G20 leaders need to act swiftly to avert a tapering in economic growth and introduce reforms that can add 4 per cent to the group’s gross domestic product, the International Monetary Fund chief said on Wednesday.
The heads of the world’s 20 biggest economies, which represent 85 per cent of the global GDP, will gather in Buenos Aires on Friday amid escalating trade tensions between the US and China, the rise of protectionism, slowing economic growth and Brexit challenges.
“As G20 Leaders gather in Argentina, the global economy faces a critical juncture,” IMF managing director Christine Lagarde said in a blog. “We have had a good stretch of solid growth by historical standards, but now we are facing a period where significant risks are materialising and darker clouds are looming.”
The G20 meeting is taking place against a bleak backdrop. The IMF revised down its global economic growth forecast to 3.7 per cent for 2018 and 2019 from its 3.9 per cent projection in July, the first downgrade since July 2016. Trade war headwinds, emerging market woes and sluggish growth in the euro-zone economies are contributing to the gloomy outlook.
“As the most recent economic data has been disappointing, we must not allow ourselves to be held back,” Ms Lagarde said. “Rather, we must be ambitious, including by implementing a multi-layered set of reforms which could potentially add an additional 4 per cent boost to the GDP of the G20 countries.”
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Read more:
QuickTake: G20 leaders meet in Argentina to address economic issues
Slide in oil prices unlikely to last
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Germany, Europe’s largest economy, contracted by 0.2 per cent in the third quarter, a foreboding sign of an end to the five-year expansion in the eurozone.
Meanwhile China’s GDP grew at a lower-than-expected 6.5 per cent in the third quarter, the weakest pace in the world’s second largest economy since the global financial crisis.
“For example, third-quarter growth has been surprisingly low in emerging market economies such as China, and in the euro area. A no-deal Brexit could further dent confidence,” said Ms Lagarde.
“Over the medium-term, particularly in advanced economies, we see growth moderating because of adverse demographics and slow productivity. This includes the US, once the recent fiscal stimulus ends.”
Mr Lagarde suggested three priorities for reforms among G20 countries to achieve the additional 4 per cent boost to their economies.
The first priority includes fiscal consolidation in countries such as debt-laden Italy, which has locked horns with the European Union over its budget, and a “gradual, well-communicated, and data dependent” path of interest rate hikes to avoid creating mayhem in other economies.
The US federal reserve is expected to raise interest rates for a fourth time when it meets in December. But the pace of next year’s increases is unclear after chair Jerome Powell signalled this month a pause may be in the works, although a median forecast of policy makers in September had projected three quarter percentage point increases in 2019.
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Pictures: Saudi Crown Prince arrives at the G20 summit
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Meanwhile, the European Central Bank is preparing to unwind its bond purchases programme in December but has yet to indicate when it would raise interest rates.
The second priority for G20 leaders, according to Ms Lagarde, should be teamwork to collectively avert building trade barriers that are “ultimately self-defeating for all involved” and reverse recent tariff hikes.
“We have a unique opportunity to improve the global trade system,” she said. “IMF research suggests that liberalising trade in services could add about half per cent, or $350 billion, to G20 GDP in the long run.”
Ms Lagarde’s comments come as US President Donald Trump, who is set to meet his Chinese counterpart Xi Jinping during the G20 meeting, threatened again this week to impose more duties on Chinese exports to the US after slapping tariffs on $250bn worth of Chinese imports in the past months.
The US is set to raise tariffs on $200bn of these goods from the current 10 per cent to 25 per cent on January 1, 2019.
The third priority for G20 chiefs should be the acceleration of reforms such as relaxing product market restrictions, Ms Lagarde added.
“Easing access to professional services would be especially important, for example, in Japan and many euro area countries. Increasing support for research would be vital in Canada, Germany, and the UK, among others,” she said.
“Most G20 emerging countries, too, would benefit from product and labour market reforms. Economies such as Brazil, China, India and Russia would gain by moving away from distortionary taxes.”
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The five pillars of Islam
Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
Company%20Profile
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KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The%20specs
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
CREW
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
Hot%20Seat
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ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
