Policy Papers

Development Committee: The Managing Director's Written Statement

October 22, 2024

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Format: Chicago

International Monetary Fund. Strategy, Policy, & Review Department "Development Committee: The Managing Director's Written Statement", Policy Papers 2024, 048 (2024), accessed November 8, 2024, https://doi.org/10.5089/9798400291838.007

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Summary

The global economy has remained resilient, and a soft landing is within reach. Global growth has been resilient despite a series of shocks and is projected to remain steady, and inflation has continued to moderate, although progress is uneven across countries. However, medium-term growth prospects remain weak, with the risk for the global economy to get stuck on a low growth-high debt path. While the low-income developing countries (LIDCs) continue to recover, many remain vulnerable, with significant scarring from recent shocks. The pace of convergence toward higher living standards has slowed, making it increasingly challenging to achieve the Sustainable Development Goals (SDGs). As inflation descends and approaches targets, monetary policy must ensure that inflation expectations are well anchored while supporting growth and employment. Fiscal consolidation is necessary to rebuild buffers, fund priority investments, and ensure long-term debt sustainability. Multilateral cooperation is essential to limit the costs associated with geoeconomic fragmentation, support efforts to address debt vulnerabilities, and harness the benefits while mitigating the risks associated with the green and digital transitions.

Subject: Artificial intelligence, Asset and liability management, Climate change, Debt restructuring, Debt sustainability, Environment, External debt, Financial regulation and supervision, Fiscal consolidation, Fiscal policy, Inflation, Prices, Public debt, Revenue mobilization, Technology

Keywords: Artificial intelligence, Climate change, Debt restructuring, Debt sustainability, Emerging Market and Developing Economies, Fiscal consolidation, Global, Inflation, Labor markets, Program design, Resilience and Sustainability Facility, Revenue mobilization, Structural reforms

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