clearn.png
Saturday December 14th, 2019 10:54PM

Global finance officials pledge to tackle economic slowdown

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — Global finance officials are pledging closer cooperation in efforts to lift the world economy out its current slowdown, but tensions persist between the United States and other nations over trade and other issues.

Officials wrapped up the spring meetings of the 189-nation International Monetary Fund and the World Bank on Saturday, expressing hope the slowdown that began last year will be followed by stronger growth in the second half of this year and into 2020.

The IMF's steering committee said all members, in order to protect the current economic expansion, would "act promptly to shore up growth for the benefit of all."

At a closing news conference, the committee chairman, Lesetja Kganyago, head of the central bank of South Africa, said every country needs to be ready to address issues involving financial stability "with all available tools."

Many nations were jolted last year when stock markets went into a nosedive, reversed only when major central banks, including the Federal Reserve, halted efforts to tighten credit policies.

Separately, Treasury Secretary Steven Mnuchin told reporters that both the United States and China were moving closer to an agreement on trade. The trade war between the world's two biggest economies and the punitive tariffs each nation has imposed on the other raised widespread concerns during the talks.

But Chen Yulu, deputy governor of People's Bank of China, struck a less positive stance in his remarks to the IMF policy committee, contending that rising trade protectionism in the form of punitive tariffs had already begun to disrupt global supply changes.

"The protectionism of some countries has harmed mutual trust among countries, limited the scope for multilateral cooperation and impeded the willingness to achieve it," he said.

The U.S. and China have imposed tariffs on $350 billion worth of each other's goods. They are battling over U.S. allegations that China deploys predatory tactics — including cybertheft and forcing foreign firms to hand over trade secrets — in a sharp-elbowed effort to challenge American technological dominance.

In his meeting with reporters, Mnuchin said he had told the other finance officials that the US-China negotiations were making progress but he would not disclose a timeframe for when they might be wrapped up. He said both sides had conducted phone discussions over the past week, but he wasn't certain whether more face-to-face meetings would be needed.

"If we are able to conclude this, it will be the most significant change in 20 years" in the economic relations between the two nations, Mnuchin said.

He said that the proposed agreement the two sides are working on has seven chapters and includes language that will allow both countries to set up enforcement offices to make sure the deal is followed.

In remarks to the World Bank's steering committee on Saturday, Mnuchin said the U.S. was encouraged that the bank's private sector lending operation wanted to step up support for nations "affected by fragility, conflict and violence." But he said World Bank officials must ensure such support is aimed at boosting effective private investments in poor countries.

David Malpass, a longtime World Bank critic, took over as president of the bank on Tuesday with the backing of the administration. Reviewing the meetings this week, Malpass said that the challenges facing the World Bank were more urgent than ever with over 700 million people around the globe still living in extreme poverty.

"It is critically important that we work tirelessly to foster broad-based growth, raise median incomes, create jobs and fully incorporate women and young people in economies," Malpass said in a statement.

President Donald Trump said in a newly published interview that he had considered his daughter Ivanka, a White House adviser, for the job of World Bank president.

"She would have been great at that because she's very good with numbers. She's got a great calmness. ... I've seen her under tremendous stress and pressure," he was quoted as telling The Atlantic.

When Jim Yong Kim resigned suddenly as bank president earlier this year, reports said that Ivanka Trump along with Malpass were being considered for the job, which has always gone to an American.

Before the meetings of the policy-setting panels of the IMF and World Bank, finance ministers and central bank presidents of the Group of 20 major economies held discussions Thursday and Friday.

G-20 officials agreed with a downgraded IMF forecast released this week. It predicted global growth would be 3.3% this year, the slowest since the Great Recession ended in 2009, but would regain momentum and advance to growth of 3.6% in 2020.

___

On Twitter, follow Paul Wiseman at https://twitter.com/PaulWisemanAP and Martin Crutsinger at https://twitter.com/mcrutsinger

___

This story corrects spelling of last name of South Africa's central bank chief to Kganyago, not Kganyuago.

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, Top General short headlines, AP Online Headlines - Washington, AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Global finance officials pledge to tackle economic slowdown
Global finance officials are pledging closer cooperation in efforts to lift the world economy out its current slowdown
1:42PM ( 7 minutes ago )
Orioles' Davis singles in 1st, ending record hitless streak
Orioles' Chris Davis ended his streak of futility in his first at-bat when he lined a bases-loaded, two-run single to right in the first inning against the Boston Red Sox; Davis had gone hitless a record 54 straight at-bats
1:40PM ( 10 minutes ago )
Burnley, Southampton boost hopes to stay in Premier League
Burnley and Southampton took big steps toward avoiding relegation from the Premier League with crucial victories on Saturday, while Cardiff inched closer to the drop after a third straight loss
1:39PM ( 11 minutes ago )
Associated Press (AP)
Dems defend Omar after Trump retweets video against her
Top Democrats are defending Rep. Ilhan Omar after President Donald Trump retweeted video that was edited to suggest the freshman Minnesota Democrat was being dismissive of the significance of the worst terrorist assault on U.S. soil
1:03PM ( 46 minutes ago )
As census approaches, many Arab Americans feel left out
Many Arab Americans are feeling left out of the census as the once-every-10-years count is set to occur next year
12:21PM ( 1 hour ago )
Thousands rally in Serbia against populist leader Vucic
Thousands in Serbia are protesting against populist President Aleksandar Vucic on Saturday as riot police deployed inside the country's parliament, saying they wanted to prevent the opposition from storming the building
12:07PM ( 1 hour ago )
AP Online Headlines - Washington
Pompeo prioritizes Venezuela crisis on Latin American tour
U.S. Secretary of State Mike Pompeo is making the economic and political crisis in Venezuela a central theme of his four-day Latin America tour
10:52AM ( 2 hours ago )
Fashion brand 'FUCT' seeks trademark help from Supreme Court
The Supreme Court is getting ready to hear a clothing brand's challenge to federal trademark law
8:52AM ( 4 hours ago )
G-20 chiefs: World economic growth to revive later this year
G-20 leaders: World economic growth to pick up later this year, likely helped by central banks
12:43AM ( 13 hours ago )
AP Business
S&P 500 notches 3rd straight weekly gain as US stocks rally
Stocks notched solid gains on Wall Street Friday, erasing most of the losses the market sustained after an uneven week of trading
5:00PM ( 20 hours ago )
Leading finance officials acknowledge global slowdown
Finance officials from the world's major powers acknowledged Friday that the global economy is in a slowdown
3:58PM ( 21 hours ago )
China seeks to reassure Europe at Croatia summit
China's prime minister has promised that his government will respect European standards and fair trade, seeking to allay concerns that it's flouting EU competition rules with huge investments on the continent
8:42AM ( 1 day ago )
AP Business - Economy
Banks push US stocks higher after reporting solid profits
US stocks are marching broadly higher on Wall Street after banks reported solid quarterly results
2:52PM ( 22 hours ago )
Malaysia revives China-backed rail link, cost cut by a third
Malaysia has decided to resume a China-backed rail link project, after the Chinese contractor agreed to cut construction cost
5:15AM ( 1 day ago )
Sudan leader's iron grip finally slips amid protests
Sudan's President Omar al-Bashir clung to power for 30 years, relying on support from Islamists and the military
6:10PM ( 1 day ago )
AP Business - Financial Markets
As cashless stores grow, so does the backlash
Are cashless stores discriminatory? New York City could follow New Jersey and Philadelphia with a ban as cities struggle with the potential impact of cashless stores on those who don't have credit or debit cards
3:16PM ( 22 hours ago )
Chevron vaults into new league on $33B Anadarko acquisition
Chevron to spend $33 billion on Anadarko Petroleum as US energy prices take off
12:32PM ( 1 day ago )
JPMorgan's 1Q profits rise 5%, helped by higher rates
JPMorgan Chase's first quarter profits rose 5% from a year earlier; helped largely by higher interest rates
7:43AM ( 1 day ago )
AP Business - Industries
Prosecutors paint Avenatti as con man, he says claim 'bogus'
Attorney Michael Avenatti has been charged in a 36-count federal indictment alleging he stole millions of dollars from clients, didn't pay taxes, committed bank fraud and lied in bankruptcy proceedings
4:24PM ( 1 day ago )
Prosecutors label Avenatti a con man, he says claims 'bogus'
Attorney Michael Avenatti has been charged in a 36-count federal indictment alleging he stole millions of dollars from clients, didn't pay taxes, committed bank fraud and lied in bankruptcy proceedings
4:04PM ( 1 day ago )
Feds portray Avenatti as con man; he calls charges 'bogus'
Attorney Michael Avenatti has been charged in a 36-count federal indictment alleging he stole millions of dollars from clients, didn't pay taxes, committed bank fraud and lied in bankruptcy proceedings
3:47PM ( 1 day ago )
AP Business - Financial Services
Orioles' Davis singles in 1st, ending record hitless streak
Orioles' Chris Davis ended his streak of futility in his first at-bat when he lined a bases-loaded, two-run single to right in the first inning against the Boston Red Sox; Davis had gone hitless a record 54 straight at-bats
1:40PM ( 10 minutes ago )
Burnley, Southampton boost hopes to stay in Premier League
Burnley and Southampton took big steps toward avoiding relegation from the Premier League with crucial victories on Saturday, while Cardiff inched closer to the drop after a third straight loss
1:39PM ( 11 minutes ago )
Lightning's Kucherov suspended for Game 3 for boarding
NHL scoring leader Nikita Kucherov of Tampa Bay suspended for Game 3 against Columbus for boarding
1:32PM ( 18 minutes ago )
Giant Stratolaunch aircraft lifts off from California
A giant six-engine aircraft with the world's longest wingspan has taken off from California on its first flight
1:30PM ( 20 minutes ago )
Patrick Ewing to represent Knicks at draft lottery
New York Knicks turn to Patrick Ewing in hopes of lottery luck on May 14 in Chicago
1:28PM ( 22 minutes ago )