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The IMF is skeptical about global economic growth and calls for implementation of reforms
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Today, the head of the IMF Christine Lagarde, speaking at the Frankfurt Goethe University, has called for action to support the growth of the world economy, saying that the downside risks are increasing. «Recovery is too slow, remains too fragile, and the risks are growing», — said Lagarde. The head of the IMF also insists on specific measures, including raising the minimum wage in the United States, improving vocational training in Europe, reducing fuel subsidies and an increase in social spending in developing countries. In her words, the recovery from the global financial crisis of 2007-2009 «is too slow» and the risk that it will stop only increase. «Let me be clear: we are in a state of readiness, not anxiety. The momentum of growth is lost «, — assured Lagarde.» However, if officials will be able to face the problems and work together, a positive impact on global confidence and the global economy would be significant. » And while the US recovery is gaining momentum, and some emerging markets did show positive growth trend, the IMF warned that growth in Europe and Japan proved to be a major disappointment, while the slowdown in China dealt a blow to exporters of oil and raw materials, including Brazil and Russia. To counter these difficulties, head of the IMF called for the acceleration of structural economic reforms to strengthen budgetary financing, to increase the tax incentives in the euro area in order to maintain investment in research and development as well as to an increase in public spending in this area. Countries with large and growing debt and the high cost of credit should strive for further improvement of the budget, summarized Lagarde. Also, the head of the IMF warned against closing borders, in light of the threat of terrorism and the multiple crises in different parts of the planet. «History has shown that it is — the wrong way», — said Lagarde, adding that the answer to the current challenges should be cooperation rather than isolation. In January, the IMF lowered its forecast for global GDP growth in 2016 and 2017 — to 3.4% and 3.6%. Compared with the previous, the new forecast was revised downward by 0.2 percentage point for both years. The new forecast will be presented in mid-April in Washington.
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