The new managing director of the International Monetary Fund (IMF), Kristalina Georgieva, warned on Tuesday (09.10.2019) of an economic slowdown this year "in 90% of the world's countries" during her first speech at the head of the multilateral organization.
«In 2019, we expect slower growth in almost 90 percent of the world. The global economy is now in a synchronized slowdown."Georgieva said at IMF headquarters in Washington.
The Bulgarian economist, who succeeds Christine Lagarde as president of the European Central Bank, explained that this general slowdown "means that growth this year will fall to its lowest rate since the beginning of the decade."
"The numbers reflect a complex situation," he said.
Georgieva made this assessment a week before the start of the joint Annual Assembly of the IMF and the World Bank (WB), in which both institutions will present their economic projections and which will bring together the main economic ministers and central bankers from around the world.
In this regard, he warned that the new economic outlook will be "downward" compared to the last one presented in July in Chile, in which the organization reduced its global growth forecasts for 2019 by one-tenth, to 3,2%, and 2020, to 3,5%.
In her analysis, Georgieva argued that Economic activity is “softening” in advanced economies such as the US, Japan and especially the euro zone, while in other emerging markets, such as India and Brazil, the slowdown is "even more" pronounced this year.
Respecto a China, noted that its economic growth "is slowing down gradually from the rapid pace it saw for many years."
"The precarious outlook - he continued - presents challenges for countries already facing difficulties, including some of the countries in the fund's program," such as Argentina.
However, he welcomed the fact that nearly forty emerging markets and developing economies, including 19 in sub-Saharan Africa, "will have real GDP growth rates above 5%."
Source: Reuters
"They represent a relatively small part of the global economy," he said.
In his speech, Georgieva blamed trade disputes, such as the trade war between Washington and Beijing, are partly responsible for this global economic slowdown, in addition to the various geopolitical tensions and the possible impact of Brexit.
"We have talked in the past about the dangers of trade disputes. Now, we see that they are actually taking their toll," he said.
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