The IMF's new chief unveils data showing trade conflicts could wipe out $700 billion in global GDP by 2020
As Kristalina Georgieva prepared to take over the reins of the International Monetary Fund, the new managing director took a moment to issue a stark warning about the global economy.
Georgieva gave her inaugural speech on Tuesday after assuming the role of managing director on October 1 following Christine Lagarde's departure early this year to run the European Central Bank. trade tensions that could wipe out as much $700 billion in global GDP output by 2020. Much of the slowdown would come from negative market reactions and waning business confidence, she added. speechShe continued: "This widespread deceleration means that growth this year will fall to its lowest rate since the beginning of the decade."
The IMF's projection includes President Donald Trump's planned tariff hike on another $300 billion worth of Chinese imports.
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