Kristalina Georgieva, in her first major address as head of the International Monetary Fund, painted a downbeat picture of the world economy and said a more severe slowdown could require governments to coordinate fiscal-stimulus measures.
“The global economy is now in a synchronized slowdown,” she said, noting that the fund estimates that 90 per cent of of the world is seeing slower growth. By contrast, two years ago, growth was accelerating across three-quarters of the globe in a synchronized upswing, she added. “There is also in my view a risk of complacency,” she said in an on-stage conversation with Bloomberg’s Tom Keene in Washington following her speech. “We are decelerating, we are not stopping, and it’s not that bad. And yet, unless we act now, we are risking a potential more-massive slowdown.”
A deeper slowdown would require more fiscal support, Georgieva said. “If the global economy slows more sharply than expected, a coordinated fiscal response may be needed,” she said. “We are not there” but it’s better to be too early with it than late.
Canada ? Are you listening ? VoteTrudeauOut
Oh course we are slowing down. It’s a Climate Emergency, People. Yet no one has a solution. We are doomed.
Had they did the right thing back in 2009, the world would have been better off today in a lot of ways. They decided to defer financial pain by rewarding failure.
Growth can’t continue indefinitely.
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