RFE
08 Oct 2019, 23:45 GMT+10
The new chief of the International Monetary Fund (IMF) says trade wars are threatening to undermine the global economy, likely bringing on the slowest growth in nearly a decade.
Kristalina Georgieva, a Bulgarian economist, said on October 8 in her first speech as IMF managing director that 'in 2019, we expect slower growth in nearly 90 percent of the world."
"The global economy is now in a synchronized slowdown.'
'This widespread deceleration means that growth this year will fall to its lowest rate since the beginning of the decade,' she added.
Georgieva blamed much of the slowdown on the rising number of trade conflicts around the world. The disputes could mean a loss of some $700 billion in output by the end of 2020 -- about 0.8 percent of world gross domestic product.
U.S. President Donald Trump has taken a hard line on trade issues and has become involved in several tit-for-tat tariff moves -- the most substantial of which is with China.
Experts have previously expressed fears that the trade wars could lead to a slowing of the global economy, causing uncertainty in world stock markets.
Georgieva's comments come a week ahead of the planned release of the global lender's updated World Economic Outlook, set for October 15.
The Bulgarian took over leadership of the 189-nation IMF this month following the resignation of Christine Lagarde, who was named chief of the European Central Bank.
The IMF is considered the world's lender of last resort for governments and usually sets tough conditions in return for its aid packages.
Based on reporting by AP and AFP
Copyright (c) 2018. RFE/RL, Inc. Republished with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave NW, Ste 400, Washington DC 20036
Get a daily dose of Milwaukee Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Milwaukee Sun.
More InformationWASHINGTON/NEW DELHI/MONTREAL: Amid scrutiny following a fatal Boeing 787 crash in India, U.S. aviation regulators and Boeing have...
WASHINGTON, D.C.: The U.S. State Department dismissed over 1,300 employees on July 11, as part of a sweeping reorganization initiated...
NEW DELHI, India: A preliminary investigation into the Air India crash on June 12 in Ahmedabad has revealed that a shift in the fuel...
BRUSSELS, Belgium: Meta is holding firm on its controversial pay-or-consent model, a move that could lead to fresh antitrust charges...
LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according...
The family of Sayfollah Saif Musallet, a 20-year-old American citizen who was beaten to death by Israeli settlers in the occupied West...
WASHINGTON, D.C.: The U.S. State Department dismissed over 1,300 employees on July 11, as part of a sweeping reorganization initiated...
(Photo credit: Benny Sieu-Imagn Images) Four days after a surprising decision to add Milwaukee Brewers rookie right-hander Jacob...
(Photo credit: Brian Fluharty-Imagn Images) Ceddanne Rafaela hit a two-run home run to help the Boston Red Sox stretch their winning...
(Photo credit: D. Ross Cameron-Imagn Images) The Los Angeles Dodgers strung together two-out bloop singles by Freddie Freeman and...
(Photo credit: Benny Sieu-Imagn Images) Jackson Chourio had a three-run homer and Brice Turang added a solo shot to back a dominant...
(Photo credit: Benny Sieu-Imagn Images) Milwaukee Brewers right fielder Sal Frelick left Sunday's game against the Washington Nationals...