The spring meetings of the World Bank and International Monetary Fund have commenced this week, taking place against a backdrop of declining global business and economic confidence. This downturn is attributed to the ongoing trade war initiated by the United States President Donald Trump. Held annually in Washington, these discussions will scrutinize the repercussions of increased American tariffs. There is widespread concern among officials, analysts, and the general public about the potential negative impact on both U.S. and international economic prospects.
Recent data reveals that the biannual Brookings-Financial Times index, which measures business confidence, has plummeted to its lowest recorded level. Concurrently, Trump’s economic approval ratings have reached their lowest point during his presidency. A senior official from the Federal Reserve has cautioned that the United States might experience an economic downturn in the summer. Additionally, the chief economist from Apollo forecasts a 90% probability of a recession occurring.