Experts warn fuel price hike, high debt and trade war make world economy vulnerable

Mir Mostafizur Rahman from Hinan, China | Published: October 29, 2018 14:19:51 | Updated: November 21, 2018 20:40:29

Containers are seen at the Yangshan Deep Water Port in Shanghai, China, April 24, 2018. Reuters/File Photo

Rise in fuel prices, high debt level, trade war and low productivity pose serious threats to the world economy, experts warned on Monday.

They said Asian countries need to be united to face this uncertainty which is looming large.

"Oil prices may shoot up to 100 US dollars per barrel in 2020 and the global commodity market will also be volatile," Zhang Yuyan, director of the Institute of World Economic and Politics, Chinese Academy of Social Sciences, said.

He was addressing a panel discussion on the Asian economy during the inauguration of the Asia Media Cooperation Workshop held at the State Guest House in Boao Island in Hinan province of China.

Zhang said the global debt level is increasing and in the last 10 years it has risen by 75 trillion US dollars.

This rise in debt level dwarfed the global GDP which rose by only 24 trillion US dollar in the same period, he mentioned.

He also pointed out that rising fluctuations in currency exchange rates and volatility in property prices are also matter of serious concern for the global economy.

Senior Research Fellow of the East Asia Institute, Singapore National University Dr Lam Peng Er urged the Asian policymakers to take due steps to absorb the shock of the global economic uncertainty.

Mr Fang Jiangshan, deputy editor-in-chief of the People’s Daily, Mr Lee Jong Heon, secretary general of the Trilateral Cooperation Secretariat, Mr Ng Yat Chung, CEO of Singapore Press Holdings Ltd and Mr Qiao Yongqing, secretary general of the People’s Daily, spoke on the occasion.


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