International Monetary Fund (IMF) President Georgieva said on October 6 that the world economy has suffered multiple shocks and is undergoing a fundamental change. In response to the current situation, she called on relevant countries to curb inflation and jointly support emerging markets and developing economies.
data map Xinhua News Agency issue (photo provided by the International Monetary Fund)
Georgieva said in her forward speech at the 2022 IMF and World Bank Autumn Annual Meeting that day that in less than three years, the world has encountered multiple shocks such as the new crown epidemic, the Ukrainian crisis, and meteorological disasters. These factors are superimposed on each other, causing global prices, especially food and energy prices to soar, triggering a cost of living crisis.
She said that the global economy is undergoing a fundamental transformation: from a relatively predictable world to a more fragile world - increasing uncertainty, increasing economic volatility, continuing geopolitical conflicts, and frequent natural disasters in .
Georgieva said that since October last year, the IMF has lowered its global economic growth expectations three times, with growth expected to be only 3.2% and 2.9% in 2022 and 2023. She revealed that in the upcoming " World Economic Outlook Report ", which will be updated next week, the IMF will once again lower its economic growth expectations for next year.
When talking about debt issues, Georgieva pointed out that more than a quarter of emerging economies have either defaulted on their debt or their bond trading prices have dropped sharply; more than 60% of low-income countries are in debt difficulties or face high risks of falling into debt difficulties.
Georgieva called on policy makers to focus on three major priorities: resolutely curb inflation, formulate responsible fiscal policies, and jointly support emerging markets and developing economies. She also suggested that relevant countries implement reforms to work together to address food security and climate change issues and to eliminate deep-seated factors in global vulnerability.
(Original title: IMF President says the global economy is undergoing a "fundamental transformation")
Source: CCTV News Client
Process Editor: TF060
