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Ekonomické zprávy
27.03.2023

The International Monetary Fund has warned of increased risks to financial stability

The IMF managing director Kristalina Georgieva said that it is necessary to remain vigilant, given the fact that the risks to financial stability have increased against the background of recent events in the banking sector.

"We have another difficult year ahead of us. Most likely, the global economy will slow down sharply (GDP growth is expected by 2.9%) against the background of the consequences of the coronavirus pandemic, aggressive tightening of monetary policy by Central Banks, as well as the war in Ukraine," Georgieva said, adding that next year global economic growth is likely to accelerate, but will remain below the historical average (+3.8%). The IMF is due to publish updated forecasts in April.

The IMF managing director also pointed out that despite the strong reaction of politicians in advanced economies, it is necessary to continue to closely monitor the risks to financial stability, especially in low-income and high-debt countries.

Georgieva also warned that if the world splits into rival economic blocs, it will lead to dangerous division, and will make everyone poorer and less protected.

As for China's economy, Georgieva said that China is likely to account for about one-third of global growth this year. "According to our estimates, the acceleration of China's GDP growth by 1% leads to stronger GDP growth (+0.3%) in other Asian countries," she said, calling on the Chinese government to work on improving productivity and rebalancing the economy from investment to more sustainable consumption-based growth, including through market reforms aimed at leveling the playing field between the private sector and state-owned enterprises.

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