MOSCOW (Pakistan Point News / Sputnik - 14th April, 2019) World Bank members attending the Spring Meetings are optimistic about prospects for economic recovery this year, which they link to the end of the US-China spat over tariffs, Russian Accounts Chamber Chairman Alexei Kudrin said.
"Everyone expects that businesses and national economies will have more reasons for optimism by the end of this year or in its second half ... Everyone believes that compromise solutions will be found [by US and China] and there will be no major negative impact," he told reporters in Washington.
China and the United States have been engaged in a trade dispute since last June, when US President Donald Trump announced 25 percent duties on $50 billion worth of Chinese goods, in a bid to fix their trade deficit. The two countries have exchanged several rounds of trade tariffs.
The global economy continues to be weighed down by debt loads accumulated by these two main powerhouses, the Russian chief accountant added, saying amount of borrowing by the United States and China and mounting servicing costs were a serious economic risk.
On Brexit, Kudrin said that the EU decision to grant London a six-month delay to agree a deal on the terms of the UK withdrawal from the bloc was an encouraging outcome as it prevented a chaotic exit.
