Global Challenges, Global Solutions

Posted on April 14, 2011 by iMFdirect

By iMFdirect

The IMF-World Bank Spring Meetings are upon us here in Washington DC.

With global challenges that require global solutions—the theme of the meetings—IMF Managing Director Dominique Strauss-Kahn reminds us that this is “not the time for complacency.”

Government ministers and officials, members of civil society organizations, journalists, and others are flocking to Washington DC this week to discuss and decide on key issues facing the global economy. (more…)

Filed under: Annual Meetings, Civil Society, Economic outlook, Employment, IMF, Inequality, International Monetary Fund, Multilateral Cooperation | Tagged: , , , , , , , , , , , , , , | 3 Comments »

Global Recovery Strengthens, Tensions Heighten

Posted on April 11, 2011 by iMFdirect

By Olivier Blanchard

The world economic recovery is gaining strength, but it remains unbalanced.

Three numbers tell the story. We expect the world economy to grow at about 4.5 percent a year in both 2011 and 2012, but with advanced economies growing at only 2.5 percent, while emerging and developing economies grow at a much higher 6.5 percent.

On the good news side. Earlier fears of a double dip—which we did not share—have not materialized. (more…)

Filed under: Advanced Economies, Economic Crisis, Economic outlook, Economic research, Emerging Markets, International Monetary Fund, Low-income countries | Tagged: , , , , , , , , , , , , , , , , , , , | 8 Comments »

All Eyes on Paris and the G-20

Posted on February 18, 2011 by iMFdirect

By iMFdirect

Certainly the world did not end in 2008 with the collapse of Lehman and the crisis that followed. But, it didn’t mostly—perhaps only—because extraordinary international policy cooperation helped avert a far worse outcome.
Dominique Strauss-Kahn

… the G-20 has now to adapt to a new economic environment. It must prove that it is able to coordinate the economic policies of major economies on an ongoing basis.
French G-20 Presidency

G-20 Finance Ministers and Central Bank Governors gather in Paris for their first ministerial level meeting of France’s G-20 presidency at a critical juncture (more…)

Filed under: Economic outlook, Employment, G-20, Global Governance, Globalization, International Monetary Fund, Multilateral Cooperation | Tagged: , , , , , , , , , , , , , , | 3 Comments »

A Stronger Financial Architecture for Tomorrow’s World

Posted on February 10, 2011 by iMFdirect

By Dominique Strauss-Kahn

(Version in Español Français 日本語)

The international monetary system (IMS) is a topic that encompasses a wide range of issues—reserve currencies, exchange rates, capital flows, and the global financial safety net, to name a few. It is one of the key issues on the G-20’s work agenda for 2011, and a topic that is eliciting lively discussion—for instance the recent, insightful report of the group chaired by Michel Camdessus, called the “Palais-Royal Initiative”.

Some are of the view that the current system works well enough. While not perfect, they point to its resilience during the crisis, citing the role of the U.S. dollar served as a safe haven asset. And now that the global recovery is underway, they see little reason to worry about the IMS. In other words, “if it ain’t broke, don’t fix it”.

I take a less sanguine view. (more…)

Filed under: Advanced Economies, Economic Crisis, Emerging Markets, G-20, Global Governance, Globalization, International Monetary Fund, Low-income countries, Multilateral Cooperation | Tagged: , , , , , , , , , , , , , , , , , | 17 Comments »

Weekend in Washington: Cooperating Our Way Out of Crisis

Posted on October 12, 2010 by iMFdirect

By Dominique Strauss-Kahn

(Version in عربي 中文 Español Français 日本語 Русский )

This past weekend in Washington DC, as the economic leaders of 187 countries gathered for the Annual Meetings of the IMF and World Bank, the mood was tense. The world’s finance ministers and central bank governors were concerned because the global recovery is fragile. And uneven. And it is fragile because it is so uneven.

In the emerging markets of Asia, Latin America, and the Middle East, things are going pretty well. Even in Africa, many countries have returned to growth much faster than in previous recessions. In Europe, however, the recovery is sluggish. And in the United States, it remains subdued. The IMF’s latest economic outlook, released during the meetings, does not anticipate a “double dip.” But there are risks. (more…)

Filed under: Advanced Economies, Annual Meetings, G-20, IMF, International Monetary Fund, Multilateral Cooperation, عربي | Tagged: , , , , , , , , , , , , , , , , , , | 10 Comments »

The Two Rebalancing Acts

Posted on October 6, 2010 by iMFdirect

By Olivier Blanchard

Achieving a “strong, balanced, and sustained world recovery”—to quote from the goal set in Pittsburgh by the G-20—was never going to be easy. It requires much more than just going back to business as usual. It requires two fundamental and complex economic rebalancing acts.

First, internal rebalancing. When private demand collapsed, fiscal stimulus helped reduce the fall in output. This helped avoid the worst. But private demand must now become strong enough to take the lead and sustain growth, while fiscal stimulus gives way to fiscal consolidation.

The second is external rebalancing. Many advanced countries, most notably the United States, relied excessively on domestic demand before the crisis, and they must now rely more on net exports. Many emerging market countries, most notably China, had relied excessively on net exports, but must now look to domestic demand. (more…)

Filed under: Advanced Economies, Economic Crisis, Emerging Markets, G-20, growth, Low-income countries, Multilateral Cooperation | Tagged: , , , , , , , , , , , , , , , | 10 Comments »

A Problem Shared Is a Problem Halved: The G-20’s “Mutual Assessment Process”

Posted on August 26, 2010 by iMFdirect

By Olivier Blanchard 1

The Group of Twenty industrialized and emerging market economies (G-20) has broken new ground over the past year or two. It has embraced the type of collaborative approach to policy design and review that is well suited to today’s interdependent world, where policies in one country can often have far-reaching effects on others.

Collective action by the G-20 in response to the recent crisis was critical in avoiding a catastrophic financial meltdown and a potential second Great Depression. Exceptional policy responses around the globe—including macroeconomic stimulus and financial sector intervention—indeed helped avoid the worst. These actions were notable, both for their scale and force, but also for their consistency and coherence.

Keen to build on this success, G-20 Leaders pledged at their 2009 Pittsburgh Summit to adopt policies that would ensure a lasting recovery and a brighter economic future. To meet this goal, they launched the “Framework for Strong, Sustainable, and Balanced Growth.” The backbone of this framework is a multilateral process, where G-20 countries together set out objectives and the policies needed to get there. And, most importantly, they undertake a “mutual assessment” of their progress toward meeting those shared objectives. With this, the G-20 Mutual Assessment Process or the “MAP” was born.

(more…)

Filed under: Advanced Economies, Economic Crisis, Emerging Markets, Financial Crisis, G-20, Globalization, IMF, International Monetary Fund, Multilateral Cooperation | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , | 18 Comments »

Turning up the Volume—Asia’s Voice and Leadership in Global Policymaking

Posted on July 11, 2010 by iMFdirect

By Naoyuki Shinohara

(Version in 中文,  日本語 and 한국어)

Asia’s voice is getting louder and the IMF—and, indeed, the world—is listening.

I am writing from Daejeon, Korea where the Fund and the government of Korea are hosting together a high-level international conference over the next two days.

The conference, entitled Asia 21: Leading the Way Forward, is an opportune time to reflect on exactly that: Asian leadership. Both the topics to be discussed and participants expected for the event speak volumes of the range and depth of expertise and experience in the region.

With broader recognition of the region’s economic, analytic and policy successes, Asia is now a leading voice in the global dialogue on economic and financial policies.

(more…)

Filed under: Advanced Economies, Asia, Economic Crisis, Emerging Markets, G-20, Global Governance, IMF, International Monetary Fund, Low-income countries, Multilateral Cooperation | Tagged: , , , , , , , , , , , , , , , | Leave a Comment »

Asia and the IMF: A Closer Engagement

Posted on July 9, 2010 by iMFdirect

By Anoop Singh

In just a few days’ time, the Korean government and the IMF will jointly host a high-level international conference in Daejeon, Korea. At the Fund, we are trying continually to enhance our strategic dialogue with Asia, and the conference is an important part of this effort.

Asia’s leadership of the global recovery is undeniable, as I have said in earlier blogs. And the extensive reforms and improved macroeconomic policy frameworks that underpinned the region’s remarkable resilience to the global crisis will see Asia’s successes continue. In just two short decades, we expect it to become the largest economic region in the world.

The Korea conference will be an opportunity to showcase Asia’s economic successes, and also highlight the importance of regional integration and cooperation, which has been growing rapidly in Asia.

(more…)

Filed under: Advanced Economies, Asia, Economic Crisis, Emerging Markets, G-20, Global Governance, Globalization, growth, IMF, International Monetary Fund, Low-income countries, Multilateral Cooperation | Tagged: , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Help in the Neighborhood: ‘Just a Phone Call Away’

Posted on March 25, 2010 by iMFdirect

By Alfred Kammer

Regional technical assistance centers have gradually evolved to play a major role in IMF technical assistance. These centers, which are largely donor financed, have become important vehicles for helping countries carry out economic reforms.

Their objective is to assist countries in designing and implementing their poverty reduction and broader developmental strategies and help countries integrate into the world economy.

For example, they help strengthen public financial management, and so improve governance and transparency, facilitating donors’ use of budget support instruments. They help improve tax and customs administration, providing an environment that is more conducive to investment and growth, increasing the resource envelope for poverty reducing spending and reducing the opportunities for corruption. At the same time, such reforms facilitate trade and enable countries to take better advantage of the forces of globalization.

(more…)

Filed under: Africa, Asia, concessional lending, Economic Crisis, International Monetary Fund, Latin America, Low-income countries | Tagged: , , , , , | 2 Comments »

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