WASHINGTON - International Monetary Fund Managing Director Kristalina Georgieva bemoaned the slow pace of global growth on Thursday, saying that Europe needed to do more to boost productivity and China should work to unleash greater consumer spending.
The IMF on Tuesday forecast global growth at 3.2% for 2024 - well below its 20-year pre-pandemic average of 3.8% - citing lackluster performances in Europe and China and the impact of high interest rates and regional wars on developing economies. And asset managers are bracing for delays in rate cuts as the U.S. Federal Reserve struggles with persistently high inflation.
More also can be done to raise investments in human capital to create more dynamic labor markets and better allocation of capital, she said.Georgieva said China, where domestic demand is suffering because of a property crisis brought on by over-investment, was at a"fork in the road" and should pivot away from its decades-old investment- and export-led growth model to one led by consumer spending.
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