{
  "title": "G20: Step Up to Boost Inclusive Growth",
  "publication": "IMF Blog, November 28, 2018",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2018/11/28/blog-g20-step-up-to-boost-inclusive-growth",
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  "summary": "Publication: Christine Lagarde, November 28, 2018",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Publication: Christine Lagarde, November 28, 2018\n- Global outlook:\n  - IMF World Economic Outlook (October) forecast global growth of 3.7 percent for 2018 and 2019.\n  - These estimates were 0.2 percentage points below July estimates, largely due to rising external and financial pressures on emerging markets and a tangible increase in trade tensions.\n- Recent data point to further slowing: third-quarter growth has been surprisingly low in emerging market economies such as China, and in the euro area.\n- Risks highlighted: rising trade tensions, possibility of a no-deal Brexit, adverse demographics, slow productivity in advanced economies, and excessive inequality undermining public support for reforms."
    },
    {
      "heading": "Potential gains from reforms",
      "content": "- Implementing a multilayered set of reforms could potentially add a 4 percent boost to the GDP of the G20 countries.\n- IMF research suggests that liberalizing trade in services could add about ½ percent, or $350 billion, to G20 GDP in the long run.\n- Joint implementation of the suggested measures is calculated to increase G20 GDP by 4 percent."
    },
    {
      "heading": "Key economic figures and risks",
      "content": "- Global growth forecast: 3.7 percent for 2018 and 2019.\n- Revision magnitude: 0.2 percentage points downgrade from July estimates.\n- Long-run services liberalization gain: ½ percent; equivalent to $350 billion.\n- Global debt level: $182 trillion (IMF estimates).\n- Noted vulnerabilities: heightened external pressures for some emerging economies amid monetary tightening and rising trade tensions."
    },
    {
      "heading": "Three priority areas for policy action",
      "content": "- First, strengthen defenses\n  - Create more fiscal room for maneuver by undertaking meaningful fiscal consolidation now—especially in high-debt countries such as Italy and in several emerging economies.\n  - Continue monetary policy normalization in advanced economies on a gradual, well-communicated, and data-dependent path.\n  - For emerging economies facing external pressures:\n    - Rely on exchange rate flexibility where inflation targets are well-anchored.\n    - Consider capital flow management measures as part of a broader policy package where pressures threaten to be disruptive.\n- Second, teamwork is the winning tactic\n  - Steer clear of new trade barriers and reverse recent tariffs.\n  - Use fiscal and structural policies across countries to reduce global imbalances and boost growth (examples noted: Germany, the United States, China).\n  - Address record levels of debt and increase transparency of the scale and terms of borrowing, especially in low-income countries.\n  - Avoid rollback of post-crisis advances in financial sector regulation; act to mitigate financial sector risks.\n- Third, pick up the pace (structural reforms)\n  - Advanced economies: relax product market restrictions to spur innovation and lower prices; ease access to professional services (noted importance for Japan and many euro area countries); increase support for research (noted importance for Canada, Germany, and the United Kingdom).\n  - Emerging market economies: pursue product and labor market reforms; reduce reliance on distortionary taxes (noted economies: Brazil, China, India, Russia).\n  - Raise women’s participation in the workforce to boost growth and enhance inclusiveness."
    },
    {
      "heading": "Conclusion and call to action",
      "content": "- The G20 played a crucial role in the global recovery over the past decade, but new risks are returning.\n- Addressing these risks requires policies that make sense nationally and internationally, strengthening the global financial safety net, and ensuring a well-equipped and well-resourced IMF at its center.\n- Final appeal: as the G20 meets in Buenos Aires, act swiftly and act together.\n\nSource: G20: Step Up to Boost Inclusive Growth — Christine Lagarde, November 28, 2018.\n\n---\n\n Content in this bundle\n\n- Staff Discussion Note\n  - Staff Discussion Note (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Staff Discussion Note (PDF){rel=\"external\" type=\"application/pdf\"}\n- 二十国集团：大力促进包容性增长; 拉加德; 2018 年11 月28 日\n  - 二十国集团：大力促进包容性增长; 拉加德; 2018 年11 月28 日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 二十国集团：大力促进包容性增长; 拉加德; 2018 年11 月28 日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- G20　包摂的な成長を促進するための取組み強化; クリスティーヌ・ラガルド著　IMFブログ 2018年11月28日\n  - G20　包摂的な成長を促進するための取組み強化; クリスティーヌ・ラガルド著　IMFブログ 2018年11月28日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - G20　包摂的な成長を促進するための取組み強化; クリスティーヌ・ラガルド著　IMFブログ 2018年11月28日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Группа 20-ти: активизация действий для повышения темпов инклюзивного роста\n  - Группа 20-ти: активизация действий для повышения темпов инклюзивного роста (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Группа 20-ти: активизация действий для повышения темпов инклюзивного роста (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- عربي\n- Português\n- https://www.imf.org/wp-content/uploads/2018/11/BLOG-1024x600-Buenos-Aires-Puerto-Madero-Florian-Kopp-imageBROKER-Newscom-ibpremium371719.jpg\n- World Economic Outlook\n- slowed momentum\n- https://www.imf.org/wp-content/uploads/2018/11/eng-nov-19-md-g20rev.jpg\n- increase G20 GDP by 4 percent\n- G-20 Surveillance Note\n- Steering the World Toward More Cooperation, Not Less\n\nSource: https://www.imf.org/en/blogs/articles/2018/11/28/blog-g20-step-up-to-boost-inclusive-growth"
    }
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    "[Structured JSON version](/en/blogs/articles/2018/11/28/blog-g20-step-up-to-boost-inclusive-growth/index.json)",
    "[Bundle manifest](/en/blogs/articles/2018/11/28/blog-g20-step-up-to-boost-inclusive-growth/bundle-manifest.json)",
    "Authors: Christine Lagarde",
    "Published: November 28, 2018",
    "Publication: Christine Lagarde, November 28, 2018",
    "Global outlook:",
    "Recent data point to further slowing: third-quarter growth has been surprisingly low in emerging market economies such as China, and in the euro area.",
    "Risks highlighted: rising trade tensions, possibility of a no-deal Brexit, adverse demographics, slow productivity in advanced economies, and excessive inequality undermining public support for reforms.",
    "Implementing a multilayered set of reforms could potentially add a 4 percent boost to the GDP of the G20 countries.",
    "IMF research suggests that liberalizing trade in services could add about ½ percent, or $350 billion, to G20 GDP in the long run.",
    "Joint implementation of the suggested measures is calculated to increase G20 GDP by 4 percent.",
    "Global growth forecast: 3.7 percent for 2018 and 2019.",
    "Revision magnitude: 0.2 percentage points downgrade from July estimates.",
    "Long-run services liberalization gain: ½ percent; equivalent to $350 billion.",
    "Global debt level: $182 trillion (IMF estimates).",
    "Noted vulnerabilities: heightened external pressures for some emerging economies amid monetary tightening and rising trade tensions.",
    "First, strengthen defenses",
    "Second, teamwork is the winning tactic",
    "Third, pick up the pace (structural reforms)",
    "The G20 played a crucial role in the global recovery over the past decade, but new risks are returning.",
    "Addressing these risks requires policies that make sense nationally and internationally, strengthening the global financial safety net, and ensuring a well-equipped and well-resourced IMF at its center.",
    "Final appeal: as the G20 meets in Buenos Aires, act swiftly and act together.",
    "**Staff Discussion Note**",
    "**二十国集团：大力促进包容性增长; 拉加德; 2018 年11 月28 日**",
    "**G20　包摂的な成長を促進するための取組み強化; クリスティーヌ・ラガルド著　IMFブログ 2018年11月28日**",
    "**Группа 20-ти: активизация действий для повышения темпов инклюзивного роста**",
    "[عربي](https://www.imf.org/ar/News/Articles/2018/11/28/blog-g20-step-up-to-boost-inclusive-growth)",
    "[Português](https://www.imf.org/pt/News/Articles/2018/11/28/blog-g20-step-up-to-boost-inclusive-growth)",
    "[https://www.imf.org/wp-content/uploads/2018/11/BLOG-1024x600-Buenos-Aires-Puerto-Madero-Florian-Kopp-imageBROKER-Newscom-ibpremium371719.jpg](https://www.imf.org/wp-content/uploads/2018/11/BLOG-1024x600-Buenos-Aires-Puerto-Madero-Florian-Kopp-imageBROKER-Newscom-ibpremium371719.jpg)",
    "[World Economic Outlook](https://blogs.imf.org/2018/10/08/global-growth-plateaus-as-economic-risks-materialize/)",
    "[slowed momentum](http://www.imf.org/external/np/g20/112818.htm)",
    "[https://www.imf.org/wp-content/uploads/2018/11/eng-nov-19-md-g20_rev.jpg](https://www.imf.org/wp-content/uploads/2018/11/eng-nov-19-md-g20_rev.jpg)",
    "[increase G20 GDP by 4 percent](https://blogs.imf.org/2018/11/19/chart-of-the-week-grading-the-g-20-on-its-growth-goals/)",
    "[G-20 Surveillance Note](https://www.imf.org/external/np/g20/112818.htm/)",
    "[Steering the World Toward More Cooperation, Not Less](https://blogs.imf.org/2018/09/06/steering-the-world-toward-more-cooperation-not-less/)"
  ],
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