Indonesia president calls for vigilance over global economic risks
13 October, 2018, 14:02 | Author: Carlos George
If we are busy fighting and competing with each other, we will fail to realise the big threat facing the rich and poor countries.
Indonesian PresidentJoko Widodourged global central bankers and finance ministers on Friday to guard against growing risks facing the world's economy, as a heated Sino-US trade war roils both emerging and developed markets.
"All these troubles in the world economy, are enough to make us feel like saying: 'Winter is Coming, '" he said, using a motto from the popular series that refers to the need to remain vigilant to risks. While lowering its forecast of global growth for this year and the next International Monetary Fund said that if the current tariff tussle between both superpowers grows into a full-blown trade war then it could make the world a poorer and risky space.
The fear is that the China-US trade row could upend global supply chains, and chill worldwide trade and investment - a risk underscored by Widodo.
The tariffs stem from the Trump administration's demands that China make sweeping changes to its intellectual property practices, rein in high-technology industrial subsidies, open its markets to more foreign competition and take steps to cut a politically sensitive US goods trade surplus. Recently China announced trade tariffs of $60 billion on U.S. goods like natural gas that is produced by nations loyal to United States.
US Treasury Secretary Steven Mnuchin met People's Bank of China Governor Yi Gang yesterday on the sidelines of the IMF-World Bank meeting. -China trade talks and expressed his concerns about the yuan's recent weakness.
Mnuchin also told reporters Saturday in Bali, Indonesia, that he doesn't lose sleep over the possibility that China might sell its huge hoard of USA treasuries in retaliation.
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The managing director of the International Monetary Fund, Christine Lagarde, has said she still intends to attend an investment conference in Saudi Arabia later this month despite concerns over the disappearance of journalist and USA resident Jamal Khashoggi. -China total annual trade relationship could grow to $1 trillion from $650 billion now, with $500 billion of exports from each country.
Asked about the tussle between Washington and Beijing over technology policy and trade, Argentine Finance Minister Nicolas Dujovne said the G-20 does provide a ground for discussing such issues. "We welcome the IMF's work on tariff and non-tariff barriers, and we encourage the International Monetary Fund to focus on less open trade regimes in order to play a constructive role in promoting global solutions".
"I hope you will each do your part to nudge our various leaders in the right direction", Widodo said, adding that "confrontation and collision impose a tragic price".
Separately on Thursday, the fund warned in its twice-yearly report on the Asia Pacific region that the market rout seen in emerging economies could worsen if the Federal Reserve and other major central banks tightened monetary policy more quickly than expected.
The State Department response on Pakistan's IMF bailout request appeared to be in sync with the statement made by IMF Managing Director Christine Lagarde. The IMF started the meetings in Bali by downgrading its 2018 estimate for global growth to a still robust 3.7 per cent from an earlier forecast of 3.9 per cent.
"In whatever work we do, we need to have a complete understanding and absolute transparency about the nature, size, and terms of the debt that is bearing on a particular country", she said.
Soon after her article was published, Sajid Khan tweeted, asking the media not to judge him till he "proves the truth". Sajid and Farah are children of Maneka Irani, whose sister Honey Irani is the mother of Farhan and Zoya Akhtar.
The Minister said safety of passengers is of "paramount importance", adding that "growth can't be at the expeneof safety". The Boeing 737 then hit the upper portion of the airport perimeter wall, located about 50 feet beyond the localiser.
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Against a basket of currencies, the yuan has depreciated less. "We will have to take a loan to support the falling economy". China and the U.S. trade war might also unleash an inflation surge worldwide. "We will get out of this".
She said the west coast was "not out of the woods" in terms of strong winds and there was still a danger to people on the roads. That in itself is likely to bring disruption to roads and there is likely to be some bridge closures and power outages.
Last month Bloomberg told the New York Times that, if he were to run for president, he would "have to run as a Democrat". Bloomberg, 76, was a longtime Democrat who became a Republican before running for mayor of the largest USA city in 2001.
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He says the number of rescues remains fluid and there were no reports of deaths so far from the Coast Guard's missions. Panama City was also ravaged by the hurricane, with drone footage showing homes and schools completely torn apart.
Officials are also investigating the unusual hole recently found in a Soyuz spacecraft aboard the International Space Station . NASA officials now must decide how or whether to maintain a USA presence on the $100 billion orbital research laboratory.
Senior North Korean officials including sports minister Kim Il-guk and foreign affairs minister Ri Su-yong were also at the game. But the result of the discussions was delivered to Pompeo belatedly, which could have prompted him to be slightly displeased.
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