IMF Chief Georgieva Warns Trade Wars To Undermine Global Economy
IMF Chief Georgieva Warns Trade Wars To Undermine Global Economy
The IMF's new chief unveils data showing trade conflicts could wipe out $700 billion in global GDP by 2020
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.
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"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".
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