Countries have yet to see the full impact of tightening financial conditions, IMF chief Kristalina Georgieva said, warning that central banks have some way to go in their inflation battle. Global g…
Countries have yet to see the full impact of tightening financial conditions, IMF chief Kristalina Georgieva said, warning that central banks have some way to go in their inflation battle.
“As long as people are employed, even if prices are high, consumers spend…. But we all know that the impact of tightening financial conditions is yet to bite, in terms of unemployment,” Georgieva told reporters in a briefing on the world economy.This suggests central banks may need to continue hiking interest rates, walking a fine line between easing demand and avoiding tipping economies into recession.
The International Monetary Fund also expects the global slowdown to “bottom out” towards year-end, and for the world economy to trend towards a higher growth trajectory in 2024, Georgieva said.But this is subject to an absence of negative shocks like growing social unrest and spillovers between countries, climate events, or a worsening in Russia’s invasion of Ukraine.
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