Categories: Foreign

IMF says trade tensions can shave off 0.8% of global GDP

The International Monetary Fund’s (IMF) chief on Thursday warned that trade tensions and resulting uncertainties could shave off 0.8 per cent of global Gross Domestic Product (GDP) by 2020.

Kristalina Georgieva, the Managing Director of the IMF, said this at the end of a roundtable discussion with Chinese Premier Li Keqiang and the heads of five other international organisations in Beijing.

The global economy is in a “synchronised slowdown,’’ Georgieva said.

Ninety per cent of the world’s GDP is slowing compared with 2018. In contrast, 75 per cent of the world’s GDP was increasing just two years ago, before the start of the U.S.-China trade war, Georgieva said.

While a variety of factors have contributed to the slowdown, key among them are the trade tensions and resulting uncertainties, she said.

The IMF expects China’s economy to grow 6.1 per cent this year and slip below the 6-per-cent mark in 2020.

The world’s second-largest economy slowed to 6 per cent growth in the third quarter of the year – its slowest pace in almost three decades – under pressure from rising debt and the trade war with the U.S.

(Edited by Fatima Sule/Emmanuel Yashim (NAN))


is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a media subscriber of the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at] Disclaimer.

Recent Posts

Fire razes shops at plank section of boundary market, Ajegunle

Traders of the plank section of the boundary market, at the Ajegunle area of Lagos…

7 hours ago

United States executes first Black man since resumption of federal death penalty – Media witness

The United States government has executed the seventh inmate and first Black man since the…

1 day ago

My ”surprise resignation” was forced by Pope Francis- says Italian Cardinal

Italian Cardinal Angelo Becciu on Friday said his surprise resignation was forced by Pope Francis,…

1 day ago

Cobbler bags 8 months imprisonment for stealing iPhone

An Upper Area Court sitting in Kasuwan Nama in Jos on Friday sentenced a 21-…

1 day ago

Gov. Lalong inuagurates 2020 NAFEST committee

Gov. Simon Lalong of Plateau has inaugurated a 32-member steering committee to organise this year’s…

1 day ago

Malnutrition: UNICEF harps on exclusive breastfeeding, complementary feeding

The United Nations Children’s Fund (UNICEF) has advised nursing  and lactating mothers to ensure exclusive…

1 day ago