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Ayhan Kose delivered a comprehensive overview at the International Finance Forum, focusing on the global economic outlook presented in the World Bank's report titled "Subdued Growth, Multiple Challenges." The report, structured in four parts, covers global and regional economic forecasts and delves into thematic issues such as investment acceleration and fiscal policies for commodity exporters. Kose emphasized the current global economic slowdown, attributing it to factors like tight monetary policy and weak trade, while highlighting the resilience shown by the global economy.
Dr. Kose provided detailed forecasts, indicating a slowdown in global growth from 2.6% to 2.4%, with variations across different economies and regions. Despite this deceleration, certain economies like the US and China continue to perform relatively well.
Three pivotal questions formed the backbone of his presentation:
What are the near-term prospects for the global economy?
The global economy is experiencing a slowdown, marking the third consecutive year of weaker growth, primarily due to tight monetary policies and lackluster trade and investment.
What occurs during investment accelerations?
Investment accelerations can catalyze significant economic benefits, including enhanced growth and productivity, but they necessitate substantial policy reforms and conducive external conditions.
What are the policy priorities for addressing current economic challenges?
Policymakers must focus on building resilience, boosting investment, and addressing global challenges such as climate change and food insecurity through enhanced global cooperation and policy reforms at national levels.
The Q&A section was moderated by Gerry Rice, Former Director of the Communications Department of the International Monetary Fund and World Bank.
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