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IMF: Impact of the Trade War on the World Economy Can Be Equivalent to the Swiss Economy

In 2020, the amount of tariffs that have been applied or announced will make the global economic growth drop 0.8 percent.
Illustration of US-China trade war - The impact of the United States trade war with China could reduce the portion of the global economy as much as the Swiss economy. This was revealed by IMF Managing Director, Kristalina Georgiva.

"In 2020, the amount of tariffs that have been applied or announced will make global economic growth drop 0.8 percent. This number is equivalent to the Swiss economy," he said as quoted by CNBC, Friday (10/18/2019). 

The trade war between the US and China has been going on for more than 18 months, although both have carried out various negotiation processes. Both sides, on the other hand, also continue to take action on the tariff retribution for imported products in their respective countries.

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Although last month, the President of the United States, Donald Trump, said the two countries had reached a substantive agreement. However, until now this matter is still being questioned because there is no more detailed explanation. 

"An interest in the agreement is motivated by very simple and general goals, (it) benefits the economies of the two countries," Georgieva said. 

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The IMF said a few days ago in the latest World Economic Outlook, that projections showed 2019 economic growth of 3.0 percent, down from 3.2 percent in July. 

This is largely due to the increasing impact of the US-China trade war. This prediction is the lowest since the financial crisis more than a decade ago. 

"So the motivation for finding a way to an agreement comes from the fact that the world economy is slowing down, we are in a synchronized slowdown," Georgieva said. (*) 

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