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International Monetary Fund chief warns trade wars could be detrimental to global growth

International Monetary Fund chief warns trade wars could be detrimental to global growth

It will be detrimental on both accounts for all participants, Ms. Lagarde told a news conference during the annual meetings of the International Monetary Fund and World Bank in Indonesian resort island of Bali. The event brings together finance ministers and central bankers from many economies, amid tight security: a line of armed personnel carriers were lined up alongside a beach path and access to the area was tightly controlled.

He said the previous governments had taken loans recklessly, which has resulted in the country's debt ballooning from Rs 6 trillion to Rs 30 trillion in the past 10 years alone.

Similarly, the Minister of Budget and National Planning, Udoma Udoma, said about N300 billion had been released as part of efforts to fire off capital projects nationwide.

Trump has led the escalating trade war because of what he believes are bad policies he said have created an $800 billion US trade deficit.

Formally launching the International Monetary Fund and World Bank annual meetings on Bali, Lagarde urged countries to "de-escalate" trade conflicts and fix global trading rules instead of abandoning them.

Ms. Lagarde urged countries to "de-escalate" trade frictions and fix global trading rules, rather than abandon them.

The fund also slightly lowered its forecast for Japan's economy to 1.1 percent growth in 2018, down 0.1 of a percentage point from an April estimate, but maintained a prediction for a 0.9 percent Japanese expansion in 2019.

The IMF also warned the new government that growth would likely slow and inflation rise further if it does not act fast. She said the issue of "debt transparency" applies to all countries.




Kim said the most extreme measures, if imposed would cause a "clear slowdown".

"I am a globalist".

Share markets in Asia plunged to a 19-month low yesterday after Wall Street's worst losses in eight months led to broader risk aversion, partly due to the heated global trade tensions, as well as rapidly rising United States dollar yields.

Kim said the bank had offered help to Indonesia for its recent quake and tsunami and other disasters. Indonesian officials said the worst damage occurred on Java island. And certainly, increasing revenues is the way in which one creates the space to do social spending, infrastructure, and other types of spending that benefit economic growth.

But the byproducts of the tourist boom in largely Hindu Bali have been significant inequality and environmental damage.

US presidents have rarely criticized the Fed in recent decades because its independence has been seen as important for economic stability.

"Thereafter, global growth is projected to slow to 3.6 percent by 2022-23, largely reflecting a moderation in advanced economy growth toward the potential of that group", it added.

He said earlier this week the country would seek assistance to help it weather a financial crisis.


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