{
  "title": "Development Committee: The Managing Director's Written Statement April 2024",
  "publication": "Policy Papers, May 17, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2024/05/17/development-committee-549137",
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  "summary": "The global economy has been resilient and appears headed for a soft landing. Inflation continues to recede and risks have become more balanced globally.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- The global economy has been resilient and appears headed for a soft landing.\n- Inflation continues to recede and risks have become more balanced globally.\n- Medium-term growth prospects remain at the lowest level in decades.\n- The outlook for low-income developing countries (LIDCs) is improving, but risks are tilted to the downside.\n- The pace of convergence toward higher living standards has slowed, making it increasingly challenging to achieve the Sustainable Development Goals (SDGs).\n- Multilateral cooperation is key to enhancing the resilience of the global economy in a more shock-prone world."
    },
    {
      "heading": "Macro outlook and inflation dynamics",
      "content": "- Global trajectory: resilient economy, appearing headed for a soft landing.\n- Inflation: continues to recede; completion of the disinflation process should not be taken for granted.\n- Central bank guidance in the \"last mile of disinflation\":\n  - Ensure that inflation moves durably to target.\n  - Neither ease policies prematurely nor delay too long and risk causing target undershoot."
    },
    {
      "heading": "Growth, convergence, and development challenges",
      "content": "- Medium-term growth prospects: at the lowest level in decades.\n- Convergence toward higher living standards: pace has slowed.\n- Implication: increasingly challenging to achieve the Sustainable Development Goals (SDGs).\n- LIDC outlook: improving, but downside risks remain."
    },
    {
      "heading": "Fiscal and structural policy priorities",
      "content": "- Fiscal policy:\n  - Need to rebuild budgetary room.\n  - Ensure debt sustainability.\n- Structural priorities:\n  - Foster faster productivity growth.\n  - Facilitate the green transition to improve long-term growth prospects."
    },
    {
      "heading": "Role of multilateral cooperation",
      "content": "- Multilateral cooperation is essential to enhance global resilience in a world that is more prone to shocks.\n\nInternational Monetary Fund. Strategy, Policy, & Review Department \"Development Committee: The Managing Director's Written Statement April 2024\", Policy Papers 2024, 027 (2024), May 17, 2024.\n\n---\n\n Content in this bundle\n\n- Policy Paper\n  - Policy Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Policy Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2024/05/17/development-committee-549137"
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    "Published: May 17, 2024",
    "Series: Policy Papers",
    "DOI: https://doi.org/10.5089/9798400275753.007",
    "The global economy has been resilient and appears headed for a soft landing.",
    "Inflation continues to recede and risks have become more balanced globally.",
    "Medium-term growth prospects remain at the lowest level in decades.",
    "The outlook for low-income developing countries (LIDCs) is improving, but risks are tilted to the downside.",
    "The pace of convergence toward higher living standards has slowed, making it increasingly challenging to achieve the Sustainable Development Goals (SDGs).",
    "Multilateral cooperation is key to enhancing the resilience of the global economy in a more shock-prone world.",
    "Global trajectory: resilient economy, appearing headed for a soft landing.",
    "Inflation: continues to recede; completion of the disinflation process should not be taken for granted.",
    "Central bank guidance in the \"last mile of disinflation\":",
    "Medium-term growth prospects: at the lowest level in decades.",
    "Convergence toward higher living standards: pace has slowed.",
    "Implication: increasingly challenging to achieve the Sustainable Development Goals (SDGs).",
    "LIDC outlook: improving, but downside risks remain.",
    "Fiscal policy:",
    "Structural priorities:",
    "Multilateral cooperation is essential to enhance global resilience in a world that is more prone to shocks.",
    "**Policy Paper**"
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