As global recession fears grow, IMF, others, escalate calls to end U.S. shutdown and trade war

As global recession fears grow, IMF, others, escalate calls to end U.S. shutdown and trade war

U.S. President Donald Trump and China’s President Xi Jinping meet business leaders at the Great Hall of the People in Beijing, China, November 9, 2017. REUTERS/Jonathan Ernst DAVOS, Switzerland – Calls are growing louder for President Donald Trump to end the trade war and government shutdown as fresh evidence pours in that businesses and consumers are losing faith in the global expansion. On Monday, the International Monetary Fund cut its global growth predictions for this year and next, saying “the balance of risks remains skewed to the downside” and momentum has “past its peak.” Chief executives ranked a global recession as their number one concern for 2019, according to a survey of nearly 800 top business leaders around the world released Thursday by The Conference Board. Global trade threats came in second. Even consumers, who power the U.S. economy, are on edge. Consumer confidence has fallen to the lowest level of Trump’s presidency, according to the University of Michigan Consumer Sentiment survey out Friday. “After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising,” said Christine Lagarde, managing director of the IMF. “Does that mean a global recession is around the corner? No. But the risk of a sharper decline in global growth has certainly increased.” The mood is noticeably more somber as government, business and non-profit leaders from around the world are gathering this week here in Davos, Switzerland, for the annual World Economic Forum. A year ago, optimism […]

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