Trade tensions are weighing on growth across the world, but the International Monetary Fund is "far" from forecasting a global recession, an IMF official told Reuters on September 13, as the fund prepares to release a new economic outlook next month.
The IMF on
September 12 said tariffs imposed or threatened by the United States and China could shave 0.8% off global
economic output in 2020 and trigger losses in future years.
tensions are weighing on growth. But we really don't see recession in the
current baseline. I think we're far from that," said the IMF official, who
is familiar with the preparation of the outlook.
manufacturing activity has been weak, we also see resilience in the services
sector and consumer confidence is holding up. The question is how long that
resilience can last, and we are monitoring carefully all indicators," said
the official, who was not authorized to speak publicly.
The fund issues an economic outlook twice a year
to coincide with its spring and fall meetings, forecasting global gross
domestic product for the current year and the following year.
Turkey begun operating intercity trains on Thursday (May 28) after a two-month gap, as it gradually eases coronavirus curbs in a bid to restore normal life and reopen an economy facing the threat of recession.
The economy in Gulf countries has been tottering and facing heavy financial pressure since being hit by two "big waves”, triggered by the COVID-19 pandemic and a record plunge in oil prices.
Brazil daily coronavirus deaths were higher than fatalities in the United States for the first time over the last 24 hours, according to the country's Health Ministry.
Canadian Prime Minister Justin Trudeau has spoken to the heads of the country's six big banks to get their views on the state of the economy and the COVID-19 relief efforts, the Globe and Mail reported on May 24, citing multiple sources.
US President Donald Trump on May 20 said he may seek to revive a face-to-face meeting of Group of Seven leaders near Washington, after earlier canceling the in-person gathering of world leaders due to the novel coronavirus pandemic.
The ASEAN Senior Officials’ Meeting (SOM) at the Deputy Foreign Ministerial level was held on May 18 in the form of a teleconference, with Deputy Foreign Minister Nguyen Quoc Dung, head of Vietnam ASEAN SOM, participating.