The international financial watchdog earlier estimated the recent trade rows had already cost the world economy about $700 billion or an 0.8 percent slump in global GDP, outlining the data in a soon-to-be-published annual report by the IMF.

Chief of the International Monetary Fund Kristalina Georgieva has described the fearsome possibility of a repetition of the Great Depression, in light of today’s inequality and financial instability.

While taking the floor at the Peterson Institute of International Economics in Washington, she cited new IMF research that draws a line between the current economic state and the “roaring 1920s”, which climaxed with the 1929 market collapse, assuming grounds for the same trend are already there.

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