Thursday, 17 October, 2019

IMF Chief Georgieva Warns Trade Wars To Undermine Global Economy

Washington which as the largest shareholder in the global lender wields an effective right of veto has previously expressed opposition to increasing the IMF's overall funding and shareholder quotas- a move that would also reshuffle voting rights [File The IMF's new chief unveils data showing trade conflicts could wipe out $700 billion in global GDP by 2020
Patty Aguilar | 09 October, 2019, 14:34

President Donald Trump's trade war with China involves steep tariffs on hundreds of billions of dollars in two-way commerce but there are conflicts with other trading partners as well.

Much of the GDP losses will come from a decline of business confidence, productivity losses from broken supply chains and negative market reactions, she said. "In 2019, we expect slower growth in almost 90 per cent of the world", said Georgieva in her first speech as MD, IMF. So, he said, "the world economy is now in a period of synchronized slowdown".

Georgieva said widespread deceleration means that growth in 2019-20 will fall to its "lowest rate" since beginning of decade.

But the attendees at the IMF and World Bank meetings aren't the trade officials who could resolve those tensions, and Ms. Georgieva and Mr. Malpass both highlighted the policies that fiscal and monetary authorities can take to boost their economies.

"Even when voice picks-up in 2020, the hot rifts would possibly per chance per chance well per chance effect in adjustments that final a technology - broken provide chains, siloed trade sectors, a "digital Berlin Wall" that forces worldwide locations to fabricate a resolution from technology techniques", the Bulgarian economist added who held the No.2 job on the World Bank.

"There is a serious risk that services and consumption could soon be affected", she said. "We are not there" but it's better to be too early than too late, she said.

Boeing reports another big drop in deliveries in 3Q
While we value our long relationship with SWAPA, we believe this lawsuit is meritless and will vigorously defend against it. Southwest is the largest operator of the 737 MAX, and the aircraft may not return to passenger service until 2020.

Aleph Farms succesfully produces cell-grown meat in space
Amidst rising food demands and imminent environmental issues, other companies are seeking ways to produce meat in the lab. Cells of a cow were taken to space where they were grown into small-scale muscle tissue using a 3D bioprinter .

Ginger Baker, drummer for famous band Cream, passes away at 80
Spandau Ballet songwriter Gary Kemp and film director Edgar Wright also paid tribute to a musician who inspired countless others. Although the cause of death has not been revealed yet, Baker had been suffering from health issues for the past few years.

"In a trade war, everyone loses".

Georgieva compared the present scenario to that of two years ago, before the US-China trade war, when countries representing almost 75 per cent of the world's output were seeing accelerating growth.

Despite this overall deceleration, close to 40 emerging market and developing economies are forecast to have real GDP growth rates above 5 per cent - including 19 in sub-Saharan Africa, the International Monetary Fund chief said. "The global economy is now in a synchronized slowdown", Georgieva warned. Brexit was named as one of the factors slowing down the world economy.

Georgieva, a Bulgarian economist and sociologist who formally replaced Christine Lagarde on October 1, delivered her message days before the IMF's annual meeting, which begins next week in Washington, where finance ministers and central bank presidents from around the world, including Hernán Lacunza and Guido Sandleris, will meet.

The new executive director of the International Monetary Fund, Kristalina Georgieva, gave her first public speech in her position and made reference to countries that have programs with the organization, such as Argentina. "And yet, unless we act now, we are risking a potential more massive slowdown", Georgieva said. "So we need to work together, now, and find a lasting solution on trade".

Recommended

Mystics beat Sun to take 2-1 lead in WNBA Finals Mystics beat Sun to take 2-1 lead in WNBA Finals But it was all Mystics for the rest of the quarter, with Washington going on a 14-5 run to wrap up the first 10 minutes of Game 3. Jonquel Jones converted a 3-point play to open the third quarter and cut the lead to 1, but that was as close as CT would get.

Want to live longer? New study says dogs can help Want to live longer? New study says dogs can help Glenn Levine, chair of the writing group of the American Heart Association's scientific statement on pet ownership . Both reports were published October 8 in the journal Circulation: Cardiovascular Quality and Outcomes .

For a Flat Monthly Rate? Tech Giant Considers Super-Bundle For a Flat Monthly Rate? Tech Giant Considers Super-Bundle However, there is a catch - a catch 22 - if you drop the Apple subscription, you lose every piece of music you have acquired. We don't know whether this bundle would include other services like News+, Arcade, AppleCare+, or iCloud storage.

Advance polls for federal election open Friday Advance polls for federal election open Friday The voter information card shows where to vote on election day and the location of the voter's poll from among 22 advance polls. There are more than 115 campuses in Canada where you can register and vote in the federal election.

Robert Downey Jr. responds to Martin Scorsese's comments about 'Marvel' movies Robert Downey Jr. responds to Martin Scorsese's comments about 'Marvel' movies © Provided by Meredith Corporation Robert Downey Jr . reacts to Martin Scorsese's Marvel criticism: 'It makes no sense'. We need all of the different perspectives so we can come to center and move on".

Curiosity rover discovers ancient oasis on Mars Curiosity rover discovers ancient oasis on Mars More likely, it was messy, including drier periods, like what we're seeing at Sutton Island , followed by wetter periods". NASA says that the rock gives us an idea of what the surface of Mars might have been like 3.5 billion years ago.

DUP join the 'blame game' as relations with European Union sour DUP join the 'blame game' as relations with European Union  sour Mr Johnson has insisted Britain will leave on October 31 regardless, while promising to obey the law. A debate among EU27 states over the end date for any extension is yet to take place.

Twitter recycled 2FA phone numbers to tailor ads Twitter recycled 2FA phone numbers to tailor ads Facebook also agreed not to use phone numbers given for security purposes to advertise to people. It is not clear what this incident could mean for Twitter legally, if anything.

Men Suspected In Murder Of Amber Guyger Trial Witness Joshua Brown Men Suspected In Murder Of Amber Guyger Trial Witness Joshua Brown Green grabbed Brown's backpack and gun, and then hopped back into the auto , driven by the older Michael, Moore said. Joshua Brown was gunned down 10 days after he testified in the trial of former Dallas police officer Amber Guyger .

PG&E officials add Kern County to Public Safety Power Shutoff list PG&E officials add Kern County to Public Safety Power Shutoff list High winds are forecast in the region from late Tuesday through Thursday afternoon, according to the National Weather Service. The shutoffs are a precaution due to a forecasted severe weather event that could contribute to wildfire, according to PG&E.

Bernie Sanders' daughter-in-law dies at 46 after cancer diagnosis Bernie Sanders' daughter-in-law dies at 46 after cancer diagnosis Sanders has been active in recent days communicating with his staff and his broader network of longtime supporters. He is expected to participate in the fourth Democratic presidential debate, according to Sanders's spokesperson.

Pope blames 'destructive interests' for Amazon fires Pope blames 'destructive interests' for Amazon fires Conservative opponents fear it'd be a doctrinal Trojan horse that would subsequently spread to the whole Church in the West. Francis implied he thought at least a few of those fires were deliberately set.

NHS to open its first specialist clinic for gaming addiction NHS to open its first specialist clinic for gaming addiction The clinic will require mental health nurses, but there are now 40,000 nursing positions waiting to be filled just in England. As part of the National Center for Behavioral Addictions in London, the clinic is the first of its kind.

Call of Duty: Mobile breaks records crossing 100 million downloads worldwide Call of Duty: Mobile breaks records crossing 100 million downloads worldwide Fake Call of Duty mobile cheats, hacks and aimbots have plagued the internet which can be harmful to your devices. Visit Business Insider's homepage for more stories .

Spotify rolls out Siri support, new Apple TV app Spotify rolls out Siri support, new Apple TV app Although its UI feels a little uninspired to me, Spotify is a nice addition to the Apple TV for its subscribers. This suggests you can order Apple's virtual helper to operate music via the Spotify app.