-China trade talks over the last few months, trade tensions remain the biggest downside risk to the global economic expansion, said Gopinath.
The Trump administration was encouraged that the bank's private sector lending operation wanted to step up support for nations "affected by fragility, conflict and violence", Mnuchin said as the spring meetings of the bank and the International Monetary Fund wrapped up in Washington.
He said: " At the 39th meeting of the IMFC, we agreed to protect the expansion, we will continue to mitigate risk, enhance resilience, and, if necessary, act promptly to shore up growth for the benefit of all.
The IMF revised up the 2019 growth projection for China to 6.3 percent, up 0.1 percentage point from its previous estimation in January, according to the WEO. Japan holds the chairmanship of the Group of 20 major economies.
The Managing Director, IMF Christine Lagarde made this call in response to questions on the role expected of central banks of countries in view of the anticipated slower global economic growth, during a press briefing titled "Global outlook and policy priorities" at the just concluded 2019 World Bank/IMF Meeting in Washington DC, USA. That has eased the pressures that global financial markets felt at the end of 2018, which contributed to the unwanted tightening of financial conditions partly blamed for the economic weakening.More news: 'Significant fire' underway at Notre Dame Cathedral in Paris
"Asia also needs to focus on policies to sustain its growth momentum over the longer run in the face of declining productivity growth and rapid aging", Rhee said.
There is some cause for optimism.
Today, a vice governor of the central bank of China said that protectionism has been considered as a harmed mutual trust among nations.
In Europe, numerous global factors weighing on growth appear to be waning, keeping alive expectations for a recovery in the second half of the year, European Central Bank President Mario Draghi said.
Elevated trade tensions have been a central talking point at the International Monetary Fund and World Bank meetings this week and have been widely cited as a primary driver behind the weakening of the global economy. They are battling over USA allegations that China deploys predatory tactics - including cybertheft and forcing foreign firms to hand over trade secrets - in a sharp-elbowed effort to challenge American technological dominance.More news: Man accused of jumping from plane onto Phoenix Sky Harbor tarmac
"If you model tariffs on a large portion of the goods that are traded, you take the entire volume of goods traded between the USA and China in particular, $500 billion, you apply tariffs to that, you are putting at risk 0.8 percent of global growth", IMF Managing Director Christine Lagarde said.
Even if they do come to an agreement, a trade deal between the world's two biggest economies could have unintended consequences if China commits to purchases of U.S. goods that crowds out imports from other countries in Asia, Changyong Rhee, head of the IMF's Asia-Pacific department said on Friday.
Chen stated: "Uncertainties from trade frictions, the negative impact of tariff increases on trade, and the disruptions of global supply chains have gradually emerged".
In remarks to the World Bank's steering committee on Saturday, Mnuchin said the US was encouraged that the bank's private sector lending operation wanted to step up support for nations "affected by fragility, conflict and violence".More news: Microsoft Confirms Hackers Could Read Outlook, MSN and Hotmail Emails