Home » Chinese consumer spending key to boosting global growth – IMF chief

Chinese consumer spending key to boosting global growth – IMF chief

by damith
April 22, 2024 1:00 am 0 comment

– International Monetary Fund Managing Director Kristalina Georgieva bemoaned the slow pace of global growth on Thursday, saying that Europe needed to do more to boost productivity and China should work to unleash greater consumer spending. Georgieva told a news conference during the IMF and World Bank spring meetings in Washington that a number of factors are converging to hold back growth in Europe and China, from aging populations to sub-optimalallocations of capital, while the U.S. has far outperformed expectations.

“This is what preoccupies us these days. How can we better stem the slowdown of productivity and growth, and what can we do to reverse it?”Georgieva questioned.

The IMF on Tuesday forecast global growth at 3.2% for 2024 – well below its 20-year pre-pandemic average of 3.8% – citing lackluster performances in Europe and China and the impact of high interest rates and regional wars on developing economies. And asset managers are bracing for delays in rate cuts as the U.S. Federal Reserve struggles with persistently high inflation. (www.fastbull.com/)

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