Trade disputes 鈥榰ndermining global economy鈥
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GRINDING trade disputes are undermining the global economy, which is set to see its slowest growth in nearly a decade, the new IMF chief said on Tuesday.
Research shows the impact of the trade conflict is widespread and countries must be ready to respond in unison with cash infusions, Kristalina Georgieva said in her first speech as managing director of the International Monetary Fund. She also called for a ramp-up in carbon taxes to address the other challenge facing the global economy: climate change.
“In 2019, we expect slower growth in nearly 90 percent of the world. The global economy is now in a synchronized slowdown,” Georgieva said. “This widespread deceleration means that growth this year will fall to its lowest rate since the beginning of the decade.”
She said the IMF is cutting its forecasts for growth this year and next. Previously, the world economy had been projected to expand by 3.2 percent in 2019 and 3.5 percent in 2020. The fund is due to release details in its updated World Economic Outlook on October 15.
While trade tensions had been a danger to the economy, “now, we see that they are actually taking a toll,” she said. “Global trade growth has come to a near standstill.”
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