Kristalina Georgieva, Managing Director (MD) of the International Monetary Fund (IMF), says vibrant private sector is supporting resilience in global economy but low growth and high debt persist.
According to a statement from IMF on Sunday, Georgieva spoke at the G20 leaders’ summit in Johannesburg, South Africa, the first to be hosted in Africa.
According to the MD, the global economy is “doing better than we feared, but worse than we need,” noting that stronger policies and institutions — built over years — have also helped economies absorb shocks.
“Better as it has proven resilient to multiple shocks, to trade tensions, and to elevated uncertainty. This resilience is anchored in two factors: a vibrant private sector, and in policies and institutions that have been strengthened over the years, including through coordination in this very forum,” she said.
“But it is still worse than we need: growth is stubbornly low – below pre-covid levels – and debt is exceptionally high, stifling many countries, especially poorer ones.
“Geopolitical tensions, technological and demographic transformations, and frequent severe climate events are contributing to heightened uncertainty and pushing risks up.”
