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World economy yet to overcome weak growth, high inflation- IMF chief

20 May 2023 [19:30] - TODAY.AZ
By Azernews

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Thursday the global economy has proven resilient to shocks in the past three years, but it is yet to overcome weak growth and inflation, Azernews reports.

"Underlying inflation remains stubbornly high, geo-economic fragmentation affects trade and capital flows, and downsides risks have increased," she said at a press conference in Washington, D.C.

"Fighting inflation and safeguarding financial stability have become more complex with the recent banking sector pressures," she added.

The IMF chief said central banks should address financial stability risks, and urged them to work closely with regulators and supervisors.

"The key is to monitor risks that may be hiding in the shadows in banks and non-bank financial institutions, or in sectors such as commercial real estate. Vigilance is imperative," she said.

Georgieva said the IMF estimates global economic growth slowing down to 2.8% this year, and remain weak at around 3% over the next five years.

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