Global outlook stronger than expected, structural reforms necessary for sustainable growth: IMFC


Global economic leaders say the worst of the
economic storm has passed,… with the world
economy posting stronger than expected growth
thanks to a pick-up in investment and trade.
But they also renewed calls for fiscal policy
and structural reforms to carry more weight
in solidifying the recovery.
Oh Jung-hee has more.
The global economy is recovering at a faster
pace than expected… but countries need to
proceed with structural reforms to ensure
growth is sustainable.
That’s the call from the world’s economic
leaders in a joint statement adopted Saturday
after the annual meeting of the IMF’s International
Financial and Monetary Committee.
The finance chiefs of 24 member states…
and representatives of international financial
organizations agreed… that, circumstances
may differ depending on countries, but in
carrying out structural reforms, the priorities
should be enhancing labor productivity, expanding
infrastructure investment,… and getting
rid of market barriers.
They also called for the continued liberalization
of trade… especially in the services sector.
And with the emergence of fintech and digital
currency… and related possible risks,…
the world’s economic leaders agreed… the
world system needs to guarantee fairness in
competition, while preventing winner-takes-all
outcomes.
Meanwhile, at the IMFC annual meeting, South
Korea’s Finance Minister Kim Dong-yeon introduced
the new Moon Jae-in administration’s economic
policies… focused on income-driven growth
and more participation by women in the labor
market.
He also expressed the view that the impact
of North Korea-related geopolitical risks
on the South Korean economy will be limiting,
considering the local economy’s soundness.
Oh Jung-hee, Arirang News.

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