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Global Policy Agenda: Act Now, Act Together
“The world economy has been hit by one shock after another—Covid, Russia’s invasion of Ukraine, and climate disasters on every continent,” said IMF Managing Director Kristalina Georgieva at her press conference on the Global Policy Agenda. “They continue to harm people’s lives, and they have caused a cost-of-living crisis.” In her remarks, Georgieva said that this week provides an opportunity to work towards minimizing the risk of policy missteps. Appealing for policymakers to act with a sense of urgency now and to act together, she emphasized the need to bring down inflation, ensure responsible fiscal policies, and safeguard financial stability. Debt, food insecurity, climate change, digitalization, and inequality must also be addressed urgently.
Global Economy Debate: Growth Pressures
Rises in international interest rates will add to global growth pressures and the challenges facing policymakers, panelists said during a debate on the global economy. “The number one priority is to win the fight against inflation," the IMF’s managing director Kristalina Georgieva told the debate, moderated by CNN’s Richard Quest. Monetary and fiscal policy must work together, at the national and international levels, so as not to make matter worse, said Cambridge University’s Mohamed El-Erian. “Unfortunately, policymakers have amplified volatility.” Mark Carney, the UN’s special envoy for climate action and a former governor of the Bank of England, underscored the importance of strong institutions and credible policies at a time of persistent inflation.“Mistakes will be punished,” he said. Emerging market and developing economies are under particular stress as global interest rates rise.
