International Monetary Fund chief economist calls for better multilateralism amid broad-based global slowdown — Interview

Saul Loeb—AFP

Saul Loeb—AFP

Meanwhile, the Chairman of International Monetary and Financial Committee, IMFC of the Fund and also Governor of South African Reserve Bank, Mr Lesetja Kganyago said: "The global expansion continues, but at a slower pace than anticipated in October 2018".

"Against this backdrop, we agree that countries need to generate fiscal space, enhance resilience including to climate change, and create sustained high and inclusive growth, including by removing obstacles to greater gender equity".

Officials wrapped up the spring meetings of the 189-nation International Monetary Fund and the World Bank on Saturday, expressing hope the slowdown that began last year will be followed by stronger growth in the second half of this year and into 2020.

The sober mood among finance leaders at the meetings this week was a stark contrast to the optimism that characterized the gathering one year ago when officials were heralding a rare period of robust and synchronized growth.

The world economy will likely grow 3.3 percent this year, the slowest expansion since 2016 and 0.2 percentage points below the global lender's estimate from January. Japan holds the chairmanship of the Group of 20 major economies.

His remarks suggest the PBOC will likely abstain from cutting its base interest rates this year - a move anticipated by some economists due to China's lowered GDP growth projections. "Fiscal policy should rebuild buffers where needed, be flexible and growth friendly and strike the right chord between ensuring debt sustainability, supporting demand while avoiding procyclicality, and safeguarding social objectives".

There is some cause for optimism.

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.

Trade disputes, especially the standoff between the United States and China, have been a central talking point at the meetings this week and have been widely cited as a primary driver behind the weakening of the global economy. -China trade agreement would go "way beyond" previous efforts to open China's markets to USA companies and hoped that the two sides were "close to the final round" of negotiations.

"Central bank decisions need to remain well communicated and data-dependent", it 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 USA goods that crowds out imports from other countries in Asia, the head of the IMF's Asia-Pacific department Changyong Rhee said Friday.

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".

"I don't see an alternative to a multilateral work", she said, noting that many important issues, such as trade, climate change, cyber security and global taxation, all require that countries cooperate and come up with joint solutions.

Chen stated: "Uncertainties from trade frictions, the negative impact of tariff increases on trade, and the disruptions of global supply chains have gradually emerged".

Notícias recomendadas

  • Lille vs. Paris Saint-Germain - Football Match Report

    Lille vs. Paris Saint-Germain - Football Match Report

    Earlier, St Etienne moved up to fourth when Mathieu Debuchy 's double helped them thrash Girondins de Bordeaux 3-0 at home. Magalhaes and Fonte sealed an emphatic win for Lille with a header each in the 72nd and 84th minutes, respectively.
    Fiji fall apart in Singapore 7s final

    Fiji fall apart in Singapore 7s final

    Meanwhile, newly crowned Singapore champion South Africa leads Pool A with Argentina , Canada , and Japan . The Blitzboks needed a strong second-half performance if they were to claw their back into the tie.
    World Cup squad to be named on April 15

    World Cup squad to be named on April 15

    Lately, Vijay Shankar has also earned the faith of selectors and he might be on the flight to England as well. On the other hand, Karthik is a slightly better keeper against spinner which makes his case strong too.
  • Fire at Notre Dame Cathedral in Paris

    Fire at Notre Dame Cathedral in Paris

    Notre Dame is a historic cathedral known for its French Gothic architecture. Building began in 1160 and was completed almost a hundred years later.

    BTS Gives Intense, Epic Performance of 'Mic Drop'

    This week has been sensational for BTS: the band broke YouTube's one-day viewing record, notching 78 million views for their collaboration with Halsey and 2 million comments.
    Israel Folau sacked, given 48-hours to appeal

    Israel Folau sacked, given 48-hours to appeal

    Once he receives that notice he will have 48 hours to respond before the start of a code of conduct hearing. Whatever He wants me to do, I believe His plans for me are better than whatever I can think.
  • Tornado damage in Alabama: Latest storm photos, videos

    Tornado damage in Alabama: Latest storm photos, videos

    National Weather Service meteorologist John Moore said a possible twister touched down Saturday in the Vicksburg, Miss., area. The tree "flattened the vehicle like a pancake", said Captain Alton Lenderman of the Angelina County Sheriff's Office.
    Pios Give Up OT Goal, Eliminated From Frozen Four

    Pios Give Up OT Goal, Eliminated From Frozen Four

    They move the puck. - UMD had a power-play chance late in the second period, but the Friars earned their second kill of the game. Minnesota Duluth goaltender Hunter Shepard made 28 saves in the Bulldogs' 4-1 victory over Providence to advance to the finals.
    Xbox One S All-Digital getting unveiled this week, out next month

    Xbox One S All-Digital getting unveiled this week, out next month

    Microsoft is hosting an Inside Xbox event on April 16th and this may be where the company announces the new hardware. According to reports, there's a discless Xbox One S coming really, really soon .
  • DNA test confirms death of Abu Dar, last surviving Maute leader

    DNA test confirms death of Abu Dar, last surviving Maute leader

    Brawner also said that the body was positively identified by credible informants. Samples were taken for DNA test confirmation.
    This Is How Earth Drinks Are Becoming Part Of Star Wars Canon

    This Is How Earth Drinks Are Becoming Part Of Star Wars Canon

    Greef tells him his options: "I have a bail jumper, a bail jumper, another bail jumper", he says, dropping "pucks" onto the table. Watch our report above for the scoop on the show's timing, tone, characters (like Werner Herzog's! ), cameos, vehicles, and more.
    Microsoft support agent's email hacked, customer emails compromised

    Microsoft support agent's email hacked, customer emails compromised

    But a number of people received a different email that indicated hackers had wider access, including to email contents. Motherboard's source has provided screenshots proving the email contents were, in some instances, accessed.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.