World Economic Outlook -The Global Economy Enters a New Era
This economic digest will tackle the presentation by Mr. Pierre-Olivier Gourinchas, the Economic Counselor and the Director of Research of the International Monetary Fund (IMF), for the World Economic Outlook (WEO). Mr. Gourinchas stated that the future direction will be decided by how challenges are tackled and opportunities embraced as trade war is triggered and policy ambiguity.
The global economic system is entering a new era that is different to the previous era that lasted for around 80 years. Since the reelection of US president Donald Trump, new tariffs were imposed on almost all countries starting with China, Canada and Mexico. This led to retaliation tariffs either applied as the case of China or planned as European Union’s potential tariffs. These tariffs drove global rates to unprecedented levels as US tariffs reached a new record in a century exceeding Great Depression levels as shown in the below graphs.
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