Let’s de-escalate trade tensions – IMF

Emeca Anaeto & Emma Ujah, Bali Indonesia

The International Monetary Fund (IMF) appealed to world economic powers to de-escalate current trade tensions in the interest of the world economy.

The managing director (MD) of the IMF, Ms. Christine Lagarde, yesterday filed an appeal against the current annual meetings of the IMF and the World Bank in Bali, Indonesia.

She warned that trade tensions between the United States of America and China could damage both actors and other economies of the world.

According to him, the President of Indonesia, Mr. Joko Widodo, also warned: “A lot of clouds hang over the global economy, according to Madame Lagarde. There is strong growth in the USA, but weak or unstable growth all over the world.

“Trade wars broke out, and a new wave of explosive technological innovation turned many sectors upside down, and many emerging markets also faced deep pressure.

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“With all these events we can say that“ winter ”is coming.

“For decades, developed countries have convinced us, developing countries, to open up free trade and open finance. Globalization and an open economy have provided opportunities and advantages for developed and developing countries. Thanks to developed economies.

“Developing economies today can make a huge contribution to the global economy. But lately, relations between countries with developed economies have become more like the “Game of the Strong”.

“The balance of power and alliances between major economies are growing. Weakness in cooperation and coordination caused many problems, including a sharp rise in crude oil prices and unrest in the foreign exchange markets of developing countries. ”

President Widodo, instead of fighting with each other, called on the world powers and, indeed, all nations, to close the ranks to fight a common enemy – climate change.

He said: “The competition for power among the great houses continues, but they forget that when the great houses are engaged in a struggle with each other, they do not understand the impending threat from the North, which is“ evil in winter ”, which should destroy the world with“ ice ” .

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“The world is facing a global threat in the form of climate change and requires the cooperation and cooperation of all world powers to overcome, adding that global threats can only be solved by working together.

“We have to ask ourselves:“ Is it time for rivalry and competition? Or it's time for us to cooperate. If we fight and compete with each other, we will not be able to recognize the great threat facing rich and poor countries. Large and small countries.

In addition, the President of the World Bank, Dr. Jim Yong Kim, called on member countries to invest heavily in human capital because, in his words, “it has a reasonable economic sense.”

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