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IMFC says world economic recovery weaker than expected

In a communique issued at the end of their 2014 plenary session, the committee comprising the economy and financial ministers of member countries said: “The…

In a communique issued at the end of their 2014 plenary session, the committee comprising the economy and financial ministers of member countries said: “The uneven recovery continues, despite setbacks. A number of countries face the prospect of low or slowing growth, with unemployment remaining unacceptably high.”
Mr. Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Minister for Finance and the Chairman of the IMFC said while reading the communiqué:  “A revival in economic activity is underway in some advanced economies, notably in the United States and United Kingdom. The recovery is modest in Japan, and tentative in the euro area. Growth remains firm and should increase moderately across many emerging market economies, and will generally remain buoyant in low-income developing countries. Downside risks arise from the challenges associated with monetary normalisation in some advanced economies, protracted below-target inflation in others, increased risk-taking amidst low volatility in financial markets, and heightened geopolitical tensions.
“We are committed to lifting potential growth and to creating a more robust, sustainable, balanced, and job-rich global economy.”

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