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April 15, 2014

Finance Officials Push for Bold Action to Sustain Economic Growth

“At the World Bank and International Monetary Fund annual spring meetings, concerns about crisis have given way to concerns about complacency.

“The euro zone has re-emerged from recession. Emerging-market jitters have quieted. The fiscal battles in the United States have abated. But the recovery remains fragile and in many cases, growth remains sluggish, leaving a jobs gap of 62 million.

“The overriding topic for discussion will be the topic of growth, quest for higher growth, better quality growth, more inclusive growth and sustainable growth,” said Christine Lagarde, the managing director of the fund, speaking with reporters on the eve of the weekend conference. “We need to act now.”

“Underlying the discussions of inflation, interest rates, fiscal balance and trade policy among the assembled ministers were concerns about Ukraine, as news of pro-Russian activists seizing official buildings in the eastern part of the former Soviet republic sent jitters through the meetings. Officials said they hoped that the situation would not escalate. But if it did, it might pose serious consequences to Europe’s fragile recovery.”

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Read full NY Times article here.

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