IMF chief predicts decline in global GDP by 2020

"Global economy is expected to grow by 3% this year, the lowest dynamics in past ten years," Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said at a press conference on results of the fourth ‘round table’ held with the heads of leading organizations.

According to her, this will be affected by trade contradictions, which cause increase of uncertainty: "According to our calculations, losses in global GDP will be $700 billion by 2020, which constitutes 0.8% of total products of the planet."

Georgieva believes that the search for new effective methods of multilateral cooperation on several fields – from ecology and combating climate change to financial and fiscal policy is becoming more relevant in such conditions.

The round table was attended by Premier of China's State Council Li Keqiang, World Bank Group President David Malpass, WTO Deputy Director-General Alan Wolff, Director-General of the International Labour Organization (ILO) Guy Ryder, OECD Secretary-General Angel Gurría and chair of the Financial Stability Board (FSB) Randall Quarles.