Nigeria's Economic Growth Too Slow To Reduce Poverty, Says IMF

Nigeria will enjoy foreign investments before December IMF predicts

"In line with the slowdown of global growth, the growth in the Asia Pacific region is expected to be the slowest since the global financial crisis in our context of prolonged global uncertainty", Changyong Rhee, director of IMF's Asia and Pacific Department, said during a press conference at the 2019 annual meetings for the International Monetary Fund and the World Bank.

There was also no sign that discussions on the sidelines of the meetings had produced any breakthrough in the trade disputes initiated by President Donald Trump as part of his get-tough approach to stronger enforcement of USA trade laws to lower America's huge trade deficits.

In his first comments since talks with United States president Donald Trump last week, China's top trade negotiator Liu He said yesterday the countries have "made substantial progress in many aspects and laid an important foundation for a phase one agreement".

The IMF has estimated that the punitive tariffs imposed in disputes, including the US-China spat, could cost the global economy as much as US$700 billion in lost output by the end of next year, an amount equivalent to the annual output of Switzerland.

Ostry said trade tensions have not only caused the direct effect of tariffs, but there are also effects on confidence on financial markets, and "these effects take a toll on investment and growth".

Should trade tensions escalate further, global economic growth could end up missing even the IMF's latest forecasts, the organization said.

100 basis points is equal to one percentage point.

"At the multilateral level, countries need to resolve trade disagreements cooperatively and roll back the recently imposed distortionary barriers", the International Monetary Fund said in its report.

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Lebanon's struggling economy is unable to deal with the country's huge debt, at a time when capital inflow is down. Lebanon's internal security apparatus said 52 police were injured on Friday and its forces arrested 70 people.

"So the recommendation that we always give is that countries should strive for 15% of GDP in terms of collection to fund the responsibilities of the government and in Nigeria, this is still quite far".

"This is extremely good news that the USA and China are talking to each other", the Bulgarian economist said when asked by Xinhua to comment on the trade negotiations between the world's top two economies.

Georgieva, a former World Bank official who succeeded Christine Lagarde at the start of the month, is calling out the growing dangers two days after the fund projected world trade volume growth will crater this year to 1.1% from 3.6% in 2018, though it also sees some recovery next year.

The World Bank's president, David Malpass, said this week's finance discussions had focused on how to address multiple challenges. She noted that global commerce has been transformed in recent years by advances in technology, and those advances need to be acknowledged in new trade rules.

Asian nations face heightening risks to their economic outlooks as the U.S.

In his announcement last week, Trump said he was suspending a tariff increase on $250 billion of Chinese products that had been scheduled to take effect this week.

The deal, as described by Trump and Treasury Secretary Steve Mnuchin, will avert a planned increase from 25 per cent to 30 per cent in USA tariffs on $250 billion worth of Chinese imports.

Whereas the united states has outshined diversified industrialized economies this year, there are increasing indicators that Trump's replace wars have wounded American industries, with manufacturing and agriculture badly broken, exports weakening and investments by companies sharply curtailed.

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