The International Monetary Fund says countries must do everything in their power to temper high inflation and warned of destructive wage-price spirals, the possibility of an energy crisis and growing risks of recession.
Treasurer Jim Chalmers and RBA govenor Philip Lowe will attend the G20 Finance Ministers’ meeting in Bali this week.but a further deterioration in conditions since then meant the financial institution expected to again downgrade its growth forecasts later this month. “Our challenge is to understand how the market dynamics are evolving. To understand the opportunity for Australian exporters and to work out, along with the rest of the world, how do we adapt to a situation where the pressure on energy and food supply chains is not going away any time soon.”
With the RBA tipped to announce a third consecutive double “business as usual” rate rise in just over two weeks, Dr Georgieva warned global inflation expectations were “de-anchoring” and countries needed to move sooner than later and do “everything in their power to bring down high inflation”.She also said it was important to maintain clear communications about monetary policy to preserve “policy credibility as downside risks abound” and ensure fiscal policy was working with monetary policy.
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