'It was critical to “stabilise the global economy by addressing the most immediate challenges” – including rampant inflation.' theSun theSundaily SunBiz business EconomicCrisis inflation
Georgieva discussing the global economy and policy priorities at Georgetown University’s School of Foreign Service on Thursday Oct 6. – AFPpic: International Monetary Fund chief Kristalina Georgieva on Thursday urged global policymakers to take concerted action to avoid a “dangerous ‘new normal”, as the risks of a worldwide recession are driven ever higher by repeated economic shocks.
But she warned the process will be painful – and acknowledged that if central banks move too aggressively to tamp down price pressures, it could trigger a “prolonged” economic downturn. But the IMF chief said it is too soon for major central banks to pull back in the battle against inflation that has reached its highest in four decades.“The risk of doing not enough is bigger than the risk of doing too much,” she said. “Clearly they have to do more. They have to stay the course.”
The crisis lender plans to once again downgrade its 2023 forecast for the world economy, in the report due to be published next week for the annual meeting. Global supply snarls already were a challenge as demand surged following the pandemic slowdown, fuelling inflation worldwide, and strains worsened in the wake of the Russian invasion of Ukraine – Georgieva called it a “senseless war” – sending food and fuel prices soaring, which has spread to rising costs for other items.
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