IMF downgrades world growth, warns of 'precarious' 2020.
Global trade tensions, continued uncertainty and rising prospects for a no-deal Brexit are sapping the strength of the world economy, which faces a"precarious" 2020, the International Monetary Fund warned on Tuesday.
"Dynamism in the global economy is being weighed down by prolonged policy uncertainty as trade tensions remain heightened despite the recent US-China trade truce... and the prospects of a no-deal Brexit have increased," she said at a briefing in Santiago, Chile. The IMF raised the US GDP forecast by three-tenths of a percentage point to 2.6 percent for 2019, but weakening demand, in part due to the trade conflicts and tariffs, points to"slowing momentum over the rest of the year."China, which is the main target of US trade actions, was already experiencing a slowdown. But"the negative effects of escalating tariffs and weakening external demand have added pressure," the report said.
Gopinath repeated the IMF calculation showing that the combined effect of tariffs imposed last year and potential tariffs threatened in May between the United States and China could reduce global GDP in 2020 by 0.5 percent. And"countries should not use tariffs to target bilateral trade balances," the report said, while recognizing that"trade disputes may be symptoms of deeper frustration with gaps in the rules-based multilateral trading system."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IMF downgrades world growth, warns of 'precarious' 2020Global trade tensions and continued uncertainty are sapping the strength of the world economy, which faces a 'precarious' 2020, the International ...
Read more »
IMF lowers global growth forecasts as trade, Brexit uncertainties persist[WASHINGTON] The International Monetary Fund (IMF) on Tuesday lowered its forecast for global growth this year and next, warning that more US-China tariffs, auto tariffs or a disorderly Brexit could further slow growth, weaken investment and disrupt supply chains. Read more at The Business Times.
Read more »
Tokyo 2020 comes too early for karate kid's Olympic dreamSweat pours off Mahiro Takano as the 13-year-old karate black belt trades blows with a grown man almost twice her size, finishing with a ...
Read more »
LTA to review end-2020 deadline for PMD safety certification after recent fire incidentsConforming with the safety standard would require a PMD to pass a set of tests which would significantly improve safety against fire and electrical hazards.. Read more at straitstimes.com.
Read more »