New IMF chief claims the world economy is in a "synchronized slowdown"

IMF leader Kristalina Georgieva gives a presentation on 8 October 2019

Grinding trade disputes are undermining the global economy, which is set to see its slowest growth in almost a decade, the newly-installed International Monetary Fund chief said Tuesday. For the global economy, the cumulative effect of trade conflicts could mean a loss of about US$ 700 billion by 2020, about 0.8% of GDP", he said, urging world leaders: "We must work together now and find a lasting solution to trade.

"Global trade voice has arrive to a advance standstill", she warned.

Fund expects slower growth in almost 90% of world in 2019.

David Malpass became president of the World Bank in April, and in June his organization predicted the global economy would grow 2.6% in 2019, the slowest rate in three years.

The IMF Managing Director said that global growth could fall to its lowest this decade as part of the slowdown, adding that the agency's outlook, due next week, will cut growth estimates for both 2019 and 2020.

Georgieva took over from Christine Lagarde as the organisation's head earlier this month.

And even if growth resurges next year, some of the "rifts" already caused by the trade conflicts could cause "changes that last a generation", such as shifting supply chains, she said.

"There is a serious risk that services and consumption could soon be affected", she said.

Record €190m EuroMillions jackpot won in UK
A United Kingdom ticket-holder has won the full £170m Euromillions jackpot, making them Britain's richest ever lottery victor . Ade Goodchild landed a £71 million prize in March, while another anonymous ticket-holder bagged £35.2 million in April.

"There is also in my view a risk of complacency", she said in an on-stage conversation with Bloomberg's Tom Keene in Washington following her speech.

"Trade uncertainty is an important factor in the slowdown", Mr. Malpass said in an interview with The Wall Street Journal, but "growth could accelerate if the nontrade aspects of this were improved".

However, she said that about 40 emerging markets and developing economies, including 19 in sub-Saharan Africa, will have real GDP growth rates above 5 per cent.

Georgieva, a Bulgarian economist and sociologist who formally replaced Christine Lagarde on October 1, delivered her message days before the IMF's annual meeting, which begins next week in Washington, where finance ministers and central bank presidents from around the world, including Hernán Lacunza and Guido Sandleris, will meet.

The precarious outlook will affect many countries caught in the crossfire of trade conflicts, including struggling emerging markets with International Monetary Fund programmes, she added. Brexit was named as one of the factors slowing down the world economy. "Yet across advanced economies, including in the US, Japan, and especially the Euro area, there is a softening of economic activity", Georgieva added.

The IMF chief warned that the World Economic Outlook for 2019 and 2020 reflects a complex situation compared to the previous figures presented in July in Chile.

In her first speech after taking charge, Georgieva said the global economy is in the midst of a "synchronized slowdown", effects of which have particularly been felt in countries such as India.

Germany, the Netherlands and South Korea should increase spending on infrastructure and research to boost demand and growth potential.

Related News:

  • Dallas Police Criminalize Joshua Brown In Death Like They Did Botham Jean

    Dallas Police Criminalize Joshua Brown In Death Like They Did Botham Jean

    Shaun King announced a reward of $100,000 for information leading to the arrest of those who killed Brown. Moore addressed rumors being circulated that Dallas police were somehow involved in Brown's killing.
    Brian Stuard finishes fourth at Shriners Hospitals for Children Open

    Brian Stuard finishes fourth at Shriners Hospitals for Children Open

    Staked to a three-shot lead to start the back nine at the TPC Summerlin, Na never imagined it would come down to that. American Pat Perez finished alone in third on 263 after a three-under 68.
    Fresh measles alert issued for Gold Coast after another confirmed case

    Fresh measles alert issued for Gold Coast after another confirmed case

    The disease was declared eliminated in the United States in 2000, meaning there was no continuous transmission for a year. Note: The Centers for Disease Control and Prevention's National Update on Measles Cases and Outbreaks can be found here.
  • Sir Alex Ferguson in special tribute to 'absolute legend' Wenger

    Sir Alex Ferguson in special tribute to 'absolute legend' Wenger

    As mentioned earlier, Thierry Henry also praised his former manager, who lifted 17 trophies during his time with Arsenal . The 30-year-old only made just 24 Premier League appearances for the Gunners last season . "For me that would be enough".
    MA  experiences first vaping-related death

    MA experiences first vaping-related death

    More information is needed to know whether a single product, substance, or brand is responsible for the lung injuries. The death in MA brings the national total to 19 reported in 16 states.
    Turkey boosts troops on Syria border after operation warning

    Turkey boosts troops on Syria border after operation warning

    The move was widely criticized, amid fears it would leave Kurdish fighters exposed to potential attacks from Turkey. The execution of that plan included dismantling some Kurdish defensive positions on the Syrian side of the border.
  • Air Force F-16 crashes in Germany, pilot suffers minor injuries

    Air Force F-16 crashes in Germany, pilot suffers minor injuries

    In June this year, two of the air force's Eurofighter jets crashed after colliding in mid-air in northeastern Germany. Germany is no stranger to military aircraft crashes, including in its own shortage-plagued Bundeswehr armed forces.
    California wildfire risk prompts planned mass cutoff of PG&E power

    California wildfire risk prompts planned mass cutoff of PG&E power

    Pacific Gas and Electric says it expects to begin shutting down power in some areas starting just after Wednesday midnight. NOTICE: PG&E is now experiencing a delay in accessing web pages related to Public Safety Power Shut-off.
    How to Use Siri to Control Spotify in iOS 13

    How to Use Siri to Control Spotify in iOS 13

    Low Data Mode support is a nice addition to Spotify for those times when you're running up against a mobile data cap. I've spent some time with the update and overall it works as advertised, though it's worth noting a few limitations.
  • Twitter says it mistakenly used phone numbers for ads

    Twitter says it mistakenly used phone numbers for ads

    Meanwhile, Partner Audiences provides those same features to advertisers, but the lists are created by third parties. The company said this was "an error" and that the information should not have been used for ad targeting.
    'Big Bang Theory' gets shout out to Nobel Prize announcement

    'Big Bang Theory' gets shout out to Nobel Prize announcement

    Peebles said the awards and prizes are "very much appreciated" but said that's not why young people should study the sciences . The 2019 Nobel Prize in Physics is awarded to, seen from left on the screen, James Peebles , Michel Mayor and Didier Queloz .

    Lindsey Graham Offers Giuliani the Opportunity to Prove His Ukraine Conspiracy Theory

    Giuliani would still be subject to questions from the Democrats on the Judiciary Committee - including presidential hopefuls Sens. Ambassador to the European Union Gordon Sondland , from testifying Tuesday behind closed doors to lawmakers on Capitol Hill.

Most liked

Controversial call helps Roosters seal back-to-back titles
Roosters winger Daniel Tupou made a break from inside his own half before putting full-back James Tedesco away for a try . The Raiders weren't overwhelemed by the occasion and worked their way back into the game through Jack Wighton's try .

Draconid meteory shower to light up the skies
Fireballs , also known as very bright meteors, streak across our sky when debris from a comet breaks up in our upper atmosphere. You can use's Interactive Meteor Show Sky Map to find the current direction of a meteor shower in the sky.

NBA commissioner Adam Silver mulls league in India, but facilities lacking
They have become regular fixtures in England, China and Japan and are called the NBA Global Games. The groups are in India to play two pre-season video games on Friday and Saturday.

Stop playing stupid blame game, European Union tells British PM
The British government is preparing for Brexit negotiations to end this week, according to a report in the Spectator magazine. On Tuesday, Britain published more details of its plans for a scenario where there is no deal.

Extinction Rebellion protesters wreck havoc in Sydney CBD
What's been happening and where? The protest went ahead despite a city ban on activists gathering on the road. The group uses an hourglass inside a circle as its logo to represent time running out for many species.

Blizzard Entertainment Bans Professional Gamer For Pro-Hong Kong Protest
We'd like to re-emphasize tournament and player conduct within the Hearthstone esports community from both players and talent. At Blizzard headquarters, anonymous employees have covered up decor that reads "think globally" and "every voice matters".

Nick Jonas confirmed to replace Adam Levine on The Voice
I'm not even sure if you're old enough to be a coach on The Voice , but I'm certain that you're going to get your butt kicked buddy.

Jimmy Carter Has Black Eye, Stitches After Fall at Home
Carter survived a cancer diagnosis in 2015 and this year surpassed George H W Bush as the longest-lived U.S. president in history. According to Habitat for Humanity, Carter has been involved in projects that have built, rebuilt or remodeled 4,331 homes.

Democratic Minneapolis mayor tries to shut down Trump campaign rally
Trump used his Twitter to promote the Minneapolis Police Union's " Cops for Trump " t-shirts they created to skirt the ban . The dispute erupted late Monday when the campaign accused Mayor Jacob Frey, a Trump critic, of trying to sink the rally.

Carrie Lam Urges Foreign Politicians to ‘Stop Supporting Violence’
Patten said Lam "would have to be crazy" to have made her recent decisions on her own without being pressured into them. Senior People's Liberation Army officers have said violence will not be tolerated.

US Imposes Visa Restrictions On Chinese Officials Over Muslim Treatment
US futures fell after China said it strongly opposed the American decision to blacklist some of its technology firms. USA officials say the company is using facial recognition to repress Muslims in China's northwest.

Virginia Tech Hokies at Miami Hurricanes
Virginia Tech's defense forced four Miami turnovers on the Canes' first four possessions and forced five turnovers in the game. The Hokies are just 2-9 against the spread in their last 11 games on grass and 1-7 ATS in their last eight ACC games.

Samsung predicts profit decline as chip market swoons:The Asahi Shimbun
Just looking at the numbers also wouldn't tell you that Samsung is slumping in the same ways that its competitors are slumping. Sales for the third quarter were 62-trillion won, beating the average projection compiled by Bloomberg of 61.14-trillion won.

Five more deceased elephants found in Thailand national park
After making their way down the slippery ravine path, park officials discovered six adult elephants that had drowned. Officials found two live elephants on the waterfall's cliff, attempting to go down to help the other elephants.

Christian Pulisic's Chelsea troubles: Frank Lampard admits to 'harsh' decisions
Brazilian Oscar played 203 games during his Chelsea career, scoring an impressive 38 goals and supplying 37 assists in return. At just 21-years-old, Pulisic still has a bright future ahead of him. 'You can't completely ignore it.