New IMF chief calls for united effort against global slowdown

Kristalina Georgieva says the IMF will cut its growth forecasts for 2019 and 2020 in its next World Economic Outlook reportNew International Monetary Fund MD Kristalina Georgieva greets a guard as she arrives for her first day at IMF headquarters in Washington, the US, October 1 2019. Picture: REUTERS/Jonathan Ernst

In a speech that sets the tone for next week’s annual meeting of the IMF, Georgieva said the IMF will cut its growth forecasts for 2019 and 2020 in its next World Economic Outlook due on October 15. In July, the fund lowered its projection to 3.2% in 2019 and 3.5% in 2020 — its fourth downgrade since last October.

“Uncertainty — driven by trade but also by Brexit, and geopolitical tensions — is holding back economic potential,” Georgieva said. Not only that, but the economic rifts could “last a generation” with possible shifts such as broken supply changes and siloed trade. 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 is better to be too early with it than late.On monetary policy, Georgieva said central banks should keep interest rates low where appropriate, “especially since inflation is still subdued in many countries and overall growth is weakening.

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