₦airaland Forum

The world economy could contract by the size of the combined French and German economies, if there is a broad-based trade war between the world’s major economies, the International Monetary Fund (IMF) has told the BBC.

It comes as concerns are heightened ahead of the possible re-election of Donald Trump.

Trump says he plans to introduce a universal tax or tariff of up to 20% on all imports into the US, while the European Union is already planning retaliation if Washington goes ahead with the new levy.

Last week, Trump said “tariff is the most beautiful word in the dictionary”, and global markets and finance ministers are now beginning to take seriously the prospect of him enacting the ideas.


IMF Deputy Managing Director Gita Gopinath said the Fund could not yet assess the specifics of Trump's trade plans, but thinks that “if you have some very serious decoupling and broad scale use of tariffs, you could end up with a loss to world GDP of close to 7%".

"These are very large numbers, 7% is basically losing the French and German economies. That's the size of the loss that would be," she continued.

Ms Gopinath also said tariffs worth hundreds of billions of dollars “is very different from the world we’ve lived in over the past two of three decades”.

The IMF’s deputy chief said another of the Fund’s main messages at its Annual Meetings was to warn on ballooning levels of global government debt.

She said the current period of steady economic growth was a “moment to rebuild your fiscal buffers” as “this will not be the last crisis. There will be additional shocks. You will need the fiscal space to respond. And now is the time to do it”.

Ms Gopinath said it was also necessary to “look at the bright side” with a resilient world economy after “some very tough knocks”.

She suggested the world economy had seen a soft landing from the multiple crises.

“Past experiences with bringing down inflation have not been with a soft landing. It was a big, big increases in unemployment. So that was a big hit, and it has turned out to be much better than many feared”, she said.

Ms Gopinath added that it was a “good win” for central banks everywhere that inflation has come down without high unemployment. But that now was the time to rebuild resilience in a fragile world.

VeryWickedBro:
The school na scam gang reaping the rewards when smart ones are relocating on scholarships.

Namaster:
ONLY thing I can buy for a woman is Postinor 2.

Ikennaford:
If you can't buy panties for your girl, that means you never start

trutharena:
Targeted subsidy is a welcome idea.

Dpharisee:
The first day I met Peter Obi at an event and had the opportunity of having a conversation with him. my instinct told me that this is the kind of man that Nigeria needs to get it right. This was shortly after he completed his term as governor of Anambra State years ago.

Lalami3232:
The best decision I've ever made in my life was going fully into tech. Forget the yeye talk of "tech is saturated" bla bla bla. Oga, Nigeria is saturated with people but we still have billionaires and millionaires here. Just try to standout in your nieche and thank me later.
My advice is to go for cyber security, mobile app development or Data science. Those are the biggest boys at the moment. Forget web development, even a mumu can build websites.
What do I even know sef aside enlightening my fellow men nationwide with the good news

Oga if you no meet your wife as a virgin, oga go for DNA test oooooo because boreholes aka non-virgins can't be trusted atall atall

MeNmyfamily:
Nigerians need to start laying their own eggs.

slaawomirr:
Damnnn niggar
Isoright

Omoluba001:
Propaganda no dey tire you? Are you that desperate for a ceasefire to extent of twisting what he actually said? I guess Israel want to destroy hazebolla but the reverse has been the case since they made mistakes of trying to enter Lebanon, Hezbollah has been roasting Israel soldiers like aboki suya 😂 if Israel is that powerful as you have made us to believe they wouldn't be crying for a ceasefire,they would have destroyed Hezbollah with their invisible soldiers 😂 this your desperation for a ceasefire really surprise me. Meanwhile Iran is still waiting for coward Israel retaliation but i guess they are still yet to get go ahead from their sugar daddy 😂 later you will be boasting about how Israel is baiting Iran now that Iran has fallen for the bait let Israel strike back and see total destruction of Israel from the almighty Iran 🇮🇷.

helinues:
You are just too small to fight Wike, go and ask the stubborn Alimodu Sheriff how far

GanagiBitrus:
It's not a crime or sin to be giving a % of your income to the church but...

As far as Christ's teachings /Christianity is concerned, all giving including tithes, should be done willingly without any form of compulsion or manipulation.

TechToyin:
I am contemplating suicide . I am loosing it

OkCornel:
Eat your tithes. Dubious pastors will never ever preach it.

Deuteronomy 14 v 22-29
22 Be sure to set aside a tenth of all that your fields produce each year.

23 👉Eat the tithe👈 of your grain, new wine and olive oil, and the firstborn of your herds and flocks in the presence of the Lord your God at the place he will choose as a dwelling for his Name, so that you may learn to revere the Lord your God always.

24 But if that place is too distant and you have been blessed by the Lord your God and cannot carry your tithe (because the place where the Lord will choose to put his Name is so far away),

25 then exchange your tithe for silver, and take the silver with you and go to the place the Lord your God will choose.

26 Use the silver to buy whatever you like: cattle, sheep, wine or other fermented drink, or anything you wish. Then 👉you and your household shall eat there👈 in the presence of the Lord your God and rejoice.

27 And do not neglect the Levites living in your towns, for they have no allotment or inheritance of their own.

28 At the end of every three years, bring all the tithes of that year’s produce and store it in your towns,

29 so that the Levites (who have no allotment or inheritance of their own) and the foreigners, the fatherless and the widows who live in your towns may come and eat and be satisfied, and so that the Lord your God may bless you in all the work of your hands.

Coolestguy2023:
Fubara think say he wise. He will learn the hard way and nothing will happen. He has been disobeying court orders carelessly but he will not have is way this time.
Foolish people like fubara are the reason why state policing will not work in Nigeria.

*** If you quote me, na still your papa go read am and not me.