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Heads of World Bank, IMF say risks of trade tensions growing

AP  |  Beijing 

Leaders of the World Bank, and other global financial organisations warned Tuesday that trade tensions pose a growing risk for emerging economies.

With the US and embroiled in their worst trade conflict in decades, global growth has "plateaued and some downside risks have materialised," the leaders said in a joint statement issued after a meeting in

"We are concerned about a further escalation of trade tensions, and the spillover effects on vulnerable emerging markets," the statement said, specifically mentioning employment as a concern.

The leaders said they were "very strongly concerned" about protectionism and one-sided measures and urged support for broader efforts such as the

Conflicts over and other trade issues have led the U.S. to impose tariffs on billions of dollars' worth of Chinese exports. has responded in kind.

The disruptions to trade as companies adapt and prices rise are adding to pressures on China's leadership as the slows due to longer-term factors.

IMF said the IMF forecasts that China's will grow at a 6.6 per cent annual rate this year, slowing to 6.2 per cent next year.

But she gave credit for tackling some key troubles.

"Significant progress has been made in rebalancing the economy, slowing credit growth, addressing risks in financial sector and government off-budget borrowing, and continuing to open up the economy," she said in an address to the meeting.

Also attending Tuesday's meeting was Jim Yong Kim, WTO Roberto Azevedo, of the and Development Angel Gurria, Chairman and

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 06 2018. 19:35 IST