The IMF's new chief unveils data showing trade conflicts could wipe out $700 billion in global GDP by 2020
As Kristalina Georgieva prepared to take over the reins of the International Monetary Fund, the new managing director took a moment to issue a stark warning about the global economy.
Georgieva gave her inaugural speech on Tuesday after assuming the role of managing director on October 1 following Christine Lagarde's departure early this year to run the European Central Bank. trade tensions that could wipe out as much $700 billion in global GDP output by 2020. Much of the slowdown would come from negative market reactions and waning business confidence, she added. speechShe continued: "This widespread deceleration means that growth this year will fall to its lowest rate since the beginning of the decade."
The IMF's projection includes President Donald Trump's planned tariff hike on another $300 billion worth of Chinese imports.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trade war could cost global economy $700 billion by 2020, new IMF chief saysThe cumulative effect of trade conflicts could mean a loss of around $700 billion by 2020, the new IMF chief estimated on Tuesday.
Read more »
Asia markets to trade higher ahead of this week's US-China trade talksPrincipal-level trade negotiations between the United States and China are set to begin on Thursday in Washington.
Read more »
Asia markets set to trade higher ahead of high-level trade talks between US and ChinaHigh-level trade talks between the world's two largest economies are due to start on Thursday, but reports said that Chinese officials are growing hesitant to pursue a broad trade deal with the United States.
Read more »
Yen rises, offshore yuan dips on caution over Sino-U.S. trade talksThe yen gained slightly and the yuan slipped a tad in early Asian trade on Monda...
Read more »
Asian shares buoyed by U.S. jobs, trade talks in focusAsian shares edged higher on Monday after data showed the U.S. unemployment rate...
Read more »