Policy Papers

Global growth remains strong. The recovery has
created jobs and increased incomes. But growth
momentum is moderating. Previously identified
risks have partly materialized or have become
more pronounced. A rapid reversal in financial market
conditions, ten years after the global financial crisis,
could again expose debt vulnerabilities at a time when
many countries have more limited policy space.
The window of opportunity to guard against risks and
raise medium-term growth prospects is narrowing. Now
is the time for policymakers to act to rebuild policy
space, strengthen resilience, and implement structural
reforms for the benefit of all.
Waning support for multilateralism is fueling policy
uncertainty. However, improved global cooperation is precisely
what is needed to boost inclusive growth by modernizing the
trade system, reducing excess global imbalances, improving
debt dynamics, and leveraging technology.
We will continue to review our policies and strategies to
enhance Fund advice and support multilateralism. This
includes surveillance, program conditionality, capacity
development, debt limits, and anti-money laundering
and the combatting of terrorism financing.