Global finance chiefs prepared to ‘act promptly’ to spur growth

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Global finance ministers and central bankers are prepared to “act promptly” to shore up growth in a world economy that faces downside risks including trade tensions, according to a statement issued on Saturday.

While growth is projected to firm up in 2020, “risks remain tilted to the downside”, according to a communique by the International Monetary and Financial Committee, the main advisory panel of the IMF’s 189 member countries.

"The global expansion is continuing but at a slower pace," IMFC chairman Lesetja Kganyago, governor of the South African Reserve Bank, said.

“The global expansion is continuing but at a slower pace,” IMFC chairman Lesetja Kganyago, governor of the South African Reserve Bank, said.Credit:Bloomberg

Risks included “trade tensions, policy uncertainty, geopolitical risks, and a sudden sharp tightening of financial conditions against a backdrop of limited policy space, historically high debt levels, and heightened financial vulnerabilities”, the committee said.

“To protect the expansion, we will continue to mitigate risks, enhance resilience, and, if necessary, act promptly to shore up growth for the benefit of all,” officials said.

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