REUTERS
The International Monetary Fund (IMF) is doubling down on its call for action to save the global economy. Ahead of last month’s G20 finance ministers meeting in Shanghai the IMF warned that the world was slowing and issued a call for more coordinated action by leading economies, The Financial Times reported.
That clarion call was largely shrugged off by the G20, but in a speech in Washington, the IMF's number two, First Deputy Managing Director David Lipton, reiterated the call and amplified it on Tuesday, according to The Financial Times.
While the G20 meeting had "provided some reassurance that countries stand ready to act if necessary … I want to make the case for action now," he told the National Association of Business Economics.
"The IMF's latest reading of the global economy shows once again a weakening baseline," he said. "Moreover, risks have increased further, with volatile financial markets and low commodity prices creating fresh concerns about the health of the global economy."
"For the sake of the global economy, it is imperative that advanced and developing countries dispel this dangerous notion by reviving the bold spirit of action and cooperation that characterized the early years of the recovery effort," Lipton said, according to the report.