International Monetary Fund Managing Director Kristalina Georgieva on Thursday warned policymakers against the danger of a new Cold War as they ramp up efforts to secure their industrial supply chains amid geopolitical tensions between major powers.
It's one of the key reasons that the IMF predicts the global economy will stayGeorgieva said policymakers might have to accept that development of new, more separated supply chains would involve some cost.
"If we fail to be more rational, then people everywhere would be worse off. The middle class in each country would pay a price," Georgieva said. "So a bit more cool-headedness would take us a long way."The IMF has long warned of increased costs, economic friction associated with the global economy fragmenting into geopolitical blocs, with U.S.-led democracies on one side and China and other autocratic states on another.
"I think that we need to engage China if we want to craft responses to the greatest challenges of the 21st century," including climate change and debt relief, he said.
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