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Markets
Lagarde Says Protectionism Is Darkest Cloud Over World Economy
By Andrew Mayeda
2018年5月25日 下午11:10 [GMT+8]
"We are seeing storms in the forecast," Lagarde says at the St. Petersburg
International Economic Forum,
The threat of trade protectionism is the biggest concern looming over a solid
upswing in the global economy, IMF Managing Director Christine Lagarde said.
The “darkest cloud” on the economic horizon is the “determination of some to
actually rock the system that has actually presided over the trade relationships
that we have all undertaken and enjoyed to some extent over the last many
decades,” said Lagarde. She was speaking on a panel with world leaders including
Russian President Vladimir Putin, Japanese Prime Minister Shinzo Abe, French
President Emmanuel Macron and China’s Vice President Wang Qishan in St.
Petersburg, Russia, on Friday.
“The good news today is that the sun is shining on the global economy. We went
through a decade of difficult time, and now, we have an economy that is doing
well," Lagarde said.
Lagarde said her list of worries also include high levels of sovereign and
corporate debt and tighter financial conditions in emerging markets from
monetary tightening, particularly in the U.S.
The IMF chief has repeatedly warned against the risks of a
global trade war amid aggressive steps by President Donald
Trump to crack down on what he sees as the unfair
trading practices of U.S. competitors. The Trump administration on Wednesday
launched a probe to determine if imported cars imperil national security, a move
that could lead to higher tariffs, and next week Commerce Secretary Wilbur Ross
will be in Beijing for the next round of trade negotiations to ease tensions
between the world’s two largest economies.
"It would be a great mistake to resort to protectionism and unilateralism. This
would be a self-inflicted wound,” Lagarde said. “Nobody wins a trade war.”
The IMF projects the global economy will grow 3.9 percent this year and next,
the fastest pace since 2011. Beyond that horizon, it’s more pessimistic,
predicting growth will fade as central banks raise interest rates, U.S. fiscal
stimulus fades and China’s gradual slowdown continues.
The IMF, which has 189 member countries, was conceived during the Second World
War to oversee the international monetary system and promote open-market
policies that drive growth.
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