exit. When I came back, at the POE(Newark)I was not asked any questions, and they issued me a new I-94. Yesterday someone told me that this could potentially affect my I-485 adversely OR whenever I travel to my home country again, they might cause problems during my re-entry. Just wanted to know what should be my action plan.
Should I correct the records with USCIS, by sending them the I-94(Along with proof that I went to my home country).
OR should I just say quiet and forget about this mistake?
Gurus- Please Help
Should I correct the records with USCIS, by sending them the I-94(Along with proof that I went to my home country).
OR should I just say quiet and forget about this mistake?
Gurus- Please Help
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gova123
08-14 03:31 PM
I-485 AD: Jul-02-2007
I-485 ND: Jul-31-2007
still waiting for fingerprint notice.
You don't need no FP if your AD of I-485 is Jul 02...., Just kidding my friend....
Anyway, I have applied along with my wife on Jul 19, No receipts yet......
I-485 ND: Jul-31-2007
still waiting for fingerprint notice.
You don't need no FP if your AD of I-485 is Jul 02...., Just kidding my friend....
Anyway, I have applied along with my wife on Jul 19, No receipts yet......
mayitbesoon
08-22 04:41 PM
This could be a second part of campaign for administative fixes. also, please include some strategy to fight for FIFO processing. This is also very important issue
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ufo2002
09-11 04:48 PM
The BPCs fall under USCIS control? I didn't know that, thought all Labor-stage processing belongs exclusive under DOL.
--------------
not true,, the DOL does not do labor certification for backlogged cases anymore..this work has been transferred over from the State workforce agencies/state departments of labor to the backlog reduction centers..So....while, the DOL is a seperate agency, the labor backlogs is no longer handled by them, it is handled by the BPC..
--------------
not true,, the DOL does not do labor certification for backlogged cases anymore..this work has been transferred over from the State workforce agencies/state departments of labor to the backlog reduction centers..So....while, the DOL is a seperate agency, the labor backlogs is no longer handled by them, it is handled by the BPC..
more...
txh1b
08-16 05:57 PM
I would say you have to mention it during the interview if asked. Discuss with your attorney.
mheggade
07-20 01:13 PM
RIP 'Labor Substitution' is the best thing happened ever happened so far!!!
Guys, I have been posting this message as a reply on a few threads, I just want to bump up to a separate thread.
This should come as a reality check for all filers (PD 1995 or PD 2007), all victims of BEC, all guys who are getting married soon and chose not to file I-485, nurses, engineers, physicians and all those who are losing hair from hyper-tension:
1. The BEC has vowed to clear all backlog by Sep '07 ( I myself got out of it just-in-time, in May '07, after spending 3 years );
2. USCIS has already announced that this year's GC quota is finished, meaning there will be no more I-485s approvals before next year's quota starts (Oct '07);
3. Filing I-485 does not equate to approval, USCIS cannot approve I-485 without forward movement of dates and filer's PD falling into that range. However, a I-485 application can be pre-adjudicated ( citation needed );
4. Almost everyone who can apply for I-485, will apply. This means USCIS has all the data ( all the numbers ) to work with and make a very accurate forward movement of dates from now on. Thus far, they have been making random guesses ( because of labor substitution among other factors? );
5. Once bitten twice shy, it is highly unlikely that USCIS will make dates 'C' ( for over-subscribed categories/countries EB2 and EB3 for China, India, Mexico and Philippines ) for next few years. They can, however, make forward movement in an orderly fashion. Remember: dates are already 'U' for everyone;
6. Whenever USCIS moves dates forward, people who could not apply now will be eligible to apply I-485 and/or I-140. These include all people who are still stuck in BEC heck. Older PD always had golden value and will continue to have golden value;
7. EAD and AP are, however, not dependent on PD. This intermittent relief is a blessing for people with recent PD, which pre-PERM filers never dreamed of;
Please draw your own conclusion(s).
By the way,
*. RIP 'Labor Substitution'. Thank God it is gone. Good riddance. Rules of game just got a lot fairer !!
Guys, I have been posting this message as a reply on a few threads, I just want to bump up to a separate thread.
This should come as a reality check for all filers (PD 1995 or PD 2007), all victims of BEC, all guys who are getting married soon and chose not to file I-485, nurses, engineers, physicians and all those who are losing hair from hyper-tension:
1. The BEC has vowed to clear all backlog by Sep '07 ( I myself got out of it just-in-time, in May '07, after spending 3 years );
2. USCIS has already announced that this year's GC quota is finished, meaning there will be no more I-485s approvals before next year's quota starts (Oct '07);
3. Filing I-485 does not equate to approval, USCIS cannot approve I-485 without forward movement of dates and filer's PD falling into that range. However, a I-485 application can be pre-adjudicated ( citation needed );
4. Almost everyone who can apply for I-485, will apply. This means USCIS has all the data ( all the numbers ) to work with and make a very accurate forward movement of dates from now on. Thus far, they have been making random guesses ( because of labor substitution among other factors? );
5. Once bitten twice shy, it is highly unlikely that USCIS will make dates 'C' ( for over-subscribed categories/countries EB2 and EB3 for China, India, Mexico and Philippines ) for next few years. They can, however, make forward movement in an orderly fashion. Remember: dates are already 'U' for everyone;
6. Whenever USCIS moves dates forward, people who could not apply now will be eligible to apply I-485 and/or I-140. These include all people who are still stuck in BEC heck. Older PD always had golden value and will continue to have golden value;
7. EAD and AP are, however, not dependent on PD. This intermittent relief is a blessing for people with recent PD, which pre-PERM filers never dreamed of;
Please draw your own conclusion(s).
By the way,
*. RIP 'Labor Substitution'. Thank God it is gone. Good riddance. Rules of game just got a lot fairer !!
more...
manand24
10-15 01:55 PM
I had LUDs on 10/05/2007, 10/07/2007, 10/09/2007 on my I-485 application after my FP appointment. I do not know what it means though.
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aadimanav
12-20 07:08 PM
Nonsense.
...........her case got approved in mistake and doesnt want to draw attention to that fact. So she is trying to divert attention by saying "oh, we got our GC by expedite request, but I wont tell you what the expedite request was"........ problems.
If someone "doesn't want to draw attention" then why would (s)he login to and mention the Approval Date?
...........her case got approved in mistake and doesnt want to draw attention to that fact. So she is trying to divert attention by saying "oh, we got our GC by expedite request, but I wont tell you what the expedite request was"........ problems.
If someone "doesn't want to draw attention" then why would (s)he login to and mention the Approval Date?
more...
boreal
01-31 06:52 PM
OH boy! USCIS has found a new way of harassing us legal immigrants ;) come on guys! Know how to solve issues. Begin by not creating a thread at IV for such issues. Talk to your utility company folks, see whats happening. Check with your landlord to know why the meter reading is so high..If they have already charge your credit card, dispute it...start by talking with real people on the phone or maybe visit the utility company personally...for God's sake dont show your ignorance like this and give more fodder to SOBs like Matt....please!!
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Hey Ram GC
04-08 10:04 AM
Hi,
How many EB3 cases with PD before Dec 01 pending.
My PD is Oct 21st, 01, EB3 (India)
485 Filed in Jun'07, No LUD's since Aug'07
How many EB3 cases with PD before Dec 01 pending.
My PD is Oct 21st, 01, EB3 (India)
485 Filed in Jun'07, No LUD's since Aug'07
more...
BadDeal
05-22 03:35 PM
It's a good idea to have dedicated for this topic (as this is becoming common issue for all who couldn't add their spouses earlier...)
I have started the following thread
http://immigrationvoice.org/forum/forum5-all-other-green-card-issues/2172703-pd-current-jun-11-adding-dependent-how-long-will-it-take-for-her-to-get-green-card-2.html#post2594710
Either we can follow the current one or the one I started (link above) or we can start a new thread altogether
I am fine with any of the above.
We can continue with the current thread.. Can you please prefix "Tracker:" to the thread's title.
Thanks!
I have started the following thread
http://immigrationvoice.org/forum/forum5-all-other-green-card-issues/2172703-pd-current-jun-11-adding-dependent-how-long-will-it-take-for-her-to-get-green-card-2.html#post2594710
Either we can follow the current one or the one I started (link above) or we can start a new thread altogether
I am fine with any of the above.
We can continue with the current thread.. Can you please prefix "Tracker:" to the thread's title.
Thanks!
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bytegame
07-17 04:14 PM
Instead of flowers, lets make IV strong by contributing more to it. The battle isn't over yet. We may still end up living rest of our lives on EADs and APs.
Again, pl. contribute!!
Again, pl. contribute!!
more...
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yabadaba
06-22 03:23 PM
Do we have to send our application to one of the centers based on where we reside/work?
yes:
2 options:
1. current law allows u file at Nebraska
2. direct filing memo says that filing can be done at Texas or Nebraska based on the state u work in from 07/30/2007..however they are allowing people from now till then to do the same.
yes:
2 options:
1. current law allows u file at Nebraska
2. direct filing memo says that filing can be done at Texas or Nebraska based on the state u work in from 07/30/2007..however they are allowing people from now till then to do the same.
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GCin2050
07-10 05:33 PM
Great,
We need more people going to press and television with stories of how it affects us and then following it up with Senators and Congressman of their district. This will create more awareness with human face and emotion behind the issue. After all this is what illegal aliens did, they took out rallies and ran stories of how families will be separated, they have worked for years, their kid is US citizen but parents are illegal and deporting them is not good, they are hardworking, church going people. We need to replicate that thrust on our issues. I think this should be the next drive of the media campaign - Personal Stories.
We need to highlight how july bulletin affected us and more importantly we were not allowed to file. Also, all of us need to join the class action lawsuit without fear. United we stand, divided we fall.
-----------------------------------------------------
http://www.deseretnews.com/dn/view/0,1249,680197801,00.html
Workers feeling cheated by green-card reversal
By Deborah Bulkeley
Deseret Morning News
A surprise government announcement that there were plenty of employer-sponsored green cards available raised Mehul Kapadia's hopes that his wait for permanent residency was finally over.
But then, a sudden announcement that no new green cards will be issued for highly skilled workers until fall has Kapadia wondering if he'll ever find stability in America.
The State Department announced last month that employment visa numbers were available for all people seeking employer-sponsored green cards, except unskilled workers.
Applicants often wait years for those numbers. Kapadia, an Ogden software engineer originally from India, says he's been in line since Dec. 16, 2003.
For now, he's a legal worker with a temporary visa. So, when he saw he could apply for the green card number, Kapadia underwent the required medical exam and submitted his documentation July 2, the first day it could be submitted.
Then, that same day, the State Department issued an update stating that "sudden backlog reduction efforts by Citizenship and Immigration Services during the past month have resulted in the use of almost 60,000 employment numbers." The department called the backlog reduction an "unexpected action" and said employment visa numbers would be available again Oct. 1.
CIS had been working since May to reduce a backlog in applications it already has on file, said Bill Wright, spokesman for the agency.
"There's a numerical limitation of roughly 147,000 visas available (annually)," he said. "Once we met that numerical limitation, we requested that the State Department post a brand new, revised bulletin that anything after that is no longer eligible."
The State Department had originally posted the bulletin to ensure that all available visas for the fiscal year would be issued, said Steve Royster, State Department spokesman for consular affairs. Last year, he said, roughly 10,000 such visas weren't issued.
"Processing visas on file with CIS is going to benefit all the applicants in the pool, and this will ensure the entire allotment of visas for 2007 will be used," he said.
But Kapadia now says he feels cheated by two federal agencies that said one thing one day and another the next.
"Nobody knows what happened," he said. "This was kind of a big rejection and sense of being let down, but for what? We still can't comprehend why they acted in this extraordinary manner."
Kapadia isn't alone. Tens of thousands of people who work in the United States under employment visas and their families were affected by the change, said Crystal Williams, associate director for programs at the American Immigration Lawyers Association.
"There are people who flew to the United States so they could apply and had their families fly back. They paid attorney fees," Williams said.
AILA's sister organization, the American Immigration Law Foundation, is considering a lawsuit against the two federal agencies, Williams said.
"We've gone back now about 25 years and have never found a situation in which a bulletin was revised after the first of the month," she said.
Neither Royster nor Wright would comment on potential litigation. Wright suggested that anyone who filed an application on July 2 contact their local CIS office to find out the status.
The fee to apply for a green card increases July 30 from $395 to $1,010, including a fingerprinting fee.
Kapadia says he isn't worried about the fee hike so much as the freedom he'd receive with permanent residency. He'd be able to travel internationally without restrictions, and establish residency to study for a master's degree. He and his wife would be able to remain in the country if he loses his job, and they'd eventually be able to apply for citizenship.
"It's kind of a golden cage we are in. We are free, we are in America, but we are stopped from doing anything," he said. "I am looking for the American dream, but it is looking like more of a mirage."
--------------------------------------------------------------------------------
Contributing: The Associated Press
E-mail: dbulkeley@desnews.com
We need more people going to press and television with stories of how it affects us and then following it up with Senators and Congressman of their district. This will create more awareness with human face and emotion behind the issue. After all this is what illegal aliens did, they took out rallies and ran stories of how families will be separated, they have worked for years, their kid is US citizen but parents are illegal and deporting them is not good, they are hardworking, church going people. We need to replicate that thrust on our issues. I think this should be the next drive of the media campaign - Personal Stories.
We need to highlight how july bulletin affected us and more importantly we were not allowed to file. Also, all of us need to join the class action lawsuit without fear. United we stand, divided we fall.
-----------------------------------------------------
http://www.deseretnews.com/dn/view/0,1249,680197801,00.html
Workers feeling cheated by green-card reversal
By Deborah Bulkeley
Deseret Morning News
A surprise government announcement that there were plenty of employer-sponsored green cards available raised Mehul Kapadia's hopes that his wait for permanent residency was finally over.
But then, a sudden announcement that no new green cards will be issued for highly skilled workers until fall has Kapadia wondering if he'll ever find stability in America.
The State Department announced last month that employment visa numbers were available for all people seeking employer-sponsored green cards, except unskilled workers.
Applicants often wait years for those numbers. Kapadia, an Ogden software engineer originally from India, says he's been in line since Dec. 16, 2003.
For now, he's a legal worker with a temporary visa. So, when he saw he could apply for the green card number, Kapadia underwent the required medical exam and submitted his documentation July 2, the first day it could be submitted.
Then, that same day, the State Department issued an update stating that "sudden backlog reduction efforts by Citizenship and Immigration Services during the past month have resulted in the use of almost 60,000 employment numbers." The department called the backlog reduction an "unexpected action" and said employment visa numbers would be available again Oct. 1.
CIS had been working since May to reduce a backlog in applications it already has on file, said Bill Wright, spokesman for the agency.
"There's a numerical limitation of roughly 147,000 visas available (annually)," he said. "Once we met that numerical limitation, we requested that the State Department post a brand new, revised bulletin that anything after that is no longer eligible."
The State Department had originally posted the bulletin to ensure that all available visas for the fiscal year would be issued, said Steve Royster, State Department spokesman for consular affairs. Last year, he said, roughly 10,000 such visas weren't issued.
"Processing visas on file with CIS is going to benefit all the applicants in the pool, and this will ensure the entire allotment of visas for 2007 will be used," he said.
But Kapadia now says he feels cheated by two federal agencies that said one thing one day and another the next.
"Nobody knows what happened," he said. "This was kind of a big rejection and sense of being let down, but for what? We still can't comprehend why they acted in this extraordinary manner."
Kapadia isn't alone. Tens of thousands of people who work in the United States under employment visas and their families were affected by the change, said Crystal Williams, associate director for programs at the American Immigration Lawyers Association.
"There are people who flew to the United States so they could apply and had their families fly back. They paid attorney fees," Williams said.
AILA's sister organization, the American Immigration Law Foundation, is considering a lawsuit against the two federal agencies, Williams said.
"We've gone back now about 25 years and have never found a situation in which a bulletin was revised after the first of the month," she said.
Neither Royster nor Wright would comment on potential litigation. Wright suggested that anyone who filed an application on July 2 contact their local CIS office to find out the status.
The fee to apply for a green card increases July 30 from $395 to $1,010, including a fingerprinting fee.
Kapadia says he isn't worried about the fee hike so much as the freedom he'd receive with permanent residency. He'd be able to travel internationally without restrictions, and establish residency to study for a master's degree. He and his wife would be able to remain in the country if he loses his job, and they'd eventually be able to apply for citizenship.
"It's kind of a golden cage we are in. We are free, we are in America, but we are stopped from doing anything," he said. "I am looking for the American dream, but it is looking like more of a mirage."
--------------------------------------------------------------------------------
Contributing: The Associated Press
E-mail: dbulkeley@desnews.com
more...
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prdgl
07-07 09:44 PM
Why can't you revise the ad before publishing it so you do not have to resort to such measures? What's wrong with just a MS? My company files several LCs for MS and they have no problems getting approvals.
In any case, the answer to your Q1 is Yes. I will not comment on Q2 since I neither encourage nor recommend such deceitful behavior.
Thanks,
Jayant
Thanks for your reply. We just published the ad a week ago. Is that a big deal to revise now ? It went into computer world and stuff. I am not sure how difficult it would be.
Hence for this matter, I have another employer willing to file my LC this month. But I am thinking since I was not with them when they sent out the ad and requesting wage details, IS this something considered equivalent to LC subsitution if I join them and file my LC with already sent out ad ??
Your answer is highly important.
Thanks
In any case, the answer to your Q1 is Yes. I will not comment on Q2 since I neither encourage nor recommend such deceitful behavior.
Thanks,
Jayant
Thanks for your reply. We just published the ad a week ago. Is that a big deal to revise now ? It went into computer world and stuff. I am not sure how difficult it would be.
Hence for this matter, I have another employer willing to file my LC this month. But I am thinking since I was not with them when they sent out the ad and requesting wage details, IS this something considered equivalent to LC subsitution if I join them and file my LC with already sent out ad ??
Your answer is highly important.
Thanks
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yganreddy
08-31 12:45 PM
According to my knowledge you have 2 options
1) Travel to canada in Nov and return back using new I797 so that you can get new I94 upto Nov 2012
2) Go to the nearest intl airport and explain them your scenario to border security officer, mostly they can change the date on your I94
1) Travel to canada in Nov and return back using new I797 so that you can get new I94 upto Nov 2012
2) Go to the nearest intl airport and explain them your scenario to border security officer, mostly they can change the date on your I94
more...
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sbmallik
06-24 10:18 AM
Yes, I would attempt Premium Processing on the pending I-140 first so that I can invoke AC21. I never heard of anyone's GC process jeopardized due to H-1B denial.
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boston_gc
01-20 06:40 PM
Folks:
I was just informed by my lawyer that there is a potenital for significant delay in getting the visa stamped due to security checks. I assume it is PIMS related. My questions is:
1: Has anyone experienced such delay recently at Delhi Consulate? Please note that last visa H1B expired in Aug 2010.
2: Is there any proactive steps I can take before going to India and make sure that there are no delay due to PIMS verification
I also read somewhere that there is a way to get PIMS verification done while in US.
I will appreciate your responses.
I was just informed by my lawyer that there is a potenital for significant delay in getting the visa stamped due to security checks. I assume it is PIMS related. My questions is:
1: Has anyone experienced such delay recently at Delhi Consulate? Please note that last visa H1B expired in Aug 2010.
2: Is there any proactive steps I can take before going to India and make sure that there are no delay due to PIMS verification
I also read somewhere that there is a way to get PIMS verification done while in US.
I will appreciate your responses.
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marlon2006
09-14 12:30 PM
Growth could high, but economy is so small that would not necessarily make a lot of absolute difference. That said, sorry to tell you I heard that type of stories years ago when I landed in Canada in 1998. That's my personal opinion.
Good luck though.
http://www.cbc.ca/story/money/national/2006/09/14/imf-useconomy.html
Canadian economic growth to be best in G7 in 2007: IMF
Last Updated Thu, 14 Sep 2006 07:59:50 EDT
CBC News
Canada's economy is poised to grow by 3.0 per cent next year, giving it the fastest growth among the G7 countries, the International Monetary Fund said Thursday in its semi-annual World Economic Outlook.
Canada's status as a major net exporter of energy will likely be enough to insulate it from the slowdowns that the IMF is forecasting for the U.S. and Europe.
The biggest risks to the Canadian growth story next year include a "substantial" further rise in the Canadian dollar or a "sharper-than-expected" slowing of the U.S. economy, as more than 80 per cent of Canada's exports are to the U.S.
"The Canadian economy continues to perform robustly, benefiting from its strong macroeconomic policy framework and the boom in global commodity prices,'' the IMF said.
A cooling housing market is likely to trigger the slowdown in the U.S. economy next year and could weigh on the global economy as well, it said.
Growth in the United States, which was particularly strong in the first half of this year, is expected to slow from 3.4 per cent this year to 2.9 per cent in 2007, the IMF said. In April, it had projected U.S. growth next year would reach 3.3 per cent.
"The concern remains that a sharp adjustment in the housing sector would generate strong headwinds for the U.S. economy," it said.
IMF pegs China's economic growth at 10%
Citing strong growth in China, the IMF raised its global growth forecast a quarter of a percentage point to 5.1 per cent this year and 4.9 per cent in 2007. But it warned that inflationary pressures, high oil prices and a possible abrupt slowdown in the U.S. could undermine global growth.
"The balance of risks to the global outlook is slanted to the downside," said the report, released in Singapore, where the IMF and World Bank will be holding their annual meetings next week.
The Washington-based fund also suggested that further U.S. interest rate hikes might be necessary.
The U.S. Federal Reserve "faces a difficult situation of rising inflation in a slowing economy, but given the importance of keeping inflation expectations in check, some further policy tightening may still be needed," it said.
In August, the Fed decided to keep its key short-term lending rate at 5.25 per cent after 17 straight hikes back to June 2004.
The IMF said "there will be a premium on the Federal Reserve clearly communicating its policy intentions" and suggested that it state more explicitly its medium-term inflation targets.
It also said the U.S. could help reduce global imbalances by setting a more ambitious deficit reduction path and put the budget in a stronger position to respond to future economic downturns.
Japan, the world's second-largest economy, will likely grow 2.7 per cent this year on the back of solid domestic demand, but should ease next year to 2.1 per cent, the IMF said.
It also said Japan should be careful to raise interest rates gradually to avoid a "costly" re-emergence of deflation, or falling prices.
In the euro area, stronger corporate balance sheets have helped bring about increased investment, rising employment and a more balanced expansion to the 12 countries that use the common currency, the report said.
Growth would rise to 2.4 per cent in 2006 before moderating to two per cent in 2007 largely due to scheduled tax increases in Germany, the report said.
China's sizzling economy will probably steam ahead with 10 per cent growth this year and next, propelled by surging exports, but the region could be hurt if China's investment boom sours, it warned.
The IMF also urged Beijing to raise the value of its currency, the yuan, saying that would help to cut its huge global trade gap � on pace this year to surpass last year's $102 billion US � and bolster households' purchasing power.
Growth in India, emerging as Asia's other major engine, would moderate to a still robust 8.3 per cent this year and 7.3 per cent next year.
Latin American economies would continue to lag behind other emerging economies, although growth prospects have increased in the region, with expansion expected at 4.75 per cent this year and 4.25 per cent in 2007.
Inflation in advanced economies was likely to increase modestly to 2.6 per cent in 2006 but start to decline next year as the upward impetus from oil price increases eases. Emerging markets would probably also be able to contain inflation pressures, it said.
The IMF was established in 1945 to help promote the health of the world economy. It works to foster economic and financial stability, prevent crises and can aid countries in trouble.
With files from the Associated Press
Good luck though.
http://www.cbc.ca/story/money/national/2006/09/14/imf-useconomy.html
Canadian economic growth to be best in G7 in 2007: IMF
Last Updated Thu, 14 Sep 2006 07:59:50 EDT
CBC News
Canada's economy is poised to grow by 3.0 per cent next year, giving it the fastest growth among the G7 countries, the International Monetary Fund said Thursday in its semi-annual World Economic Outlook.
Canada's status as a major net exporter of energy will likely be enough to insulate it from the slowdowns that the IMF is forecasting for the U.S. and Europe.
The biggest risks to the Canadian growth story next year include a "substantial" further rise in the Canadian dollar or a "sharper-than-expected" slowing of the U.S. economy, as more than 80 per cent of Canada's exports are to the U.S.
"The Canadian economy continues to perform robustly, benefiting from its strong macroeconomic policy framework and the boom in global commodity prices,'' the IMF said.
A cooling housing market is likely to trigger the slowdown in the U.S. economy next year and could weigh on the global economy as well, it said.
Growth in the United States, which was particularly strong in the first half of this year, is expected to slow from 3.4 per cent this year to 2.9 per cent in 2007, the IMF said. In April, it had projected U.S. growth next year would reach 3.3 per cent.
"The concern remains that a sharp adjustment in the housing sector would generate strong headwinds for the U.S. economy," it said.
IMF pegs China's economic growth at 10%
Citing strong growth in China, the IMF raised its global growth forecast a quarter of a percentage point to 5.1 per cent this year and 4.9 per cent in 2007. But it warned that inflationary pressures, high oil prices and a possible abrupt slowdown in the U.S. could undermine global growth.
"The balance of risks to the global outlook is slanted to the downside," said the report, released in Singapore, where the IMF and World Bank will be holding their annual meetings next week.
The Washington-based fund also suggested that further U.S. interest rate hikes might be necessary.
The U.S. Federal Reserve "faces a difficult situation of rising inflation in a slowing economy, but given the importance of keeping inflation expectations in check, some further policy tightening may still be needed," it said.
In August, the Fed decided to keep its key short-term lending rate at 5.25 per cent after 17 straight hikes back to June 2004.
The IMF said "there will be a premium on the Federal Reserve clearly communicating its policy intentions" and suggested that it state more explicitly its medium-term inflation targets.
It also said the U.S. could help reduce global imbalances by setting a more ambitious deficit reduction path and put the budget in a stronger position to respond to future economic downturns.
Japan, the world's second-largest economy, will likely grow 2.7 per cent this year on the back of solid domestic demand, but should ease next year to 2.1 per cent, the IMF said.
It also said Japan should be careful to raise interest rates gradually to avoid a "costly" re-emergence of deflation, or falling prices.
In the euro area, stronger corporate balance sheets have helped bring about increased investment, rising employment and a more balanced expansion to the 12 countries that use the common currency, the report said.
Growth would rise to 2.4 per cent in 2006 before moderating to two per cent in 2007 largely due to scheduled tax increases in Germany, the report said.
China's sizzling economy will probably steam ahead with 10 per cent growth this year and next, propelled by surging exports, but the region could be hurt if China's investment boom sours, it warned.
The IMF also urged Beijing to raise the value of its currency, the yuan, saying that would help to cut its huge global trade gap � on pace this year to surpass last year's $102 billion US � and bolster households' purchasing power.
Growth in India, emerging as Asia's other major engine, would moderate to a still robust 8.3 per cent this year and 7.3 per cent next year.
Latin American economies would continue to lag behind other emerging economies, although growth prospects have increased in the region, with expansion expected at 4.75 per cent this year and 4.25 per cent in 2007.
Inflation in advanced economies was likely to increase modestly to 2.6 per cent in 2006 but start to decline next year as the upward impetus from oil price increases eases. Emerging markets would probably also be able to contain inflation pressures, it said.
The IMF was established in 1945 to help promote the health of the world economy. It works to foster economic and financial stability, prevent crises and can aid countries in trouble.
With files from the Associated Press
gc_lover
06-08 08:04 AM
On another note, I was surprised that how little support we got from the Indian-American community (if I am wrong in assuming this, then correct me)! Bill Gates supported our cause, Intel supported our cause, Google supported our cause; but the huge number of Indian-American tech entrepreanuers in the US? Organizations like TIE? I am not sure if the IV core team tried to solicit any help from them or not but I thought their support was deafening.
Indian-American have never supported anything, especially if it's related to immigration. Because, for them once they get their GC or Citizenship they are done! They don't support anyone or stand for anything, it's just the way things are with us.
Indian-American have never supported anything, especially if it's related to immigration. Because, for them once they get their GC or Citizenship they are done! They don't support anyone or stand for anything, it's just the way things are with us.
GCanyMinute
08-22 09:04 PM
... 160 views until now and no one offered any help yet :o
please help :D
please help :D
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