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IMF
Managing Director Kristalina Georgieva, speaking at the World
Government Summit, described the IMF's outlook for 2023 as "less
bad, not good" given that the Fund has forecast a slowdown in
economic growth this year and inflation remained a concern.
Positive factors were resilient U.S. and EU labour markets,
China's reopening and "surprisingly good results of central
banks tightening up financial conditions and inflation finally
trimming down, although the fight is not yet won", she added.
Asked whether there would be more doses of monetary tightening,
Georgieva said the Fund expected monetary tightening this year
but did not project it would continue "way into" 2024.
"The markets have good reason to be more upbeat because what
they are finally seeing is the U.S. economy likely to avoid
recession...they are also seeing China re-opening and Chinese
consumers rushing to spend the money they saved during the
pandemic, the lockdown," she said.
The IMF chief was speaking in an onstage interview at the annual
summit hosted by Dubai in the United Arab Emirates (UAE).
Georgieva lauded Gulf Arab oil and gas producers for
"relentlessly" pursuing fiscal reforms, including diversifying
revenue sources by introducing new taxes.
The UAE will host the COP28 climate conference in November.
The designation as COP28 president of the country's climate
envoy, who is also head of the state oil firm, has fuelled
activists' worries that big industry was hijacking the global
response to the warming crisis.
Asked about the criticism, Georgieva said: "Our focus is on what
needs to be done and how we can do it together".
"We talk about inclusive approach to fighting the climate
crisis. Inclusive is exactly that: all hands on deck," she said.
"If we miss, yet again, a chance to deliver on our own promises,
we are all cooked."
(Reporting by Ghaida Ghantous, Writing by Andrew Mills and
Nayera Abdallah, Editing by Susan Fenton and Alex Richardson)
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