October 15, 2019 10:54 PM
“With a synchronised slowdown and uncertain recovery, the global outlook remains precarious,” International Monetary Fund chief economist Gita Gopinath said in her introduction to the latest forecasts. “At 3% growth, there is no room for policy mistakes and an urgent need for policymakers to cooperatively deescalate trade and geopolitical tensions,” Gopinath said.
In addition, the trade conflicts and a slowdown in auto sales worldwide means trade growth has slowed sharply, falling in the first half of the year to its weakest since 2012, with an estimated increase of just 1.1% this year after a 3.6% jump in 2018.While the US economy also has been hit by uncertainty – largely created by President Donald Trump’s trade offensive – the world’s largest economy remains a bright spot on the global stage, the report said.
However, she cautioned that monetary policy “cannot be the only game in town” and governments, notably in countries like Germany, should take advantage of low rates to make investments to support growth.
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