Global economic growth risks skewed to the downside: IMFC

By David Lawder and Leika Kihara WASHINGTON (Reuters) - Global financial officials on Saturday said risks to worldwide economic growth were 'tilted to the downside' due to factors such as trade tensions, policy uncertainty and the sudden tightening of financial conditions. The heightened risks are presenting themselves against a backdrop of limited policy space, historically high debt levels and heightened financial vulnerabilities, officials said in the joint communique of the International Monetary Fund's steering committee. The statement was released at the spring meetings of the IMF and World Bank in Washington.

Reuters April 14, 2019 00:05:10 IST
Global economic growth risks skewed to the downside: IMFC

Global economic growth risks skewed to the downside IMFC

By David Lawder and Leika Kihara

WASHINGTON (Reuters) - Global financial officials on Saturday said risks to worldwide economic growth were "tilted to the downside" due to factors such as trade tensions, policy uncertainty and the sudden tightening of financial conditions.

The heightened risks are presenting themselves against a backdrop of limited policy space, historically high debt levels and heightened financial vulnerabilities, officials said in the joint communique of the International Monetary Fund's steering committee. The statement was released at the spring meetings of the IMF and World Bank in Washington.

Earlier, China took a swipe at U.S. President Donald Trump's "America First" policies that have sparked a trade dispute between the world's two largest economies, including tit-for-tat tariffs on hundreds of billions of dollars of goods.

"The protectionism of some countries has harmed mutual trust among countries, limited the scope for multilateral cooperation, and impeded the willingness to achieve it," Chen Yulu, a vice governor at the People's Bank of China (PBOC), said in a statement to the International Monetary and Financial Committee, or IMFC.

"Unilateralism and protectionism can only exacerbate domestic imbalances and impair necessary structural adjustments, which can negatively affect the countries concerned as well as global growth," he said.

(Reporting by David Lawder and Leika Kihara; Writing by Dan Burns; Editing by Paul Simao)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.