## Development Committee: The Managing Director's Written Statement April 2024

_Policy Papers, May 17, 2024_

## Source details

**Canonical URL:** [Development Committee: The Managing Director's Written Statement April 2024](https://www.imf.org/en/publications/policy-papers/issues/2024/05/17/development-committee-549137)

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- [Markdown version](/en/publications/policy-papers/issues/2024/05/17/development-committee-549137/index.md)
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## Bibliographic details
- Published: May 17, 2024
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9798400275753.007

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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.
- 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.

### Macro outlook and inflation dynamics
- 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":
  - Ensure that inflation moves durably to target.
  - Neither ease policies prematurely nor delay too long and risk causing target undershoot.

### Growth, convergence, and development challenges
- 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 and structural policy priorities
- Fiscal policy:
  - Need to rebuild budgetary room.
  - Ensure debt sustainability.
- Structural priorities:
  - Foster faster productivity growth.
  - Facilitate the green transition to improve long-term growth prospects.

### Role of multilateral cooperation
- Multilateral cooperation is essential to enhance global resilience in a world that is more prone to shocks.

*International Monetary Fund. Strategy, Policy, & Review Department "Development Committee: The Managing Director's Written Statement April 2024", Policy Papers 2024, 027 (2024), May 17, 2024.*

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## Content in this bundle

- **Policy Paper**
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_Source: https://www.imf.org/en/publications/policy-papers/issues/2024/05/17/development-committee-549137_