Trade disputes and tighter financial conditions are among the top threats to a s...
WASHINGTON - Trade disputes and tighter financial conditions are among the top threats to a slowing world economy, global finance officials said on Saturday, urging countries to take steps to shore up growth.
“While we expect to see a pickup next year, trade tensions, geopolitical risks, political instability are among the challenges,” Lesetja Kganyago, the committee’s chairman and the South African Reserve Bank’s governor, said at a press conference after the panel adjourned its semi-annual meeting.
Major central banks including the U.S. Federal Reserve have responded to the slowdown by putting policy-tightening efforts on hold. That has eased the pressures that global financial markets felt at the end of 2018, which contributed to the unwanted tightening of financial conditions partly blamed for the economic weakening.
But he also warned that factors that undermine confidence, including the risk of a hard Brexit and a global trade war, continue to “loom large,” putting growth at risk.Trade disputes, especially the standoff between the United States and China, have been a central talking point at the meetings this week and have been widely cited as a primary driver behind the weakening of the global economy.
“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 , said in a statement to the IMFC.
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