Fallout over trade wars is being felt worldwide

Tough times: World Bank chief David Malpass addresses the audience at the recent IMF and World Bank 2019 annual autumn meeting. Picture: REUTERS

As the IMF’s gathering of 189 member nations drew to a close, the unintended negative effects of the trade wars were becoming clear, IMF MD Kristalina Georgieva said. “Everybody loses.” More than 40% of Germany’s GDP was derived from exports in 2018, the most of any major global economy. Uncertainty in the business community is widespread, German finance minister Olaf Scholz told reporters.

“We have become dependent on tourism,” said Ásgeir Jónsson, the governor of Iceland’s central bank. Visitors have grown five-fold to 2.5-million a year since the crisis. But foreign arrivals have plummeted since the trade wars started and are down 15.6% this summer from the year before. “The pickup in global growth is being delayed,” Bank of Japan governor Haruhiko Kuroda said. “Japan’s economy is seeing exports weaken significantly and that’s affecting factory output.”

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