China Trade War to Hurt Global Economic Growth

China Trade War to Hurt Global Economic Growth

China Trade War to Hurt Global Economic Growth

Over 15,000 delegates from 189 countries are now gathered at Bali, Indonesia for IMF/WB Group Annual meetings from October 10 to October 14, 2018.

China's growth is still expected to be more than 6% next year, but the IMF's chief economist Maurice Obstfeld warned Beijing to concentrate on quality and sustainability of growth, not quantity of growth.

"In Angola, the region's second largest oil exporter, real GDP is expected to shrink by 0.1 per cent in 2018, following a 2.5 per cent contraction in 2017, but is projected to increase by 3.1 per cent in 2019".

"New vulnerabilities have emerged, and the resilience of the global financial system has yet to be tested", the International Monetary Fund said.

In the fund's latest Global Economic Outlook, it estimated that the South African economy would grow by 0.8% this year, down from its initial projection of 1.5% in April.

The International Monetary Fund has revised its outlook for the global economy, citing rising interest rates and growing tensions over trade.

Last year, China shipped goods worth $375 billion more to the US than it took in from the United States, a figure Trump has often said he wants to curb sharply in an effort to promote American businesses. But it predicts that USA growth will slow to 2.5 percent next year as the effect of recent tax cuts wears off and as President Donald Trump's trade war with China takes a toll.

More news: Independents Disapprove of Dems' Treatment of Kavanaugh — CNN Poll
More news: Ukrainians will be able to see the amazing astronomical phenomenon
More news: Move over, Singapore - Japanese passport opens the most doors now

The exercise assumes that US President Donald Trump imposes tariffs on the remaining $267 billion worth of Chinese goods imports not already under punitive tariffs and China retaliates in kind. The Asian Development Bank has forecast 4.8 percent and the State Bank of Pakistan expects 5 percent GDP growth.

The fund upgraded its forecast for Japan slightly to 1.1 per cent growth this year, up 0.1 point from July.

The IMF, in its twice annual assessment of global financial stability, said conditions remain broadly conducive to economic growth, but are at risk of worsening should emerging markets deteriorate further or trade tensions escalate. "Risks to global growth skew to the downside in a context of elevated policy uncertainty".

The country recorded an average 4.7 percent growth between 2000 and 2009.

The IMF downgraded the economic growth forecasts for the whole region of the Middle East, North Africa, Afghanistan, and Pakistan, compared to the April edition of the World Economic Outlook, reflecting "to an important extent the worsening of growth prospects for Iran, following the reimposition of U.S. sanctions", the IMF said in the October outlook.

The IMF said the RRR cut, together with other easing and stimulus policies, "may help support economic growth in the near term in the face of rising external pressures.(but) may entail greater risks to financial stability over the medium term should they set back progress toward reducing financial vulnerabilities".

Most of the "meagre gains" from growth have gone to the well-off, fuelling support for protectionism and anti-establishment leaders, said Mr Obstfeld. "Inclusive fiscal policies, educational investments, and ensuring access to adequate health care can reduce inequality and are key priorities", he added.

Recommended News

  • Melania Trump Wants #MeToo Accusers to Show

    Melania Trump Wants #MeToo Accusers to Show "Hard Evidence"

    Trump said that there needs to be "really hard evidence" to prove that a man has committed any kind of sexual misconduct.
    Microsoft announced its own streaming service games

    Microsoft announced its own streaming service games

    This could pose a problem, as most games are created to be played using either a controller or a keyboard and mouse config. Microsoft officially unveiled its groundbreaking game streaming service, Project xCloud .
    Apple's iWatch has problems with the time

    Apple's iWatch has problems with the time

    The Apple Watch features edge-to-edge display and comes with support to track heartbeat data, heart rhythm and notify users. Apple hasn't issued a official statement on the issue, but we are expecting a fix to be issued soon.
  • Takeaways from the UN's Startling Climate Report

    Takeaways from the UN's Startling Climate Report

    The climate change is real and it is illustrated by the heat wave conditions spreading like a plague in India and Pakistan. The report also notes that "any remaining emissions would need to be balanced by removing Carbon dioxide from the air".
    Here's every device Google launched at its Made By Google event

    Here's every device Google launched at its Made By Google event

    Numerous details about the Google Pixel Slate have already been revealed to the world thanks to an appearance on Geekbench. There have been so many leaks of Google's hardware over the last month or so that we know most of what's coming.

    DC Comics hires James Gunn after Disney fires him

    There's still no release date set for Suicide Squad 2 , but Warner Bros . now has 5th June, 2020 reserved for an unnamed DC movie. Fresh off his Marvel firing, James Gun is reportedly in talks to write and potentially direct DC's Suicide Squad sequel.
  • McConnell to AP:

    McConnell to AP: "'Nobody's Going to Beat" Murkowski

    No", she added. "You gather your strength and you take it to where it has to go, and you will make people uncomfortable. The climactic 50-48 roll call vote Saturday on Kavanaugh was the closest vote to confirm a justice since 1881.

    Pixel 3 series to get guaranteed feature, security updates until October 2021

    Third-party manufacturers like Lenovo and JBL already make their own versions, complete with integrated camera for video calls. While Google's phones have some compelling features, the Samsung Galaxy Note 9 is still the better phone for the enterprise.

    Jamal Khashoggi: What we know about journalist’s disappearance

    She said the writer first visited the consulate on September 28 "despite being somewhat concerned that he could be in danger". Embassies and consulates under the Vienna Convention are technically foreign soil and must be protected by host nations.
  • Matches and Training Too, He Demands Lots - Liverpool Star On Jurgen Klopp

    Matches and Training Too, He Demands Lots - Liverpool Star On Jurgen Klopp

    Barkley was part of the 2014 World Cup squad as a 20-year-old but he now feels like he has matured as a footballer and is back where he belongs after being called up for the UEFA Nations League games against Croatia and Spain.
    Classic Zelda on Nintendo Switch Online gets easier with special save data

    Classic Zelda on Nintendo Switch Online gets easier with special save data

    Metroid , the classic that started it all for the series, will make its debut, along with Mighty Bomb Jack and TwinBee . There's also a "more difficult" Second Quest awaiting you if you complete it.
    Major Hurricane Michael to reach Panhandle Wednesday; multiple adversities for local area

    Major Hurricane Michael to reach Panhandle Wednesday; multiple adversities for local area

    Michael was likely to strengthen into a Category 2 hurricane sometime Tuesday, meteorologist Danielle Niles of CBS Boston reports. A satellite image shows Hurricane Michael moving north in the Gulf of Mexico, heading for a landfall in the Florida Panhandle.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.