Although policy actions in advanced economies and emerging markets and developing countries have reduced short-term risks, G24 remains concerned about the fragility and pace of the global recovery because of the protracted difficulties and uncertainties in many AEs, including the euro area and the US.
"More is needed to reduce uncertainties, restore confidence and strengthen growth. We call on Advanced Economies (AEs) to take into account the negative spillover effects on EMDCs of prolonged unconventional monetary policies, including on inflation and the volatility of capital flows and commodity prices. We urge the IMF and the World Bank Group to be more active in pursuing greater coherence in global economic policy-making.
Growth in EMDCs continues to be strong despite the weak performance in AEs. Appropriate macro-economic policies and structural reforms remain critical to encourage productivity-led growth and rebuild policy buffers, to safeguard financial stability and to manage volatile capital flows, including through precautionary measures. We agree to initiate further work and promote dialogue on lessons from our respective experiences on how to boost productivity and job creation in order to lay the foundations for sustainable and inclusive growth."
Full press release
© International Monetary Fund
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