The International Monetary Fund’s (IMF’s) managing director said on Thursday that countries must work constructively to resolve trade tensions, safeguard economic and financial stability, and double down on pro-growth reforms to raise productivity.
Kristalina Georgieva gave a briefing on the Global Policy Agenda that the world economy is confronting a major new test. According to her, a spike in uncertainty is leading to steep downgrades to global growth, as shown in the World Economic Outlook released this week.
Countries must address the imbalances that are fueling tension among the world’s major economies, with China needing to boost private consumption and shift to services, and others, including the United States, needing to reduce fiscal deficits, Georgieva said.
The managing director added that the severity of the test facing the global economy today creates “urgency for action” to strengthen economies in a world of rapid change.
“All countries should seize this moment to lower their trade barriers.” Enditem
Source: Ghana Eye Report
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