Trade

Global Finance Ministers Promise to Fight Trade War Induced Global Economic Slowdown

Global Finance Ministers Promise to Fight Trade War Induced Global Economic Slowdown

Finance ministers and central bank officials from all over the world completed their scheduled meeting on Saturday. At the meeting, the power brokers of the global economy pledged that they will use all the tools at their disposal to fight the trade war-induced global economic slowdown. The global economy has been in a permanent state of flux ever since the trade war kicked off between the United States and China last year. The ripples have been felt throughout the world and it is no wonder that key policymakers are now acknowledging that it could lead to a global slowdown.

The committee which is in charge of setting policies at the International Monetary Fund concluded its deliberations on Saturday and after that, it released a statement. In its statement, the committee of officials stated that although global growth has slowed down at this point, it is going to pick up again next year. That being said, the statement also added that there are plenty of factors that could hamper growth next year as well and damage growth in 2020. However, it acknowledged the current crisis in the global economy and said as much in the statement.

The statement said,

“We recognize the need to resolve trade tensions and support the necessary reform of the World Trade Organization.” 

It is one of the first indicators that key policymakers, who are actually in charge of some of the world’s biggest economies, are now mindful of the slowdown. While it is true that the rounds of talks between Chinese and US trade delegations have raised optimism in the markets, there is no indication that a deal is going to be agreed. If the trade war continues between the world’s two largest economies, then things could get more problematic for the global economy in the near future.

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