The global economy is now in a synchronized slowdown: IMF

Today's Latest

Indian enterprises are significantly adopting Cloud for businesses

New Delhi, Oct 18 (IANS) India has started to see significant Cloud adoption by the enterprises, including small and medium...

3 lakh civilians displaced in Turkish assault in northern Syria

Damascus, Oct 18 (IANS) As many as 300,000 civilians have so far been displaced since Turkey launched its long-threatened military...

Edible cups: Drink Tea in these cups and eat the cup after drinking

Hyderabad, Oct 18 (ANI): Keeping with the growing demands of environment-friendly products for serving and packaging food products and...

Popular Today

Turkey’s Syria offensive brings ‘human suffering’: Merkel

Berlin, Oct 17 (IANS) German Chancellor Angela Merkel called on Turkey to stop its military operation in Syria in her...

Jammu and Kashmir will be a developed state in 5yrs: Rajnath

New Delhi, Oct 17 (ANI): Defence Minister Rajnath Singh on Thursday reiterated the Centre's commitment to making Jammu and...

Indian enterprises are significantly adopting Cloud for businesses

New Delhi, Oct 18 (IANS) India has started to see significant Cloud adoption by the enterprises, including small and medium...
India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

The global economy is now in a synchronized slowdown: IMFWashington, Oct 8 (IANS) The new managing director of the International Monetary Fund (IMF) Kristalina Georgieva warned of an economic slowdown in 2019 in 90 per cent of the world during her first speech at the helm of the multilateral organization.

“In 2019, we expect slower growth in nearly 90 per cent of the world. The global economy is now in a synchronized slowdown,” Georgieva said at the IMF headquarters here on Tuesday, Efe news reported.

- Advertisement -

“This widespread deceleration means that growth this year will fall to its lowest rate since the beginning of the decade,” the Bulgarian economist, who takes over from Christine Lagarde who will become the president of the European Central Bank, explained.

Georgieva made this assessment one week ahead of the joint Annual Meeting between the IMF and World Bank (WB) in which both institutions will present their economic projections in a gathering of top central bankers and economy ministers.

The IMF chief warned that the World Economic Outlook for 2019 and 2020 reflects a complex situation compared to the previous figures presented in July in Chile.

In her analysis, Georgieva argued that economic activity is softening in advanced economies, such as the US, Japan and, especially, the eurozone, while in other emerging markets, such as India and Brazil, the slowdown is even more pronounced this year.

China’s accelerated growth is experiencing a gradual decrease, she added.

“The precarious outlook presents challenges for countries already facing difficulties – including some of the Fund’s program countries.”

However, she said that about 40 emerging markets and developing economies, including 19 in sub-Saharan Africa, will have real GDP growth rates above 5 per cent.

Georgieva blamed trade disputes, such as the commercial war between Washington and Beijing, for global economic sluggishness, in addition to geopolitical tensions, such as Brexit, that have sparked uncertainty.

“Global trade growth has come to a near standstill,” she warned.

“Even if growth picks-up in 2020, the current rifts could lead to changes that last a generation – broken supply chains, siloed trade sectors, a ‘digital Berlin Wall’ that forces countries to choose between technology systems,” the IMF head added.

The economist said the main goal should now be to fix the fractures that have emerged and called for a coordinated global response.

“I believe we can do it. How? Start by unleashing the growth generating capacity of trade,” she said.

“We need to work together, now, and find a lasting solution on trade,” Georgieva added.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Edible cups: Drink Tea in these cups and eat the cup after drinking

Hyderabad, Oct 18 (ANI): Keeping with the growing demands of environment-friendly products for serving and packaging food products and...

3 lakh civilians displaced in Turkish assault in northern Syria

Damascus, Oct 18 (IANS) As many as 300,000 civilians have so far been displaced since Turkey launched its long-threatened military campaign against the Kurdish forces...

Edible cups: Drink Tea in these cups and eat the cup after drinking

Hyderabad, Oct 18 (ANI): Keeping with the growing demands of environment-friendly products for serving and packaging food products and beverages, a Hyderabad-based company has...

Modi assures youth, coming years full of possibilities

Pune, Oct 18 (ANI): Prime Minister Narendra Modi on Thursday took a veiled dig at opposition parties for targeting the government over slowdown in...

France, Germany, Ireland welcome new Brexit deal

Paris, Oct 18 (ANI): Britain and the European Union (EU) on Thursday finally struck a new Brexit deal after days of intense back-and-forth negotiations,...

More Articles Like This