That includes President Donald Trump's imposition of tariffs on US$250 billion in Chinese goods, as well as on aluminium, steel and other products worldwide.
The International Monetary Fund (IMF) is warning the trade war launched by US president Donald Trump against the rest of the world stands to impoverish world economies if not immediately resolved. It cited US tariffs on solar panels, washing machines, steel and aluminum, in addition to retaliation by trade partners, as potentially depressing factors. "Trade policy reflects politics, and politics remain unsettled in several countries, posing further risks", he added.
Dr Obstfeld also expects Indonesia to turn in "fairly strong" growth, despite the weakening rupiah.
N. Korea’s Kim invites Pope Francis to Pyongyang
Wang Yi said he told Pompeo during a meeting Monday that a shadow has been cast "over the future of China-U.S. relations". Trump said on Twitter that, "Progress made on Singapore Summit Agreements!" On that occasion, he did not meet with Kim.
"The PM has never expressed his displeasure over Asad Umar's policies rather Imran Khan fully trusts Asad Umar and his ability to steer the country out of financial crisis", said the PM's spokeman. This growth exceeds that achieved in any of the years between 2012 and 2016, he said.
The IMF said higher trade barriers could disrupt global supply chains, slow the spread of technology and ultimately lower global productivity and welfare.
"Nigeria's growth is projected to increase from 0.8 per cent in 2017 to 1.9 per cent in 2018 and 2.3 per cent in 2019 (0.4 percentage point higher than in the April 2018), buoyed by the impact of recovering oil production and prices", he said.
The three leading economies of the continent, Nigeria, South Africa and Angola were projected "to witness sluggish growth in 2019 and beyond".
Imf Warns Of 'somewhat' Greater Global Financial Risk
The IMF announced it had reduced its outlook on the global economy to a 3.7% growth rate for this year and next, down 0.2% from what it had originally predicted in July.
It urged the government to relax controls on its currency and to do more to help the poor to help lay the foundations for sustainable growth.
Also, the International Monetary Fund admits that though oil producing countries like Nigeria are going to benefit from higher prices, it sees signs of lower investment in manufacturing, coupled with weaker trade growth.
Trump has led the escalating trade war because of what he believes are bad policies he said have created an $800 billion US trade deficit.
"Overall, compared with six months ago, projected 2018-2019 growth in advanced economies is 0.1 percentage point lower, including downgrades for the euro area, the United Kingdom, and Korea". But US growth will decline once parts of its fiscal stimulus go into reverse.
Trump questions UN global warming report
The United Nations body on Monday presented a special report on global warming that was requested under the 2015 Paris Agreement . Coal power would also need to be reduced to nearly nothing.
The IMF also said that further disruptions in trade policies could occur owing to downside risks from two major impending regional trade arrangements-the United States-Mexico-Canada Agreement (which awaits legislative approval) and the European Union (with the latter negotiating the terms of Brexit).