WASHINGTON: The global economy is at the critical point, with growing risks to financial stability and mounting inflation pressure, Russian ...
WASHINGTON: The global economy is at the critical point, with growing risks to financial stability and mounting inflation pressure, Russian Finance Minister Anton Siluanov said in his address to the 51st session of the International Monetary and Financial Committee (the governing body of the International Monetary Fund).
"The global economy stands at a critical juncture. Growth projections have been significantly downgraded. We are witnessing heightened risks to financial stability, mounting inflationary pressures, and a weakening of fiscal discipline," he said.
The minister warns that "the outlook remains uncertain and will depend on the international community’s ability to reach agreements, restore cooperation, and promote technological innovation."
"It is essential to safeguard the gains achieved thus far and seize new opportunities, especially in the technological sector, which have the potential to significantly boost productivity and support sustainable economic growth," he said.
Meanwhile, Russian Deputy Prime Minister Alexey Overchuk said in his address to the 111th Meeting of the Development Committee of the International Monetary Fund and the World Bank that geoeconomic fragmentation continues.
"The global economy continues to experience significant strains, particularly affecting emerging markets and developing economies (EMDEs), which grapple with the lasting effects of the COVID-19 pandemic, the impact of monetary tightening in advanced economies, and ongoing geoeconomic fragmentation. Global trade growth is slowing, constrained by rising protectionism and persistent supply chain disruptions," he said.
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