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 Denmark 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 Denmark Sun.
More InformationLONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
DUBLIN, Ireland: Tánaiste Simon Harris has called on the United States to use every hour to reach a zero-for-zero tariff agreement...
DUBLIN, Ireland: A blind woman from Dublin says she was hurt while getting off a bus because the driver refused to pull in close to...
DUBLIN, Ireland: The Irish Nurses and Midwives Organisation (INMO) has warned that there could be a serious trolley crisis this summer...
ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
More than 200kg of uranium enriched to 60% are missing, according to the journalist Last month's US strikes on Iran's nuclear facilities...
(Photo credit: Susan Mullane-Imagn Images) No. 23 seed Clara Tauson of Denmark moved into the fourth round at Wimbledon with a 7-6...
(Photo credit: JASON BEAN/RGJ / USA TODAY NETWORK) Belgium's Jasper Philipsen sprinted to victory in the opening stage of the 112th...
New Delhi [India], July 5 (ANI): A six-member Indian men's and women's skeet shooting squad will take first aim on Sunday (July 06,...