Published: Sun, October 20, 2019
Economy | By

India has worked on fundamentals, but problems needs to be addressed

India has worked on fundamentals, but problems needs to be addressed

Officials acknowledged that a range of factors could undermine that forecast, including continued trade fights and increased geopolitical risks. It did not detail ways to accomplish that.

Treasury Secretary Steven Mnuchin, in remarks to the International Monetary Fund committee, said the administration's goal was to prepare "a foundation for future growth through fairer trade deals". -China trade agreement announced last week should lessen the damage to the global economy slightly, but solid global growth would not return until the two countries resolved their differences and all countries moved to modernize the rules of global trade to lessen future disputes.

Trump announced a "substantial" deal on October 11 after negotiations with Liu's delegation, which he said included a promise to increase purchases of United States farm products and protections for intellectual property.

Georgieva said Thursday a tentative U.S.

But the current disputes have created uncertainty and growth in global commerce has come to a virtual standstill, Georgieva said, noting that problems go beyond bilateral disagreements and extend to outdated trade rules.

In a public address, Japan's Finance Minister who was also the chair at this year's G-20 discussions, Taro Aso, stated that the current situation is less than favorable but there hope for a growth in 2020 and added that economic expansion on a global level continues but the speed is sluggish. Much of that stems from the fallout on business confidence.

China would be victor of trade war between US and European Union. "Policymakers ought to take very seriously their obligations to worldwide cooperation in trade".


Great Britain, he said, remains deeply concerned about the impact of trade tensions on the global economy, and on the rules-based trading system.

Slower growth in industrial production has hurt global trade. "Climate change and fragility are making poor countries more vulnerable".

David Malpass, head of the World Bank, said his focus for the meetings would be efforts to ensure that everything possible is done to restart global growth, given that the 700 million people living in extreme poverty - one in 12 people on the planet - will be the most harmed by a prolonged slowdown. But he said the expectation was that growth would pick up in 2020.

According to Sitharaman, to ensure the stability of the worldwide monetary and financial system, it is imperative that the IMF continues to remain at the centre of the Global Financial Safety Net.

"What we need is to reach, not just truce, we need to have trade peace", so that trade can "return to its role of an engine of the world economy", she said, after having replaced French economic Christine Lagarde as International Monetary Fund chief in early October. She also added that consistent growth can not be seen unless and until both the countries set aside their differences and member countries change the rules of trade at a global level in order to avoid any future issues.

The United States is represented at the meetings by Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell. "It requires consideration, thinking, quiet and measured and rational decisions", she said.

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