gc_maine2
08-08 04:27 PM
OK good another thread, now you have posted this info you can also close this thread.:)
http://www.uscis.gov/files/pressrelease/FAQ3.pdf
Q33: When filing an EB I-485 using the old fee, what version of the I-485 form do we use?
A33: The current I-485 form version dated “7/30/07 Y” should be used. The form can be found at www.uscis.gov
Q34: To ensure that the correct fee is submitted, may an applicant submit both a check for the old fee and a second check for the new fee?
A34: USCIS requires that all applications and petitions be submitted with the required filing fee or a waiver, if applicable. USCIS urges the public to exercise caution in submitting additional checks in incorrect amounts: extraneous checks may slow down the intake process and may result in an erroneous rejection of an application (as in the case where the check in the correct amount is missed) or in the inadvertent cashing of such checks, since filing fees are normally non-refundable. For additional information, the public is referred to the fee requirements announced in the Federal Register on August 1, 2007 (Temporary Adjustment of the Immigration and Naturalization Benefit Application and Petition Fee Schedule for Certain Adjustment of Status, FR at 41888). This regulation amends the new Fee Rule, and requires that aliens who file an employment-based Form I–485 and any related Forms I–765 and I–131, pursuant to Visa Bulletin No. 107, through August 17, 2007, must include the filing fees in effect prior to July 30, 2007. The new fee schedule becomes effective on July 30, 2007, for all other immigration and naturalization applications and petitions and on August 18, 2007, for Forms I–485 and all subsequent or ‘‘renewal’’ applications for advance parole and employment authorization based on pending Forms I–485 filed pursuant to Visa Bulletin No. 107.
Q35: Will previous USCIS policy still apply in those instances where the original approved labor certification cannot be included in support of an I-140 petition, such as when the original has been lost or previously filed with USCIS, or when a duplicate approval must be requested?
A35: Yes. While an original labor certification must be submitted in support of certain I-140 petitions, USCIS will continue to accept duplicates of previously filed Labor certificates and, as in the instances stated above, in cases where an original labor certificate has been properly filed with USCIS.
1 USCIS may issue future “FAQs” on this topic for the benefit of the public, should additional questions arise. Such FAQs will be dated and numbered for ease of reference. Department of Homeland Security
Q36: Will USCIS accept Schedule A concurrently filed I-140 petitions and adjustment of status applications that are filed on or after August 1, 2007?
A36: As previously stated, USCIS will accept properly filed Forms I-140 filed on behalf of aliens with a priority date on or after August 1, 2007; however, pursuant to August Visa Bulletin No. 108, USCIS will reject any concurrently filed adjustment of status applications filed by aliens with a priority date on or after August 1, 2007.
Q37: Will the new I-765 filing instructions apply to Forms I-765 filed based on employment-based adjustment of status applications filed pursuant to the July Visa Bulletin No. 107, if filed between July 30, 2007 – August 17, 2007?
A37: No. The fee of $180 for Forms I-765 and the fee of $170 for Form I-131 will remain in effect for those aliens eligible to file an employment-based adjustment of status application pursuant to July Visa Bulletin No. 107 until August 17, 2007.
Q38: Where should an employment-based adjustment of status application be filed if the underlying I-140 petition remains pending with USCIS?
A38: Forms I-485 may be filed at either the Nebraska Service Center or the Texas Service Center in accordance with the Direct Filing Update issued June 21, 2007, regardless of where the pending I-140 was filed. Applicants should submit a copy of the I-140 receipt notice or, if the applicant does not have a receipt notice, include a brightly colored sheet of paper on top of the filing with the following notice and information:
TO THE MAILROOM: The enclosed I-485 Adjustment Application(s) should be matched with a pending I-140 Immigrant Petition for which no Receipt Notice has been received. The Immigrant Petition [type, e.g., I-140] was delivered to [Service Center] on [provide date of filing and tracking number]; Petitioner's name; Beneficiary's name; Beneficiary's date of birth; Beneficiary's country of birth.
http://www.uscis.gov/files/pressrelease/FAQ3.pdf
Q33: When filing an EB I-485 using the old fee, what version of the I-485 form do we use?
A33: The current I-485 form version dated “7/30/07 Y” should be used. The form can be found at www.uscis.gov
Q34: To ensure that the correct fee is submitted, may an applicant submit both a check for the old fee and a second check for the new fee?
A34: USCIS requires that all applications and petitions be submitted with the required filing fee or a waiver, if applicable. USCIS urges the public to exercise caution in submitting additional checks in incorrect amounts: extraneous checks may slow down the intake process and may result in an erroneous rejection of an application (as in the case where the check in the correct amount is missed) or in the inadvertent cashing of such checks, since filing fees are normally non-refundable. For additional information, the public is referred to the fee requirements announced in the Federal Register on August 1, 2007 (Temporary Adjustment of the Immigration and Naturalization Benefit Application and Petition Fee Schedule for Certain Adjustment of Status, FR at 41888). This regulation amends the new Fee Rule, and requires that aliens who file an employment-based Form I–485 and any related Forms I–765 and I–131, pursuant to Visa Bulletin No. 107, through August 17, 2007, must include the filing fees in effect prior to July 30, 2007. The new fee schedule becomes effective on July 30, 2007, for all other immigration and naturalization applications and petitions and on August 18, 2007, for Forms I–485 and all subsequent or ‘‘renewal’’ applications for advance parole and employment authorization based on pending Forms I–485 filed pursuant to Visa Bulletin No. 107.
Q35: Will previous USCIS policy still apply in those instances where the original approved labor certification cannot be included in support of an I-140 petition, such as when the original has been lost or previously filed with USCIS, or when a duplicate approval must be requested?
A35: Yes. While an original labor certification must be submitted in support of certain I-140 petitions, USCIS will continue to accept duplicates of previously filed Labor certificates and, as in the instances stated above, in cases where an original labor certificate has been properly filed with USCIS.
1 USCIS may issue future “FAQs” on this topic for the benefit of the public, should additional questions arise. Such FAQs will be dated and numbered for ease of reference. Department of Homeland Security
Q36: Will USCIS accept Schedule A concurrently filed I-140 petitions and adjustment of status applications that are filed on or after August 1, 2007?
A36: As previously stated, USCIS will accept properly filed Forms I-140 filed on behalf of aliens with a priority date on or after August 1, 2007; however, pursuant to August Visa Bulletin No. 108, USCIS will reject any concurrently filed adjustment of status applications filed by aliens with a priority date on or after August 1, 2007.
Q37: Will the new I-765 filing instructions apply to Forms I-765 filed based on employment-based adjustment of status applications filed pursuant to the July Visa Bulletin No. 107, if filed between July 30, 2007 – August 17, 2007?
A37: No. The fee of $180 for Forms I-765 and the fee of $170 for Form I-131 will remain in effect for those aliens eligible to file an employment-based adjustment of status application pursuant to July Visa Bulletin No. 107 until August 17, 2007.
Q38: Where should an employment-based adjustment of status application be filed if the underlying I-140 petition remains pending with USCIS?
A38: Forms I-485 may be filed at either the Nebraska Service Center or the Texas Service Center in accordance with the Direct Filing Update issued June 21, 2007, regardless of where the pending I-140 was filed. Applicants should submit a copy of the I-140 receipt notice or, if the applicant does not have a receipt notice, include a brightly colored sheet of paper on top of the filing with the following notice and information:
TO THE MAILROOM: The enclosed I-485 Adjustment Application(s) should be matched with a pending I-140 Immigrant Petition for which no Receipt Notice has been received. The Immigrant Petition [type, e.g., I-140] was delivered to [Service Center] on [provide date of filing and tracking number]; Petitioner's name; Beneficiary's name; Beneficiary's date of birth; Beneficiary's country of birth.
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acecupid
08-19 09:38 PM
If you renew your passport in US it takes approx 5-6 working days. I have done that at san francisco indian consulate. In India it may take weeks or even more than a month unless you have some connections. You know how things work in India...
I dont think you should have problems even at POE with passport expiring less than 6 months. I would suggest try to renew it in US if you have time or dont renew it at all till you come back to US. Trying to do it in India might cause delays.
I dont think you should have problems even at POE with passport expiring less than 6 months. I would suggest try to renew it in US if you have time or dont renew it at all till you come back to US. Trying to do it in India might cause delays.
glus
12-18 06:42 PM
Hi guys,
I wonder if anyone noticed that. I am a July 2nd filer and my priority date is not current and long will not be. But I noticed many many LUDS on my I485 and no change in messages. Has anyone noticed that too?
My LUDS: 9/7, 9/11, 10/3(after FP), 12/10, 12/11, 12/15, 12/18.....
I wonder what is happening....
Now, in addition, I see 12/18 LUD on my pending I140.....weird or they are processig my I140, pending since last December
I wonder if anyone noticed that. I am a July 2nd filer and my priority date is not current and long will not be. But I noticed many many LUDS on my I485 and no change in messages. Has anyone noticed that too?
My LUDS: 9/7, 9/11, 10/3(after FP), 12/10, 12/11, 12/15, 12/18.....
I wonder what is happening....
Now, in addition, I see 12/18 LUD on my pending I140.....weird or they are processig my I140, pending since last December
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peer123
04-17 09:20 AM
Check the directory of occupational titles and ensure the new and old jobs have the same / very close occupational code. You can find it on the DOL website. Duties is one thing, but the code is also important.
I did check, job code is 13-1111.00. the two titles used in labor cert are principal management consultant -system analysis - this is primary
and system analysis - mentioned in related occupation
the approval job code is 13-1111.00 - the new title i am getting is system analyst.
also i just have 1 page of approval for ETA750. are there more than one pages in this application and if so I should have all the pages...
I did check, job code is 13-1111.00. the two titles used in labor cert are principal management consultant -system analysis - this is primary
and system analysis - mentioned in related occupation
the approval job code is 13-1111.00 - the new title i am getting is system analyst.
also i just have 1 page of approval for ETA750. are there more than one pages in this application and if so I should have all the pages...
more...
texcan
03-02 12:02 AM
Hi,
Unfortunately, I have recently been laid off by my employer on Jan 09. Still I could not transfer my H1B, but I am in process to doing that. One of friend told me told me that I need to transfer my H1B with 2 months. My H1B visa is valid till 2011.
I already requested my ex-employer not to revoke my H1B.
My questions are �
1. How much time I will get to transfer my H1B ?
2. What about my families H4 visa status ?
3. If it is out of status issue , then what should me my immediate action ?
Thanks in advance!
There is no hard and fast rule on number of days allowed for transfer after layoff, generally as long as you have pay stubs for last 1 /2 months there are no problems.
Now since you have already applied for transfer, it makes more sense to wait for result/approval.
you family's h4 status is tied with your h1 status.
IMO since you have now applied for transfer, you are not out of status. So nothing else to do other than wait for USCIS response.
HTH and sorry to hear about layoff. Hope it will work out for you.
Unfortunately, I have recently been laid off by my employer on Jan 09. Still I could not transfer my H1B, but I am in process to doing that. One of friend told me told me that I need to transfer my H1B with 2 months. My H1B visa is valid till 2011.
I already requested my ex-employer not to revoke my H1B.
My questions are �
1. How much time I will get to transfer my H1B ?
2. What about my families H4 visa status ?
3. If it is out of status issue , then what should me my immediate action ?
Thanks in advance!
There is no hard and fast rule on number of days allowed for transfer after layoff, generally as long as you have pay stubs for last 1 /2 months there are no problems.
Now since you have already applied for transfer, it makes more sense to wait for result/approval.
you family's h4 status is tied with your h1 status.
IMO since you have now applied for transfer, you are not out of status. So nothing else to do other than wait for USCIS response.
HTH and sorry to hear about layoff. Hope it will work out for you.
sabbygirl99
03-28 02:28 PM
Has anyone ever seen this scenario before??!
Part time worker but a full time student - all on a part time H1 visa? I have talked to one lawyer and a couple of admissions officers. They all say that it should be OK (but they are not crazy about it) but I want to talk to someone that actually did it.
Is anyone out there like that??? Thanks!!
Sincerely,
Need To Move on With My Life
Part time worker but a full time student - all on a part time H1 visa? I have talked to one lawyer and a couple of admissions officers. They all say that it should be OK (but they are not crazy about it) but I want to talk to someone that actually did it.
Is anyone out there like that??? Thanks!!
Sincerely,
Need To Move on With My Life
more...
fromnaija
07-19 11:16 AM
If you are here on H1 and your dependent is in H4, it's your right to claim all the deductions that you are entitled to. For tax purposes your are a legal resident alien. I have routinely claimed Hope Credits for all my dependents and lifetime learning credits for myself.
If we submit tax returns with 485 AOS application then do CIS check those to see what exsumptions we have taken etc??? One of my friend by mistake took hope credits coupld yrs ago and is terrified that CIS may catch this if he sends the tax returns so he has been fighting with his attorney about not sending it!! both he and his wife are earning and no dependents. Any thoughts on the situation??
I told him checking the tax returns is not CIS's function!! That is IRS.......he should relax. By the way, what happens if he approaches IRS saying it was an honest mistake and pays off the exsumption he took.
If we submit tax returns with 485 AOS application then do CIS check those to see what exsumptions we have taken etc??? One of my friend by mistake took hope credits coupld yrs ago and is terrified that CIS may catch this if he sends the tax returns so he has been fighting with his attorney about not sending it!! both he and his wife are earning and no dependents. Any thoughts on the situation??
I told him checking the tax returns is not CIS's function!! That is IRS.......he should relax. By the way, what happens if he approaches IRS saying it was an honest mistake and pays off the exsumption he took.
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jayleno
07-08 11:25 PM
Hi Guys,
Just expressing my opinion. I too feel its not good idea to involve Indian Consulate, just coz we are in course of becoming a permanent resident of a different country and it has nothing to do with our Indian citizenship.
Jay
Just expressing my opinion. I too feel its not good idea to involve Indian Consulate, just coz we are in course of becoming a permanent resident of a different country and it has nothing to do with our Indian citizenship.
Jay
more...
pappu
06-22 04:37 PM
If you want to impress USCIS officer with your looks, go to a potrait studio. :) Else try CVS.
If you are really dying to save money, Don't apply for I485. Comeon, when you are spending thousands on your greencard why do you care for 5-10 dollars.
If you are really dying to save money, Don't apply for I485. Comeon, when you are spending thousands on your greencard why do you care for 5-10 dollars.
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mpgc
10-16 04:56 PM
Hi,
My green card petition was applied under "Computer and Information Systems Manager" job title. Recently, I get a full-time job offer from another employer with a much lesser salary but, considering the current job market and economy, I've no other option but to accept it. There's one little kink in this new situation: the title for the job I've applied for labor does not match with the one I'm offered (Software Engineer)
These are my questions:
1. Do I really need to apply AC21 now?
2. If I apply AC21 with Software Engineer title what could be the consequence
3. What if I try to get a letter from my new employer with job title as Computer and Information Systems Manager or some similar title. Do you think it'll work?
If anyone has better idea, please advise me. I'd really appreciate all your help.
Thank you very much...
My green card petition was applied under "Computer and Information Systems Manager" job title. Recently, I get a full-time job offer from another employer with a much lesser salary but, considering the current job market and economy, I've no other option but to accept it. There's one little kink in this new situation: the title for the job I've applied for labor does not match with the one I'm offered (Software Engineer)
These are my questions:
1. Do I really need to apply AC21 now?
2. If I apply AC21 with Software Engineer title what could be the consequence
3. What if I try to get a letter from my new employer with job title as Computer and Information Systems Manager or some similar title. Do you think it'll work?
If anyone has better idea, please advise me. I'd really appreciate all your help.
Thank you very much...
more...
wandmaker
12-18 10:21 PM
Confucious had said, when it comes to 485 and AC-21, be smart and patiently wait for the time to pass before you transform from your pre 180 days avatar (http://www.forparentsbyparents.com/images/cute_baby_2006/cute_baby_nov06_ruby_400.jpg) to your post 180 days avatar (http://i.imdb.com/Photos/Ss/0266697/KillBill_CN-99-3.jpg).
Nice quote :)
Nice quote :)
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thomachan72
10-04 02:42 PM
I was also at 10 and few weeks back went and changed to 12. As Tony pointed out I have been wondering about the liquidity issue if at all we were to withdraw early. They take off 30% (20 tax + 10% early termination fee). I do have a bit of company match but will not be enough to cover the 30% loss. I am thinking of cutting back to 5%.
The problem with accounts in India is the requirement to declare it here. Anyway have to quickly call them and get it back to just enough to get the employer match up to the max.
The problem with accounts in India is the requirement to declare it here. Anyway have to quickly call them and get it back to just enough to get the employer match up to the max.
more...
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Gravitation
06-04 10:11 AM
Morning business @ 2:30 p.m. ??
morning business - Routine business that is supposed to occur during the first two hours of a new legislative day. This business includes receiving messages from the President and from the House of Representatives, reports from executive branch officials, petitions from citizens, memorials from States, and committee reports, and the introduction of bills and submission of resolutions. In practice, the Senate often does this business instead by unanimous consent at other convenient points in the day.
Reference:
http://www.senate.gov/reference/glossary_term/morning_business.htm
morning business - Routine business that is supposed to occur during the first two hours of a new legislative day. This business includes receiving messages from the President and from the House of Representatives, reports from executive branch officials, petitions from citizens, memorials from States, and committee reports, and the introduction of bills and submission of resolutions. In practice, the Senate often does this business instead by unanimous consent at other convenient points in the day.
Reference:
http://www.senate.gov/reference/glossary_term/morning_business.htm
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GCBatman
04-13 10:42 AM
Thanks gcisadawg.
I do not think 1st option will work for me since I was told by my old company that I SHOULD move my 401 K.
I do not have any existing IRA account kindly provide more details how I can set it up & how long it take to set it up?
Thanks,
You have multiple options.
1> Just keep the money with your old company. This is possible if the balance is above 5K.
You can shift as soon as you set up a new 401K plan with your new company. Check with your current HR if they allow this. In my company, they do allow this.
2> Shift the money to a new/exsisting IRA.
Either case, first open the account and ask your current 401K custodian to write a cheque to new 401K/IRA custodian. If they write a cheque directly to you, they may withhold tax.
If you don't deposit within specific time period then you would incur tax and 10% penalty.
-GCisaDawg
I do not think 1st option will work for me since I was told by my old company that I SHOULD move my 401 K.
I do not have any existing IRA account kindly provide more details how I can set it up & how long it take to set it up?
Thanks,
You have multiple options.
1> Just keep the money with your old company. This is possible if the balance is above 5K.
You can shift as soon as you set up a new 401K plan with your new company. Check with your current HR if they allow this. In my company, they do allow this.
2> Shift the money to a new/exsisting IRA.
Either case, first open the account and ask your current 401K custodian to write a cheque to new 401K/IRA custodian. If they write a cheque directly to you, they may withhold tax.
If you don't deposit within specific time period then you would incur tax and 10% penalty.
-GCisaDawg
more...
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viqu
06-05 11:30 AM
My 140 was transferred from VSC to NSC, I received a new receipt from NSC. The new receipt show it is taking 5 months to 6 months to process this kind of case. My concern is my old receipt date (01/28/2006) is lost? totally unfair!!!
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satyasaich
12-03 04:37 PM
Very useful information and thanks for sharing.
Truly i have no idea that people on H1B (for example) are also eligible for some sort of benefits.
Good to know
Satya
Satyasaich you are wrong on multiple levels. People with an EAD are in fact eligible for unemployment insurance. Here (http://nelp.3cdn.net/5727e33f7447025233_1ym6b9eh4.pdf) is a document with more information. This is not to say that availing of that benefit might not harm your green card prospects. What you are, in fact, referring to are social security benefits which are different from unemployment benefits.
Truly i have no idea that people on H1B (for example) are also eligible for some sort of benefits.
Good to know
Satya
Satyasaich you are wrong on multiple levels. People with an EAD are in fact eligible for unemployment insurance. Here (http://nelp.3cdn.net/5727e33f7447025233_1ym6b9eh4.pdf) is a document with more information. This is not to say that availing of that benefit might not harm your green card prospects. What you are, in fact, referring to are social security benefits which are different from unemployment benefits.
more...
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potatoeater
05-26 04:26 PM
Now, the VFS site is giving the error "No dates available" for visitor visa. Even if you opt for an emergency appointment option, you still get the same error.
Are others facing the same issue? Is something wrong with this site?
Are others facing the same issue? Is something wrong with this site?
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anilsal
12-19 10:19 PM
What is "CPB defferred inspection site"?
Details please....
Details please....
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speedo
08-14 07:34 PM
when is your appointment? what city?
Rohan99
10-29 01:27 PM
thanks for reply,
One more query..If H4 visa has expired but I have H4 extension till 2009, can I get H4 stamp in India.
My case traveling in Jan to india, My H4 was expired but I have extension. Can I get it stamped as H4. I will be appying for EAD in Nov 07.
Thank you..
Applying for EAD does not invalidate your H4 status. If you travel outside USA without AP and you don't have a valid H4 stamp on your passport, It is considered abandoning your AOS. Hope this helps.
One more query..If H4 visa has expired but I have H4 extension till 2009, can I get H4 stamp in India.
My case traveling in Jan to india, My H4 was expired but I have extension. Can I get it stamped as H4. I will be appying for EAD in Nov 07.
Thank you..
Applying for EAD does not invalidate your H4 status. If you travel outside USA without AP and you don't have a valid H4 stamp on your passport, It is considered abandoning your AOS. Hope this helps.
nozerd
09-14 11:31 AM
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
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
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