Shenzhen, China – July 26, 2018 – The global growth rate for the world economy has been pegged at 3.9% by IMF in 2018 as well as the year ahead. Also projected is a downturn for regions like the EU, Japan and the UK. The trade issues too have been projected to cost the world economy $430 billion.
The trade issues could cost the global economy 0.5% in terms of GDP in the next two years. The US will also be at greater risk compared to other countries. This will be the outcome of a greater share of US exports being taxed higher in international markets.
The IMF projections have been published in its World Economic Outlook report, which took stock of the current global economic situation and its ongoing challenges. The increase in risk is in contrast to its previous assessment, and shows that though global growth is still strong, its expansion isn’t even, with more risk factors in the picture.
The report suggests multi-lateral cooperation as the key to fight against inward outlooks when it comes to shared interests. The new assessment takes into account the halt in the expansion of global economies, which has now flattened out after two years. The protections policies, as per the report, are likely to affect investment, supply chains, new technologies and prices of consumer goods.
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