The heads of IMF and the World Bank reportedly urged the US and China to follow world trade rules and de-escalate a dispute over Beijing’s technology development strategy that threatens to do lasting damage to the global economy, said media news report.
Christine Lagarde, Managing Director of the International Monetary Fund reportedly advised Beijing and Washington to cool down and fix aspects of the world trading system and needs fixing not to break it, says media news report.
According to mews report, Managing Director of IMF and the World Bank President Jim Young Kim reportedly spoke on the sidelines of the leaders’ annual meeting in a resort zone of the tropical Indonesian island of Bali.
Reportedly the event brings together finance ministers and central bankers from many economies. Earlier in the week, the IMF reportedly downgraded its global economic outlook, forecasting growth will be 3.7 per cent this year rather than its earlier estimate for 3.9 per cent growth, reported media news report.