Strained relations between Western and Chinese-aligned economic blocs could cause a “reversal” in global economic growth, an IMF official warns.
Tensions between Washington and Beijing have been rising as the U.S. ramps up trade restrictions and sanctions on China, citing national security concerns.
Differences between U.S.-led Western and China-aligned economic blocs threaten global trade cooperation and economic growth, a top official with the International Monetary Fund warned on Tuesday.at Stanford University that events such as the global pandemic and Russia's invasion of Ukraine have disrupted global trade relations in ways not seen since the Cold War.
China, in particular, has struggled to maintain foreign investment amid increased tensions with the West. Foreign direct investment flows into the countryWhile economic fragmentation has yet to reach the same levels as the Cold War, its potential impact is much greater due to the global economy's higher dependence on trade, according to Gopinath.
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