Development Committee: The Managing Director's Written Statement April 2024

May 17, 2024

Preview Citation

Format: Chicago

Development Committee: The Managing Director's Written Statement April 2024, (USA: International Monetary Fund, 2024) accessed December 3, 2024

Summary

The global economy has been resilient and appears headed for a soft landing. Inflation continues to recede and risks have become more balanced globally. Nonetheless, medium-term growth prospects remain at the lowest level in decades and a smooth completion of the disinflation process should not be taken for granted. While the outlook for low-income developing countries (LIDCs) is improving, risks are tilted to the downside. The pace of convergence toward higher living standards has slowed, making it increasingly challenging to achieve the Sustainable Development Goals (SDGs). In the last mile of disinflation, central banks should ensure that inflation moves durably to target: they should neither ease policies prematurely nor delay too long and risk causing target undershoot. Fiscal policies need to rebuild budgetary room and ensure debt sustainability. Fostering faster productivity growth and facilitating the green transition are keys to improving long-term growth prospects. Multilateral cooperation is key to enhancing the resilience of the global economy in a more shock-prone world.

Subject: Climate change, Climate finance, Development, Disinflation, Environment, Inflation, Monetary policy, Political economy, Prices, Sustainable Development Goals (SDG)

Keywords: Climate change, Climate finance, Concessional facilities, Disinflation, Disinflation process, Global, IMF surveillance, Inflation, Inflation move, Lending capacity, Sustainable Development Goals (SDG)

Publication Details

Pages:

5
Volume:

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DOI:

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Issue:

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Series:

Policy Paper No. 2024/027
Stock No:

PPEA2024027
ISBN:

9798400275753
ISSN:

2663-3493

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