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.
Illustrative
Image.
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.
"The trade
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.
"While
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.
Source: NDO
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