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An official of the International Monetary Fund (IMF) told Reuters on Friday that trade tensions are dragging down global economic growth, but the IMF believes it is "far from predicting a global recession". The IMF is preparing to release a new economic outlook next month.
The IMF said Thursday that tariffs imposed by the United States and China could reduce global economic output by 0.8% by 2020 and cause more losses in the coming years.
"Trade tensions are dragging down economic growth. But at the current baseline, we do not see a recession. I think we're still a long way from there, "said the IMF official, who understands the preparations for the economic outlook.
"Although manufacturing activity has been weak, we also see resilience in the service sector and strong consumer confidence. The question is how long this resilience lasts, and we are carefully monitoring all indicators, "said the official, who was not authorized to speak publicly.
At the spring and autumn meetings, the IMF publishes its economic outlook twice a year and its forecast of global gross domestic product (GDP) for this year and next year.

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