IMF: global GDP will lose 1.5% per year amid trade fragmentation
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International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that global GDP will shrink by 1.5% per year due to the fragmentation of global trade into separate blocks. Ms. Georgieva estimated the losses of the economy of Asia and the Pacific at 3% of GDP, since trade plays a key role in the region.
“If the world and our trade were divided into two blocks, then we expect a constant annual loss of global GDP of 1.5%,” the head of the IMF said during the opening ceremony of the international exhibition in China (quoted by RIA Novosti). Kristalina Georgieva called for the defense and strengthening of an open approach to world trade, given the central role of the World Trade Organization.
As reported by the IMF in October, global economic growth in 2022 will be 3.2%. In 2021, the indicator reached 6%. The fund predicts growth to slow to 2.7% in 2023. The IMF noted that global GDP fell by 0.1% in the second quarter of 2022 against the background of the contraction of the economies of China, Russia and the United States.
More about the global economy – in the material “Kommersant” “Global GDP is not going up.”
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