TEHRAN, October 12 - Indonesian President Joko Widodo added to the chorus of criticism Friday over trade friction between the U.S. and China, telling financial leaders gathered in Bali, Indonesia, that victory in a trade war would be pointless in a "sinking world."
TEHRAN, Young Journalists Club (YJC) - Widodo's comments to the annual meeting of the International Monetary Fund and World Bank came as share markets rebounded after The Wall Street Journal reported that President Donald Trump and Chinese President Xi Jinping may meet at the Group of 20 summit in Buenos Aires, Argentina, late next month.
Much attention at the finance meetings in this tropical resort has focused on threats to growth from the uncertainty and disruptions associated with trade friction. A bout of turmoil in financial markets this week added to the sense of urgency over the issue.
Widodo, who often sprinkles his speeches with references to movies, underscored those worries in his opening speech as host to the IMF-World Bank meeting.
"The balance of powers and the alliances among major economies are breaking down.
Weakness in coordination and cooperation has caused many problems, including the dramatic rise in the price of crude oil and turmoil in the currency markets of developing economies," Widodo told the gathering of financial officials, central bank governors and experts.
Instead, attention should be focused on slowing growth and disruptions from new technologies that are turning many industries "upside down," he said.
In an allusion to the popular TV series "Game of Thrones," he said fighting among the "great houses" was distracting them from the threat of an "evil winter."
"Victory or defeat in wars always brings the same result — destruction," he said. "It's pointless to become the leading economy in a sinking world."
Source: AP
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