International Monetary Fund Managing Director Kristalina Georgieva warned policymakers against the danger of a new Cold War as they ramp up efforts to secure their industrial supply chains amid geopolitical tensions between major powers. | Reuters
Their communique did not mention China by name, but the supply chain language fit in with “friend-shoring” efforts championed by U.S. Treasury Secretary Janet Yellen and other Western leaders to trade more with allies and become less reliant on the Asian manufacturing powerhouse for battery minerals, semiconductors and other strategic goods.
It’s one of the key reasons that the IMF predicts the global economy will stay mired in low-growth mode for years. “Security of supplies and the reliable functioning of global supply chains is taking a new, higher priority seat in economic discussions,” she said, citing the impact of both the COVID pandemic and the war in Ukraine. But she warned against going overboard and harming global trade flows.“If we fail to be more rational, then people everywhere would be worse off. The middle class in each country would pay a price,” Georgieva said. “So a bit more cool-headedness would take us a long way.
“I think that we need to engage China if we want to craft responses to the greatest challenges of the 21st century,” including climate change and debt relief, he said.
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