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 San Antonio Post 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 San Antonio Post.
More InformationWASHINGTON, D.C.: In a significant ruling last week, the U.S. Supreme Court upheld a Texas law requiring age verification for users...
(Photo credit: Paul Witwer/Standard-Times / USA TODAY NETWORK via Imagn Images) The Houston Texans announced a $500,000 commitment...
Around two dozen girls remain missing after a deadly flash flood swept through a local Christian camp Deadly flash flooding in the...
(Photo credit: Ronald W. Erdrich/Reporter-News / USA TODAY NETWORK) Four-star wide receiver Kaydon Finley has committed to Notre...
(Photo credit: Geoff Burke-Imagn Images) Former NFL linebacker Bryan Braman is 'in the fight of his life,' battling a rare and aggressive...
(Photo credit: Isaiah J. Downing-Imagn Images) Colorado coach Deion Sanders, who has been suffering from an undisclosed medical condition,...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...