Following the International Monetary Fund and World Bank meetings held in Washington this week, key officials stressed the need for the United States and China to resolve their trade war.
The IMF chief said it's a conflict that cannot produce a winner.
Oh Jung-hee reports.
Countries will have to follow and improve trade rules to reduce global uncertainties.
That's what the IMF chief stressed at a news conference held Saturday in Washington... after a week-long annual IMF and World Bank meetings.
The IMF Managing Director Kristalina Georgieva said... the U.S.-China trade war was a major topic of discussion for the world's financial leaders.
"What the meetings clearly indicated was a shared concern of the membership of the increased uncertainty for the global outlook in the world economy."
She said... Washington and Beijing both openly commented on the issue and there has been progress in discussions.
But she stressed once again:
"Up to now we have been talking about cost of trade war. Now we know how much, and who incurs this cost -- and it is everybody -- everybody loses."
In a communique issued on Saturday, the IMF's steering committee said... the global economy is projected to grow about 3 percent this year, but the pace has weakened since April.
Growth could pick up next year, but the outlook is still uncertain because of some lingering downside risks -- such as trade tensions, policy uncertainty and geopolitical risks.
The International Monetary and Financial Committee called for a resolution to trade tensions... and a reform for the World Trade Organization.
Oh Jung-hee, Arirang News.