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 Iran Herald 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 Iran Herald.
More InformationREDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
ABU DHABI, 12th July 2025 (WAM) -- President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations...
Dammam [Saudi Arabia], July 12 (ANI): Union Health Minister and BJP National President JP Nadda engaged with the Chairman of the Saudi-India...
The Hague [Netherlands] July 12 (ANI/WAM): JA UAE delegation led by Omran Sharaf, Assistant Foreign Minister for Advanced Science and...
New Delhi [India], July 12 (ANI): Tomy Thomas, husband of Nimisha Priya, the 37-year-old Indian nurse from Kerala who faces execution...
Tel Aviv [Israel], July 12 (ANI): Gaza has become the graveyard of children and starving people, UNRWA chief Philippe Lazzarini said,...