IMF says global economy is slowing more than expected and a sharp downturn could require world leaders to coordinate stimulus measures
WASHINGTON - The global economy is slowing more than expected and a sharp downturn could require world leaders to coordinate stimulus measures, the International Monetary Fund said on Tuesday as it cut its forecast for world economic growth this year.
Governments may need to open their pocketbooks at the same time “across economies” if the slowdown becomes more serious, Gopinath said, adding that loose monetary policy might also be needed. One potential misstep lies in Britain’s indecision over how to leave the EU. Despite looming deadlines, London has not decided how it will try to shield its economy during the exit process.
The outlook for Germany, one of the main drivers of European growth, suffered from weaker demand for its exports, softer consumer spending and new emissions standards that have depressed car sales. “There’s no question that growth outside of the United States, whether it be Europe or China, has slowed significantly,” Mnuchin told a U.S. House Financial Services Committee hearing. “From everything we see, we see for the next few years still strong, robust U.S. growth.”The IMF said it supported the U.S. Federal Reserve’s decision to pause its rate-hiking cycle, which the global lender said would support the U.S. and world economies this year by easing financial conditions.
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