IMF Warns That Trump’s Trade War Is Devastating The World Economy
IMF Warns That Trump’s Trade War Is Devastating The World Economy
IMF gives Greece optimistic figures on growth and unemployment
13 October, 2018, 10:01
The Breton Woods institution, which said this at the Annual General Meetings of the IMF/World Bank now going in Bali, Indonesia, also revised downwards growth prospects for Nigeria in 2018 from 2.1 per cent to 1.9 per cent. "Thus, policymakers still have an excellent opportunity to build resilience and implement growth-enhancing reforms", Mr. Obstfeld said.
"In several key economies, moreover, growth is being supported by policies that seem unsustainable over the longer term".
United States growth this year remained steady at 2.9 percent but is set to slow in 2019 as the effect of Trump's sweeping tax cuts wear off and the trade dispute with China begins to set in.
It said that a full-blown trade war between the USA and China would put a significant dent in economic recovery.
Formally launching the International Monetary Fund and World Bank annual meetings on the Indonesian resort island of Bali, Lagarde urged countries to "de-escalate" trade conflicts and fix global trading rules instead of abandoning them.
"Up from India's growth rate of 6.7 per cent in 2016, the growth projections for this year and the next reflect "a rebound from transitory shocks" of demonetisation and the implementation of the national Goods and Services Tax" and "strengthening investment and robust private consumption", WEO said.
Thus the expansion of the global economy would be reduced to around 2.9% both next year and in 2020.
At the same time, they note that the growth is becoming less balanced and in some leading economies, it may already have peaked.
The IMF pointed out that a full-blown trade war between the world's largest and second largest economies will cause a significant dent to the economic recovery from the Great Recession of 2018. "To correct the underlying imbalances, fiscal and monetary actions needed to be undertaken without delay", reads the statement.
The trade confrontation weighs on China in particular, where growth is projected to slow to 6.6 per cent this year and 6.2 per cent in 2019, a downgrade of 0.2 points.
Asked about the US Treasury official's comments, Chinese Foreign Ministry spokesman Lu Kang said: "We have no intention of promoting exports through the competitive devaluation of our currency, and will not use the renminbi (yuan) exchange rate as a tool to respond to disputes in trade or other areas".
It also said inflation in India is on the rise, estimated at 3.6 percent in fiscal year 2017/18 and projected at 4.7 per cent in fiscal year 2018/19, compared to 4.5 percent in fiscal year 2016/17, amid accelerating demand and rising fuel prices.
Maurice Obstfeld, the IMF Economic Counsellor, warned against the rising tide of protectionism, saying that without multilateralism "the world will be a poorer and more unsafe place".
Melania Trump demanded "hard evidence" as the only standard of proof for sexual assault - but insisted she stands with women. During the 2016 election, Melania dismissed the accusations of sexual misconduct against her husband as political hit jobs.
It also provides for a reduction of weaponry and guards at the border and the defining of sections of the Demilitarised Zone. South Korea is backtracking on possibly removing sanctions against North Korea. "We have very big sanctions", Trump said.
Stocks are in the midst of a scary October slump, sliding sharply because investors are anxious about rising interest rates. China was among the hardest hit overseas, with indexes in Shanghai and Hong Kong falling 5.2 and 3.5 percent, respectively.
Google Lens helps you search the world around you by recognizing objects with the camera and performing a Google Search for them. Google declined to address that further Tuesday, though executives emphasized privacy and security throughout the event in NY .
Storm Callum is expected to bring torrential rain and winds of up to 70 miles per hour to parts of the United Kingdom on Friday. The remainder of the country is covered by a Status Yellow Wind Warning and will remain in place until 9am Friday.
Swift said that although she would like to continue supporting female politicians, she came out against incumbent Republican U.S. This year's AMAs are once again hosted by Tracee Ellis Ross, star of ABC's sitcom Black-ish.
The Air India flight which had 130 passengers and six crew members onboard took off from the Trichy airport at around 1.30 am. Later, a team of officials inspected the accident spot and found aircraft debris, indicating that the damage was significant.
Complaining about prison sentences, West said that people fall through a "trap door" and "end up next to the Unabomber". Kanye also gifted Ivanka Trump a "Make Earth Great Again" hat and Jared Kushner a "Travel Space Again".
In southeastern North Carolina, where residents are still recovering from Hurricane Florence, up to 4 inches of rain is forecast. Winds will be less than 20 miles per hour for the northern half of the state as the main impact comes across southeast Alabama.
To me it was demeaning to the stature of the office to have him using profanity, behaving in this way, going on a rant like that. Klavan: "This is Chris Cuomo reporting from inside the head of the President , ladies and gentlemen".
Kuciak had investigated alleged fraud in European Union farming subsidies by an Italian organised crime group. Viktoria Marinova , 30, was discovered in a park in Ruse, a town near the River Danube, on Saturday, Oct. 6.
Nearly 1 in 2 Australians will experience a mental health condition at some point in their lifetime. The more we talk about mental health, the more we can identify and support those in need.
Entire F-35 fleet grounded and checked for fault after crash
A fleet of F-35 fighter jets have been temporarily grounded in order to inspect the aircraft after a crash in SC last month. If known properly functioning fuel tubes are already installed, those aircraft would be returned to flight status.
Key Messages for Storm Callum
The National Emergency Coordination Group is also set to convene this afternoon as fears grow over impact of Storm Callum . Rail services to Drogheda, Dundalk and Belfast have been suspended because of a tree on the line at Donabate in Dublin.
Melania says infamous jacket was message to 'left-wing media'
I'm a mother and a first lady, and I have much more important things to think about and to do. "So I will leave it at that". Llamas, the interviewer, pointed out several times that no question was off limits during his conversation with Trump.
Samsung Unveils the 4-Camera, Midrange Galaxy A9
Next up there's the 10MP f/2.4 Ultra-Wide camera that has a 120 degree viewing angle that's meant to be the same as the human eye. Samsung withheld a good deal of information when it comes to the Galaxy A9 (2018)'s release date, pricing, and availability .
Buyer of shredded Banksy work goes through with deal
Banksy works including Slave Labour are due to go under the hammer and auctioneers have promised no items will "shred or explode". The gallery version that was up for sale on Friday was rendered in 2006, and it was signed and dedicated on the back.
CC Sabathia Plans To Pitch In 2019
Sabathia got in some trouble early, walking Xander Bogaerts to load the bases in the first inning before escaping the jam. Kimbrel served up a down-the-middle fastball at 98 miles per hour to Sanchez, who demolished it high into the night sky.
Rand nudges upwards as Mboweni takes over from Nene
Nene's example by volunteering to give testimony at the national inquiry into corruption so that their conduct can be reviewed. Ramaphosa said Nene wrote to him on Tuesday requesting to step down‚ and he had chose to accede to the request.
Melania on Donald Trump: 'I don't always agree what he tweets'
It's a reflection of her outdated understanding of Africa. "@ FLOTUS we don't want to talk about your fashion choices either". Trump has twice tried unsuccessfully to slash USAID's budget by a third. "It's very emotional", Trump said after her visit.