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Global economy on strong cyclical recovery: IMF

IANS | Hong Kong |


The global economy is getting stronger from cyclical recovery pointing to faster growth across regions, said a senior IMF official here on Monday.

“The cyclical recovery in the global economy is going from strength to strength. The signs point to faster growth across all regions,” International Monetary Fund’s (IMF) First Deputy Managing Director David Lipton said at the Asian Financial Forum.

Addressing the Forum’s 11th edition, he also said that India was reclaiming its place as a growth leader.

“India is reclaiming its place as a growth leader after a short slowdown,” Lipton told about 3,000 delegates from the world over participating in the two-day event, being held at the Hong Kong Convention Centre in the downtown.

Announcing that the multi-lateral funding agency IMF would give its world economic outlook for 2018 next week, he said the global economy was in a late stage of recovery from the global financial crisis of 2008.

“With economic slack in advanced economies diminishing, it is not clear how long the good news will continue.

“Now is the time to address vulnerabilities and structural issues that could impede sustained growth, and to take steps to enable stronger growth once cyclical growth is no longer driving the economy,” he said.

The “sun is shining” on the global economy with rising investments and consumer demand, he said.

Lipton is one of the keynote speakers at the annual financial summit that is being attended by at least 100 speakers from the global financial community with about 3,000 delegates attending from nearly 50 countries like China, Hong Kong and the US.