MAYASIA BUSINESS OUTLOOK8NEWSROOMA G20 meeting was warned by China that world economic growth was "insufficient" as economic and financial instability was exacerbated by tariff and trade wars, and growth momentum was sapped. It was said by the finance ministry and central bank.At the group's meeting in Washington, a call was made by Finance Minister Lan Foan for all parties to strengthen multilateral cooperation, with the statement made that dialogue and consultation "on equal footing" to settle trade opportunities and tariff disputes was supported by china. In a separate briefing on Friday, People's Bank of China Governor Pan Gongsheng claimed that supply chains have been disrupted by trade disputes and economic fragmentation, which had weakened the pace of global economic growth.The World's leading economies should increase their involvement in international macroeconomic and financial policy coordination; pan also said the summit, which was held on Wednesday and Thursday. The significant increase in risks to global growth from trade tensions, tighter financing conditions, and long-term structural challenges was also flagged by other participants at the finance ministers and central bank governors meeting, according to the PBOC statement.A call for strengthening dialogue and policy coordination was also made, the statement said without referring to the United States. The meeting of the group of 20 major economies was held in the wake of hefty tariffs on imports announced by U.S President Donald Trump, Which have triggered turmoil in financial markets and prompted a cut in growth forecasts for most countries around the world by the International Monetary Fund. G20 WARNED BY CHINA OVER ECONOMIC GROWTH RISKS AND TRADE DISRUPTIONSBank of Korea Governor Rhee Chang Yong, commended that the tensions from U.S. President Donald Trump's tariffs are "bad for everybody", not alone for South Korea. Late on Wednesday, he stated, "I really hope this trade tension will dissipate, because it's bad for everybody." At the IMF-World Bank Spring Meeting, reported to CNBC, Rhee said that trade tensions have caused headwinds for the South Korean economy, and hazard to economic growth will be increased.He gives an instance of how Korea will be affected directly by the U.S and indirectly by their tariffs to other countries with semiconductor production in Vietnam, car and electronics production in Mexico, and their battery production in Canada. From the fourth quarter of 2020, South Korea's GDP contracted 0.1% and shrank year-on-year in its first quarter. The GDP figures missed the 0.1% rise expected by Reuter's poll, and are a reversal compared to the 1.2% rise in the last quarter of 2024.Han Duck-Soo, the Acting President of South Korea, expects to have a talk with the U.S. for a better outcome benefits both sides. South Korea's presidential election will be held on June 3, 2025, as the central bank of Governor said that it will affect the country's growth because of the political uncertainty of this election and the accusation trials of former President Yoon Suk Yeol and Prime Minister Han Duck-soo dragged on in the first quarter, with the Constitutional Court striking down Han's charge in March and reestablishing him as acting president, before April 4. BANK OF KOREA GOVERNOR SOUNDS ALARM ON ECONOMIC IMPACT OF TRADE DISPUTES
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