Summary
The momentum behind the cyclical global expansion remains strong. But escalating trade conflicts and financial market volatility highlight downside risks beyond the next several quarters.<br />
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To sustain the upswing, policy makers need to enhance financial sector resilience, start rebuilding policy space, and implement structural reforms–including on corruption and governance.<br />
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Countries should work to promote an open and rulesbasedmultilateral trade system that works for all, and to durably reduce excess global imbalances. A cooperative approach to regulation will reap the benefits of financial technology, while addressing risks to stability and integrity.<br />
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The Fund is embarking on major policy reviews, including on surveillance, the Financial Sector Assessment Program, program conditionality, concessional lending tools, debt<br />
sustainability analysis, and capacity development. We have also launched a comprehensive work program on the opportunities and challenges from digitalization.
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