Nobody wins in a trade war, says IMF chief

17 May 2019 / 00:00 H.

NUR SULTAN, KAZAKHSTAN: International Monetary Fund (IMF) managing director and chairman Christine Lagarde reiterated calls for the trade dispute between the United States (US) and China to be resolved in a satisfactory manner.

“I don’t have any specific numbers concerning this region or a particular country in the region but suffice to say that any trade war is going to affect all those who participate and all those who do not participate,“ she said when asked on how trade war between the US and China will impact Central Asia.

The direct and in-direct impact and the extend that it undermines confidence and certainty, will impact all, she told a press conference on the sidelines of the Astana Economic Forum (AEF) 2019 here, today.

“To the extend that this trade tension, if likely to last, which we hope it will not. It will lead economic factors, particularly from the private sector to re-visit and re-organise their supply chain and how they run their business.

“Nobody wins a trade war in our view we all have to lose. Certainly, we hope the tensions that exist can be resolved in a satisfactory manner that would provide reciprocated benefits to all parties and will set up clearly the framework in which trade is (the) main engine for growth can continue and prosper,“ she said.

The two-day AEF 2019, which started today, has 5,492 registered delegates from 74 countries, made up of experts, politicians, business people and scientists.

Besides Lagarde, the event also has the participation of Han Zheng, Vice-Premier of the State Council of China, Armen Sarkissian, President of Armenia, Risto Siilasmaa, chairman of the board of directors of Nokia Corporation, and Paul Romer, chief economist of the World Bank (2016-2018) and Nobel Prize in Economics 2018 winner. — Bernama

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