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Christine Lagarde, president of the International Monetary Fund, recently published an article in the Australian Financial Review newspaper saying that in 2013, the global economy is still hovering between hope and uncertainty. Despite the recovery, especially in some advanced economies, the engines of the world economy have not yet fully turned at a high speed – and this year may still be underpowered.
The International Monetary Fund (IMF) recently predicted that global GDP growth in 2014 was 3.6%. Lagarde said that although this is good, it is still below the potential increase of about 4%. In other words, the world can create more jobs without triggering inflationary pressures. Members of the IMF – whether in developed economies, emerging markets or developing economies – need to do more to achieve a strong and lasting recovery, and policymakers need to continue to implement reforms in all areas, including finance, economic structure and finance. .
Lagarde stressed that the international community must continue to work hard to strengthen cooperation through the G20, the IMF and other mechanisms. "Only through this cooperation can we overcome the lasting impact of the global crisis."
Lagarde believes that in the past five years, due to the low level of global interest rates and the determination of governments to support the financial system, the world has avoided the worst moment of the crisis (the second Great Depression. However, it has now taken the next step In one step, the approach is to create space with non-traditional monetary policies to implement structural reforms to quickly promote growth and create jobs.
Lagarde hopes that the United States will end its domestic political game on budget. She said that the United States has always been the main engine for the global economy, and its private needs have now revived, but the key challenges remain. For example, policymakers should continue to work hard to reach a budget agreement and end the political quarrel over future fiscal issues in the United States.
In Japan, the current recovery is driven by a combination of active monetary and fiscal policies known as Abenomics. Japan’s current challenge is to agree on medium-term fiscal adjustments and structural reforms, including deregulation of the product and services markets and increasing female employment.
Europe is also at a critical juncture. The euro zone is finally showing signs of recovery, but growth is uneven and uneven. Despite good progress in many countries, overall demand remains weak and unemployment in marginal countries remains high, especially among young people.
Lagarde believes that one area of ​​uncertainty in Europe is the banking industry. The upcoming stress tests and asset quality assessments will help restore confidence and improve financial integration, but only if the results are good. Europe also needs to increase demand, strengthen financial and fiscal structures, and implement structural reforms to ensure sustainable growth and increased employment.
In the past five years, emerging markets have always been the pioneers of economic recovery. However, due to uncertainty, the momentum of these economies slowed down in 2013, as the sustainability of US growth policies was suspected while the US monetary policy was normalized.
In response to slowing demand, policymakers in emerging economies must be wary of asset bubbles or debt growth. They should also focus on strengthening financial regulation to manage credit cycles and capital flows more effectively, and to re-establish fiscal control.
Lagarde believes that low-income countries are also the highlight of the global economy in the past five years. Many low-income countries are benefiting from strong economic growth, especially in Africa, where output growth rose to around 5% in 2013.
Lagarde said that although the challenges vary from country to country, many common issues must be resolved in the next few years, and debt is one of the common challenges of all economies. “Too many countries face the legacy of high public and private debt, fiscal and current account imbalances, and growth models that cannot create enough jobs. The international community must also complete regulatory reforms, which are creating safer and better support for the real economy. Required by the financial system."
Lagarde said, "These are not abstract challenges. Only by solving them can we ensure future prosperity. In 2014, we must take measures that are conducive to achieving this dream. The IMF is committed to working with 188 members to identify and implement these initiatives. Growth engine policy measures."
The International Monetary Fund (IMF) recently predicted that global GDP growth in 2014 was 3.6%. Lagarde said that although this is good, it is still below the potential increase of about 4%. In other words, the world can create more jobs without triggering inflationary pressures. Members of the IMF – whether in developed economies, emerging markets or developing economies – need to do more to achieve a strong and lasting recovery, and policymakers need to continue to implement reforms in all areas, including finance, economic structure and finance. .
Lagarde stressed that the international community must continue to work hard to strengthen cooperation through the G20, the IMF and other mechanisms. "Only through this cooperation can we overcome the lasting impact of the global crisis."
Lagarde believes that in the past five years, due to the low level of global interest rates and the determination of governments to support the financial system, the world has avoided the worst moment of the crisis (the second Great Depression. However, it has now taken the next step In one step, the approach is to create space with non-traditional monetary policies to implement structural reforms to quickly promote growth and create jobs.
Lagarde hopes that the United States will end its domestic political game on budget. She said that the United States has always been the main engine for the global economy, and its private needs have now revived, but the key challenges remain. For example, policymakers should continue to work hard to reach a budget agreement and end the political quarrel over future fiscal issues in the United States.
In Japan, the current recovery is driven by a combination of active monetary and fiscal policies known as Abenomics. Japan’s current challenge is to agree on medium-term fiscal adjustments and structural reforms, including deregulation of the product and services markets and increasing female employment.
Europe is also at a critical juncture. The euro zone is finally showing signs of recovery, but growth is uneven and uneven. Despite good progress in many countries, overall demand remains weak and unemployment in marginal countries remains high, especially among young people.
Lagarde believes that one area of ​​uncertainty in Europe is the banking industry. The upcoming stress tests and asset quality assessments will help restore confidence and improve financial integration, but only if the results are good. Europe also needs to increase demand, strengthen financial and fiscal structures, and implement structural reforms to ensure sustainable growth and increased employment.
In the past five years, emerging markets have always been the pioneers of economic recovery. However, due to uncertainty, the momentum of these economies slowed down in 2013, as the sustainability of US growth policies was suspected while the US monetary policy was normalized.
In response to slowing demand, policymakers in emerging economies must be wary of asset bubbles or debt growth. They should also focus on strengthening financial regulation to manage credit cycles and capital flows more effectively, and to re-establish fiscal control.
Lagarde believes that low-income countries are also the highlight of the global economy in the past five years. Many low-income countries are benefiting from strong economic growth, especially in Africa, where output growth rose to around 5% in 2013.
Lagarde said that although the challenges vary from country to country, many common issues must be resolved in the next few years, and debt is one of the common challenges of all economies. “Too many countries face the legacy of high public and private debt, fiscal and current account imbalances, and growth models that cannot create enough jobs. The international community must also complete regulatory reforms, which are creating safer and better support for the real economy. Required by the financial system."
Lagarde said, "These are not abstract challenges. Only by solving them can we ensure future prosperity. In 2014, we must take measures that are conducive to achieving this dream. The IMF is committed to working with 188 members to identify and implement these initiatives. Growth engine policy measures."
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