Statement by the Managing Director to the International Monetary and Financial Committee on the Global Economy and Financial Markets

October 7, 2010

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Format: Chicago

Statement by the Managing Director to the International Monetary and Financial Committee on the Global Economy and Financial Markets, (USA: International Monetary Fund, 0) accessed November 24, 2024

Summary

The recovery remains fragile and uneven. In many advanced economies, activity is still sluggish and unemployment high, while legacy problems in the financial system remain unresolved. Activity is more robust in many emerging and developing economies. However, their prospects also depend on a healthy, broad-based recovery among the advanced economies, owing to deep real and financial linkages. The key policy challenge is to effect a smooth transition from public- to private-sector-led growth in many advanced economies, and from external to domestically driven growth in key emerging economies. While short-term macroeconomic policies are broadly appropriate, completing the two rebalancing acts will require tackling the medium-term fiscal, financial, and structural challenges raised by the crisis. Without such reforms, growth could sputter, with grave economic and social consequences.

Subject: Bank reforms, Economic growth, Economic recovery, Financial sector, Fiscal consolidation, Fiscal policy, Fiscal reforms, Fiscal risk, International Monetary and Financial Committee, International monetary system, Managing Director reports, Monetary policy, World Economic Outlook

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