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- Argentina edge South Africa to keep title hopes alive
- Biden says China 'testing us,' in hot mic remarks to Quad allies
- Dubois destroys Joshua to retain IBF world heavyweight crown
- Guardiola says critics want Man City wiped 'from face of the Earth'
- Biden says 'Quad' is 'here to stay' despite challenges
- Dubois knocks out Joshua to retain IBF world heavyweight crown
- Vinicius helps 'faster' Madrid overturn stubborn Espanyol
- Zelensky to press US on long-range missile strikes inside Russia
- PSG drop first points in draw at Reims
- Vinicius, Mbappe on target as Madrid crush plucky Espanyol
- Jeeno leads Ko by two at LPGA Queen City Championship
- Bottega Veneta goes for 'E.T.' chic as Madonna pops into D&G
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- Musk's X platform takes first step toward lifting Brazil ban
- 'Business as usual' for Australia match-winner Carey amid boos
- Israeli jets pound Lebanon after deadly Beirut strike
- Ten Hag bemoans Man Utd's lack of killer instinct in Palace stalemate
- France's Macron appoints new government in shift to right
- Cheika proud of Leicester grit after winning start as boss
- Profligate Man Utd pay price in 0-0 draw at Palace
- Kane, Olise run riot as Bayern thump Bremen
- Diaz fires Liverpool top of Premier League, Man Utd held at Palace
- LIV champion Rahm out of LIV Team semis with severe flu
- Slot surprised by tearful Nunez's moment of magic
- Title rivals Norris, Verstappen on 'cool' front row for Singapore GP
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- Carey sparks recovery as Australia thrash England in 2nd ODI
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- Verstappen stages protest over 'ridiculous' swearing punishment
- Bayern boss Kompany lauds 'special talent' Olise
- Diaz fires Liverpool top of Premier League, Spurs bounce back
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- Kasatkina to face Haddad Maia in Korea Open final
Fragmentation poses 'serious risk' to global prosperity: IMF
The threat of deglobalization that splits countries into divided blocs could undermine decades of gains in living standards and growth, an IMF official warned Tuesday.
While not an immediate threat "we see this as a serious risk," IMF chief economist Pierre-Olivier Gourinchas said.
He spoke at the start of the IMF and World Bank Spring meetings, where the Russian invasion of Ukraine hangs over the discussions. The war has reverberated through the global economy, but some officials fear it also could break up years of hard-won gains in integration.
Globalization has "lifted hundreds of millions out of poverty and allowed emerging market economies to see their economies soar in the last 30, 40 years," Gourinchas told reporters.
"A move towards more fragmentation would undo many of these gains."
The IMF's latest World Economic Outlook showed the integrated global supply chain preserved those gains even during the Covid-19 pandemic.
The rise of large emerging markets in the global economy has created a shift towards a "multipolar world," he said. But splitting into "divided blocs... would be a disaster for the global economy."
O.Bulka--BTB