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

The global economy has been resilient and appears headed for a soft landing. Inflation continues to recede and risks have become more balanced globally.
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Volume/Issue: Volume 2024 Issue 027
Publication date: May 2024
ISBN: 9798400275753
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Inflation , Money and Monetary Policy , Environmental Economics , Environmental Conservation and Protection , Political Economy , inflation move , disinflation process , lending capacity , IMF surveillance , concessional facilities , Inflation , Climate finance , Climate change , Sustainable Development Goals (SDG) , Disinflation , Global

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. Nonetheless, medium-term growth prospects remain at the lowest level in decades and a smooth completion of the disinflation process should not be taken for granted. While the outlook for low-income developing countries (LIDCs) is improving, 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). In the last mile of disinflation, central banks should ensure that inflation moves durably to target: they should neither ease policies prematurely nor delay too long and risk causing target undershoot. Fiscal policies need to rebuild budgetary room and ensure debt sustainability. Fostering faster productivity growth and facilitating the green transition are keys to improving long-term growth prospects. Multilateral cooperation is key to enhancing the resilience of the global economy in a more shock-prone world.