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Risks to financial stability have increased, International Monetary Fund chief Kristalina Georgieva said in a speech delivered in Beijing on Sunday, calling for continued vigilance despite moves by advanced economies to calm market stress.

The IMF managing director reiterated her view that 2023 would be another challenging year, with global growth slowing to below 3% due to scarring from the pandemic, the war in Ukraine and monetary tightening.

Even with a better outlook for 2024, global growth will remain well below its historic average of 3.8% and the overall outlook remained weak, she said at the China Development Forum.

The IMF is slated to release new forecasts next month.

Georgieva said policymakers in advanced economies had responded decisively to financial stability risks in the wake of bank collapses, easing market stress to some extent but continued vigilance was needed.

“So, we continue to monitor developments closely and are assessing potential implications for the global economic outlook and global financial stability,” she said, adding that the IMF was paying close attention to the most vulnerable countries, and particularly low-income countries with high levels of debt.