They that go down to the sea in ships, that do business in great waters;Psalm 107 : 23, And the merchants of the earth shall weep and mourn over her; for no man buyeth their merchandise any more:Revelation 18 : 11

Andrea Shalal

Sat, April 26, 2025 at 1:09 AM GMT+33 min read

By Andrea Shalal

WASHINGTON (Reuters) – Spiking trade uncertainty is compounding rising debt and sluggish growth problems facing emerging markets and developing countries, but cutting their own tariffs could provide a big boost, said Indermit Gill, the World Bank’s chief economist.

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Gill said global economists were rapidly lowering their growth forecasts for advanced economies and somewhat less so for developing countries, at least for now, in the wake of a tsunami of tariffs announced by U.S. President Donald Trump.

All heaven is looking upon God’s commandment-keeping people of this age. Its inhabitants view the dissension and strife among the nations of the earth, who are controlled by the power of the prince of darkness. Strife, strife, is on every hand. Men are striving for place and position in the world, and will use every means possible in their efforts to gain the end they seek. But shall they see this spirit permeating the church? Shall strife and dissension hold sway among the people who have seen great light? Shall corruption leaven the people whom God has set to be the light of the world? Shall not, rather, the pure, holy truth of God be cherished, and be kept burning upon the altar of every heart, and be diffused to the world? RH May 30,  1899, par. 8

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more trade strife would further slow growth

The International Monetary Fund and World Bank spring meetings this week in Washington have been dominated by worries about the economic fallout from century-high U.S. tariffs – and retaliatory ones announced by China, the European Union, Canada and others.

The IMF on Tuesday slashed its economic forecasts for the U.S., China and most countries and warned that more trade strife would further slow growth. It forecast global growth of 2.8% for 2025, half a percentage point lower than its January forecast.

The spirit of the world, the ambitious strife for the supremacy, will eventually bring every soul who cherishes this spirit to discord and disunion. Deception will come to human minds, paralyzing spiritual discernment, and the deceiver will succeed in mingling the common fire with the sacred, until sacred things are brought down to a level with common, earthly imaginations, and conducted after the manner of worldly maxims, meeting the world’s standard, but having not the superscription of heaven. RH May 30, 1899, par. 9

Uncertainty indices, spiked after Trump’s April 2 tariff moves

The World Bank won’t issue its own twice-yearly forecast until June, but Gill said a consensus of global economists showed sizeable downgrades in forecasts for growth and trade. Uncertainty indices, which were already running far higher than a decade ago, also spiked after Trump’s April 2 tariff moves.

2008-2009 global financial crisis and the COVID-19 pandemic! TRUST IN GOD! 💕

Compared to earlier shocks, including the 2008-2009 global financial crisis and the COVID-19 pandemic, the current shock is the result of government policy, which meant it could also be reversed, Gill said in an interview with Reuters on Thursday.

Christ was appointed to be the light of the world: and if those who are in darkness will receive that light, will permit themselves to be enlightened; if they will no longer walk in the sparks of the fire of their own kindling, but in the light of him who is to lighten every man that cometh into the world, they will shine amid the darkness of the world. RH May 30,  1899, par. 10

current crisis would further depress growth in emerging markets

He said the current crisis would further depress growth in emerging markets, after steady declines from levels around 6% two decades ago, with global trade now slated to grow by just 1.5% – well below the 8% growth seen in the 2000s.


“So it’s a sudden slowdown on top of a situation that wasn’t particularly good,” he said, noting that portfolio flows to emerging markets and foreign direct investment (FDI) were also declining, much as they did during earlier crises.
“FDI was 5% of GDP in emerging markets during good times. Now it’s actually 1% and so both portfolio flows and FDI flows are down overall,” he said.

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High debt levels mean that half of some 150 developing countries and emerging markets are either unable to make debt service payments or at risk of getting there, a rate that was double the level seen in 2024, and could grow further if the global economy slowed, Gill said.


“If global growth slows down, trade slows down, more countries and interest rates stay high, then you are going to get many of these countries getting into debt distress, including some that are commodity exporters,” he said.

Romanism in the Old World, and apostate Protestantism in the New, will pursue a similar course toward those who honor all the divine precepts.
The season of distress and anguish before us will require a faith that can endure weariness, delay, and hunger,—a faith that will not faint, though severely tried. Those who now exercise but little faith are in the greatest danger of falling under the power of satanic delusions and the decree to compel conscience.  YI July 12,  1904, par. 6 – YI July 12,  1904, par. 7

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Net interest payments as a share of gross domestic product – a measure of how much countries spend to service their debts – now stand at 12% for emerging markets, compared to 7% in 2014, returning to levels last seen in the 1990s. The rates are even higher for poor countries, where debt servicing costs eat up 20% of GDP now, compared to 10% a decade ago, he said.

That means countries are spending less on education, health care and other programs that could boost development, he said.

Interest rates are also slated to stay high, given rising inflation expectations, which means countries’ debt could rise further if they needed to roll over existing debt, Gill said.

He said his advice to developing countries was to quickly and urgently negotiate agreements with the U.S. to lower their own tariff rates and avert high U.S. tariffs, and to extend lower tariff rates to other countries.

Ho, every one that thirsteth, come ye to the waters, and he that hath no money; come ye, buy, and eat; yea, come, buy wine and milk without money and without price.Isaiah 55 : 1

Doing so now made sense, with U.S. pressure potentially easing domestic resistance. World Bank modeling showed that such moves could boost growth substantially, Gill said.

Reporting by Andrea Shalal; Editing by Paul Simao