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Policymakers in the world's major economies warned on Friday that the risks posed by trade and geopolitical tensions could further slow already weak global growth, but they could not come up with better proposals beyond calling for all the tools available to prevent a recession.
The International Monetary Fund also pointed out that the trade war between China and the United States and the decline of Chinese demand have increased the risks faced by the fastest growing Asian region in the world, and the signs of increasingly gloomy global economic prospects are more obvious.
"The uncertainty of global policy and the adverse effects of the slowdown in growth of major trading partners are hurting manufacturing, investment, trade and growth," Li Changyong, director of the Asia Pacific Department of the International Monetary Fund, said at a press conference of the autumn meeting of the IMF and the world bank.
"Increased trade tensions between the US and China could further depress confidence and financial markets, thereby weakening trade, investment and growth," he said.
Japan's deputy prime minister and Finance Minister Taro Aso, who presided over the two-day G20 financial leaders' meeting, said that while the global economy continues to expand, the growth rate is slowing down.
"As far as global economic growth is concerned, the risks are still downward, especially in the context of further escalation of trade and geopolitical tensions," Taro Aso said at a press conference. "All policy tools must be used to achieve sustainable growth."
No communiqu é was issued after the G20 financial leaders' meeting.
The growing impact of the US China trade conflict forced the IMF this week to lower its global growth forecast to its lowest level since the 2008-2009 financial crisis.
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