IMF says protectionist trends threaten global growthOctober 5, 2016 - 11:14 AMT PanARMENIAN.Net - The International Monetary Fund on Tuesday, October 4 said protectionist political trends risked "turning back the clock" on free trade, warning of a low-growth future for the global economy, AFP reports. In its new World Economic Outlook report, the global crisis lender also sounded an alarm over what it called a "dangerous" credit binge in China. With Britain voting this year to secede from the European Union and US presidential candidates disfavoring open borders, the IMF said populist politics imperiled trade liberalization and economic growth. The Fund notably cut its outlook for the United States, the world's largest economy, but upgraded those for Japan and the eurozone. It also downgraded forecasts both for growth in global trade volume and for advanced economies' output, saying that prospects for richer countries had darkened this year, in part due to the protectionist talk. "It is vitally important to defend the prospects for increasing trade integration," said IMF chief economist Maurice Obstfeld. "Turning back the clock on trade can only deepen and prolong the world economy’s current doldrums." Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |