IMF Managing Director Kristalina Georgieva warned G20 leaders on Tuesday against allowing trade protectionism to “take root” and said fragmentation of the world economy into geopolitical blocs would significantly hurt growth.
In prepared remarks delivered at the Group of 20 leaders summit, Ms. Georgieva said that 345 million people in the world were now suffering from a food crisis as a result of Russia’s war in Ukraine, high inflation and climate disasters. She said G20 countries should “allow trade to do its job.”
There was still time to avoid this situation and “prevent sleepwalking into a world that is poorer and less secure,” she added.
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