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The outlook for global economic growth tends to decline
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World economic growth prospects are "declining" due to factors such as trade tensions, uncertainty in policies and a sudden deterioration in financial conditions, global financial officials said in the joint statement of the IMF's steering committee.
The increase in risk comes on the back of a limited range of monetary policy measures, a record rise in debt levels and increased financial vulnerabilities, officials said.
The statement was issued during the spring meetings of the International Monetary Fund and the World Bank in Washington.
China earlier criticized President Donald Trump's "First America" policy, which sparked a trade dispute between the world's two largest economies, including the exchange of customs tariffs on goods worth hundreds of billions of dollars.
"The trade protection imposed by some countries has damaged mutual trust among nations, limited opportunities for multilateral cooperation and impeded the desire to achieve it," said Qin Yulu, deputy governor of the People's Bank of China, in a statement issued by the International Monetary and Financial Committee.
"Unilateral actions and trade protection can only exacerbate internal imbalances and weaken the necessary structural reforms, which could adversely affect the countries concerned as well as global growth."
Despite growth forecasts for 2020, some officials have expressed concern that the expected recovery will face threats if the economies of developed countries such as the United States, Japan and Europe become weaker, the IMF said.
"Despite the expected improvement in global economic growth, any slowdown in major economies and their impact on other economies could lead to a deterioration of growth opportunities and a blurring of the global economy as a whole," Japanese Finance Minister Taro Aso said in a statement to the committee.
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