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IMF's Lagarde warns G20 to avoid 'self-inflicted' wounds
"Above all, we should collectively avoid self-inflicted injuries," said IMF Managing Director Christine Lagarde in a blog post. (AFP/Nicholas Kamm)
In a message to the Group of 20 finance ministers ahead of their meeting this week, Lagarde said the world economy is on the road to recovery, "But it would be a mistake to assume that it will automatically return" to good health.
"Above all, we should collectively avoid self-inflicted injuries," Lagarde said in a blog post. "This requires steering clear of policies that would seriously undermine trade, migration, capital flows, and the sharing of technologies across borders."
The message seemed targeted primarily at US President Donald Trump, who in his first days in office has imposed controversial immigration restrictions, and threatened unilateral trade sanctions against the closest US trading partners, as well as slamming multilateral trade deals and organizations.
"Such measures would hurt the productivity, incomes, and living standards of all citizens," Lagarde said.
The IMF in January forecast a pickup in global growth to 3.4 per cent this year and 3.6 per cent in 2018, compared to 3.1 per cent last year. This is partly due to expectations of more growth-friendly policies in the United States, as well as better outlook for the euro area, the United Kingdom and Japan.
Lagarde said "the recent strengthening of activity suggests that the world economy may finally snap out of its multi-year convalescence."
However, she cautioned, "maintaining the positive growth momentum continues to require supportive macroeconomic policies," since demand is still weak and inflation not reliably back to the desired target in many advanced economies.
The United States has fewer problems with demand, and Lagarde repeated that plans for increased infrastructure investment could help boost US growth, along with "efficiency-enhancing corporate tax reform, and improvements in education," and that in turn would be good for the global economy.
G20 finance ministers and central bankers meet in Baden-Baden, Germany on Friday and Saturday. It will be the first time US Treasury Secretary Steven Mnuchin participates in the gathering.
Quang Ninh proposes upgrade to Quang Ninh Airport
The Quang Ninh Provincial People’s Committee has proposed Deputy Prime Minister Trinh Dinh Dung consider and approve a plan for turning Quang Ninh Airport into the Van Don International Airport. The target of the plan is to attract international investors into the Van Don Economic Zone, which will become a special administrative-economic area, according to the People’s Committee.The project must proceed quickly to meet needs. If the revised plan for the development of air transport in the… chat_bubble_outline Read More...
Dog meat cocktail - dare to try this canine concoction?
Amulet cocktail. Photo by VnExpress/Nhat Quang Many may feel disgusted at the thought of eating dog meat, a notorious dish in many Asian countries. Many may want to stop the brutal slaughter of "man's best friend." But still, many cannot deny that the fragrant taste of dog meat is too tempting to resist. The combination of aromatic Vietnamese herbs and shrimp sauce creates an unforgettable taste that has drawn many travelers to Vietnam just to try the dish. Now we’ve found an answer for those… chat_bubble_outline Read More...
Red Cross urges parties in Syria's Aleppo to spare civilians
BEIRUT (AP) — The International Committee of the Red Cross is urging those fighting in Syria's Aleppo to do all they can to protect and spare civilian lives.The ICRC says in a statement on Tuesday that thousands of people with no part in the violence "have literally nowhere safe to run."The dramatic appeal came after Syrian military announced the previous day it gained control of 99 percent of the former opposition enclave in eastern Aleppo, signaling an impending end to the rebels' four-year… chat_bubble_outline Read More...
Yemen calm as ceasefire takes hold
Sanaa (AFP) - Violence subsided Sunday in Yemen, a day after the beginning of a 48-hour ceasefire declared by the pro-government Arab coalition battling rebel fighters for almost 20 months.An AFP correspondent in Sanaa said there had not been any air strikes in the rebel-held capital by warplanes of the Saudi-led coalition since the ceasefire entered into effect at midday (0900 GMT) on Saturday.The flashpoint southwestern city of Taez was also calm after fierce clashes on Saturday between… chat_bubble_outline Read More...
Soccer legend Maradona mourns 'second father' Castro
LIMA (Reuters) - For soccer great Diego Maradona, Cuban revolutionary Fidel Castro was more than a friend and fellow Latin American legend, he was "a second father."Maradona said Castro's death late on Friday hit him like a tennis ball to the chest served by Juan Martin del Potro, the Argentine player he cheered on in the Davis Cup final where he received the news."I wept uncontrollably," Maradona told reporters on the sidelines of the tennis tournament. "After my father, it's the deepest… chat_bubble_outline Read More...