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In a joint communique, officials of the steering committee of the International Monetary Fund said that global economic growth might increase next year, but policy options for central banks and financial authorities to drive the rebound were limited. At present, the global economic growth rate is the slowest in three years.
"Although we expect to accelerate next year, trade tensions, geopolitical risks and political instability pose challenges," Ganyag, chairman of the Committee and President of the Central Bank of South Africa, said at a press conference.
"We agree that we need to take immediate action to protect economic growth."
"For example, fiscal policy should remain flexible and promote economic growth, rebuild the buffer, and formulate policies that are most conducive to debt sustainability and support demand," Ganyag said, drawing a conclusion to the spring meeting between the IMF and the World Bank.
The solemn atmosphere prevailing at this year's meeting is in marked contrast to the optimistic atmosphere prevailing at last year's meeting. Last year, participants expected a rare period of simultaneous strong growth in the global economy.
At the beginning of this week's meeting, the IMF lowered its global growth outlook for the third time in six months. The global economy is expected to grow by 3.3% this year, the slowest growth since 2016, and 0.2 percentage points lower than the IMF forecast in January.

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