FAMAGUSTA GAZETTE – At the ongoing Spring Meetings of the IMF and World Bank, tariffs and trade have emerged as central topics, reflecting widespread concerns about their impact on global economic growth.
Delegates from Africa, Latin America, and Europe expressed fears that tariffs are creating uncertainty and weighing on economic activity.
IMF Chief Economist Pierre-Olivier Gourinchas emphasized the importance of these issues in a recent blog, while World Bank President Ajay Banga addressed trade concerns during a panel discussion.
Reports released during the meetings, including the IMF’s World Economic Outlook, downgraded global growth forecasts for 2025 to 2.8%, citing trade tensions and policy unpredictability.
Dean Baker, a senior economist, warned that U.S. tariffs under President Trump could slow global growth and undermine the U.S.’s economic role.
The IMF projects U.S. growth to drop to 1.8% this year, marking the largest downward revision among advanced economies.
IMF Managing Director Kristalina Georgieva called for swift resolution of trade disputes, stating that uncertainty is costly and urging constructive cooperation among nations.