The head of the World Bank says that commercial tensions could worsen poverty

The head of the World Bank says that commercial tensions could worsen poverty https://i2.wp.com/www.eresviral.com/wp-content/uploads/2018/10/El-jefe-del-Banco-Mundial-dice-que-las-tensiones-comerciales-podrían-empeorar-la-pobreza.jpg?fit=260%2C146&ssl=1

The head of the World Bank says that commercial tensions could worsen poverty









	
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October 11, 2018


	

		

		

	

	




		
The head of the World Bank says that commercial tensions could worsen poverty





Rising trade tensions between the United States and China could undo world progress to help end extreme poverty, World Bank President Jim Yong Kim said on Thursday at the start of the bank's annual meeting with the IMF. International and other financial institutions.

Threats to growth and trade that help propel them are eclipsing the gathering of finance officials, central bankers and other leaders on the island of Indonesia. Bali, a tropical tourist destination that reflects the rapid development of Indonesia in the last three decades.

Kim joined IMF chief Christine Lagarde and others to warn of the risks to global growth and economic development from threats to world trade after the United States imposed tariffs on tens of millions of dollars of Chinese exports. and Beijing responded with similar retaliatory taxes on imports of US products. .

"We are very concerned about the commercial tensions," Kim said. "Trade is very critical because that is what has brought people out of extreme poverty.

"I'm a globalist, that's my job, that's our only chance to end extreme poverty, we need more trade, not less trade," he told a news conference.

He said that the World Bank was working with countries to prepare for a worsening of the situation because if tariffs were imposed on the most extreme limits, there would be a "clear deceleration and the impact on developing countries would be greater".

Kim said the bank had offered help to Indonesia for its recent earthquake and tsunami and other disasters. The people who met in Bali for the meetings tested those threats with an earthquake at dawn that shook the hotels in the tourist zone cordoning off the event. Indonesian officials said the worst damage occurred on the island of Java. There was no evidence of severe damage in the area near the finance meetings.



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ORIGINAL ARTICLE ABC NEWS

 
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