News “Biden-Xi meeting positively affected trade tensions.” Last Minute EUROPE, CURRENT, Russian news and events
Markets welcomed President Joe Biden’s meeting with Chinese President Xi Jinping. International Monetary Fund President Kristalina Georgieva said the meeting sent a “constructive signal”.
Following the conclusion of the G20 summit, the head of the IMF said that leaders are urging an end to Russia’s war in Ukraine, as the war in Ukraine is seen as the most important factor in slowing global growth.
The Biden-Xi meeting also signaled to the world the importance of international cooperation, Georgieva said.
“Polarization negatively affects global growth”
Georgieva said the IMF had warned that blocs of the world, both the US and the West, as well as China and other state-run economies, would negatively impact global growth, cutting the global gross domestic product by $1.4 trillion to $3.5 trillion. .
“Imagine what the world could do with that money,” Georgieva said.
Under former President Donald Trump, American consumers and businesses bore the brunt of billions of dollars of tariffs on China. In October 2019, the IMF blamed the US-China trade war for the slowest level of global growth in 10 years.
Regarding customs duties, Georgieva said: “This is the least desirable situation with rising inflation.” The IMF director noted that he understands that China should also be able to count on mutual cooperation, since the Chinese economy is also in a difficult position.
Georgieva also referred to a joint statement released after the G20 summit in Bali and said that the expression of concern about the rising debt of some middle-income countries showed a realization that more needs to be done on this issue.
The IMF has called for more predictability in a joint G20 debt rescheduling process that would allow countries in need of assistance to suspend debt repayments, including vulnerable middle-income countries such as Sri Lanka.
Georgieva said she was pleased with the language used in the joint statement, which called on central banks to adjust the pace of rate hikes so they don’t spread to other countries. The strength of the dollar has caused inflation to skyrocket in many emerging markets.
Asked if she sees evidence of a fall in US inflation given recent data showing that price pressures are easing, Georgieva said it is “possible” but more data is needed to suggest a downward trend in inflation.
Stating that the indicators continue to point to a more bleak path for the global economy, Georgieva said the global economy is slowing and that at that point the US Federal Reserve (Fed) may be rethinking its policy as demand declines.
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