WASHINGTON: The world economy has been “remarkably resilient” despite a more challenging global environment, but better policies need to be in place to avoid entering a decade of sluggish growth and rising debt, the International Monetary Fund chief said.
Sound fundamentals built over the past years were crucial for today’s resilience in avoiding a global recession and a period of stagflation, she said during an Atlantic Council event in Washington. “In a world of more frequent shocks and heightened uncertainty, we need good policies more than ever. Making the right policy choices will define the future of the world economy.”During an interview with CNA on the sidelines of the event, the IMF chief spoke about the economic outlook of multiple economies in Asia, a region she sees as a bright spot in a turbulent global economy.
The region is on track to deliver two-thirds of global growth this year, as it did in 2023, but she warned there is growing divergence among countries.China, the largest economy in Asia, needs to boost domestic demand and shift more of its economy towards services, said Ms Georgieva.decisively to boost confidence in the economy and improve consumer willingness to spend.
“Yes, more women stepped into the labour force but mostly in lower end jobs. Opening up more chances for women to contribute more fully would certainly be good for the Japanese economy,” she said.Ms Georgieva took a sombre tone with Pakistan, saying the nation has “a lot to do to get its economy on sound footing”.
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