News / Economy

IMF Chief: Global Financial Threat Easing

IMF Chief: Global Financial Threat Easingi
X
April 20, 2013 3:21 AM
Despite an uneven recovery between advanced and developing economies, the heads of both the World Bank and the International Monetary Fund say the global financial crisis has eased substantially. But these global lending institutions say member countries must do more to spark sustainable economic growth. Mil Arcega reports for VOA.
— Despite an uneven recovery between advanced and developing economies, the heads of both the World Bank and the International Monetary Fund say the global financial crisis has eased substantially. But these global lending institutions say member countries must do more to spark sustainable economic growth.  

The world's economy is growing at a slightly slower pace than the IMF's initial forecasts in January. But top financial officials gathered in Washington for the annual Spring meetings - face a less threatening economic landscape, says IMF Managing Director Christine Lagarde.

"Looking behind the numbers, we believe we have avoided the worst, and the economic world no longer looks quite as dangerous as it did," she said.

But Lagarde added that the pick-up in financial conditions in the US, Europe and Japan has yet to translate into a sustainable recovery.  

"On the euro area, policy makers have accomplished a great deal over a short period of time. The priority now is to fix frayed banking systems, press ahead with a banking union. In Japan, which as I said is, has a space of its own, the recently announced framework of ambitious monetary easing, is, from our point of view, a positive step. But it is not enough," she said.

On Friday, finance ministers from 20 of the world's biggest economies endorsed Japan's efforts to boost its stagnant economy. But the stimulus package enacted by Japan's leaders also lowers the value of the yen - giving Japanese-made products a price advantage in world markets. In an official communique, G20 nations said they will monitor the effects of Japans's policies and take corrective action as needed.

Much attention also is focused on China, which saw weaker than expected growth in the first quarter. But World Bank President Jim Yong Kim said he's not worried.

"We've worked with China on a 2030 report that looks specifically at the strategy going forward. And our sense is that the Chinese leadership is laser-focused on doing those things that will build the foundations of their future growth," said Kim.

The world's top financial policy makers also are expected to look at the effectiveness of debt reduction policies around the world. Some economists say austerity measures, particularly those in Europe, have helped reduce the debt burden in some countries - at the expense of economic growth.

You May Like

Video China Investigates Powerful Former Security Chief

Analysts say move by President Xi is an effort to win more party support, take step toward economic reforms, removing those who would stand in way of change More

South Africa Land Reforms Still Contentious 20 Years Later

Activists argue that the pace of land reform is slow and biased; legal experts question how some proposed reforms would be implemented More

In Vietnam, Religious Freedoms Violated, UN Finds

Beliefs reportedly prompt heavy surveillance, intimidation and travel restrictions More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Gazans in Shelled School Sought Shelteri
X
Scott Bobb
July 30, 2014 8:16 PM
Israel's air and ground assault against Hamas-led fighters in Gaza has forced many Palestinians to flee their homes, seeking safety. But safe places are hard to find, as VOA’s Scott Bobb reports from Jabaliya.
Video

Video Gazans in Shelled School Sought Shelter

Israel's air and ground assault against Hamas-led fighters in Gaza has forced many Palestinians to flee their homes, seeking safety. But safe places are hard to find, as VOA’s Scott Bobb reports from Jabaliya.
Video

Video Rapid Spread of Ebola in West Africa Prompts Global Alert

Across West Africa, health officials are struggling to keep up with what the World Health Organization describes as the worst ebola outbreak on record. The virus has killed hundreds of people this year. U.S. President Barack Obama and other world leaders are watching the developments closely as they weigh what actions, if any, are needed to help contain the disease.
Video

Video Michelle Obama: Young Africans Need to Embrace Women's Rights

U.S. first lady Michelle Obama urged some of Africa's best and brightest to advocate for women's rights in their home countries. As VOA's Pam Dockins explains, Obama spoke to some 500 participants of the Young African Leaders Initiative, a six-week U.S.-based training and development program.
Video

Video Immigrant Influx on Texas Border Heats Up Political Debate

Immigrants from Central America continue to cross the U.S.-Mexico border in south Texas, seeking asylum in the United States, as officials grapple with ways to deal with the problem and provide shelter for thousands of minors among the illegal border crossers. As VOA's Greg Flakus reports from Houston, the issue is complicated by internal U.S. politics and U.S. relations with the troubled nations that immigrants are fleeing.
Video

Video Study: Latino Students Most Segregated in California

Even though legal school segregation ended in the United States 60 years ago, one study finds segregation still occurs in the U.S. based on income and race. The University of California Los Angeles Civil Rights Project finds that students in California are more segregated by race than ever before, especially Latinos. Elizabeth Lee reports for VOA from Los Angeles.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video A Summer Camp for All the World

VIDEO: During workshops and social gatherings, the Global Youth Village summer camp encourages young people to cooperate and embrace their differences, while learning to communicate with people from other countries. VOA's Deborah Block has more.
Video

Video From Cantankerous Warlock to Incorruptible Priest, 'Harry Potter' Actor Embraces Diverse Roles

He’s perhaps best known as Mad Eye Moody, the whimsical wizard in the Harry Potter franchise. But character actor Brendan Gleeson's resume includes dozens of films, and he embraces all the characters he inhabits with equal passion. In an interview with VOA’s Penelope Poulou, Gleeson discussed his new drama "Calvary" and his secret to success.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.