Washington DC - As world leaders, finance ministers, business leaders and development groups gather for the Spring International Monetary Fund and World Bank meetings, the IMF raises fresh concerns about the global economy. The IMF releases the biannual World Economic Outlook Report noting a slowdown in global growth and focusing on economic challenges that include unsustainable debt, trade tensions and the impact of natural disasters on the financial system.
"For several years now, the IMF continues to raise concerns over possible financial crisis and economic stability," noted Jubilee USA Executive Director Eric LeCompte, who tracked IMF meetings and reports for the last 10 years. "While the IMF downplays the possibility of a recession, the IMF analysis argues we could see another recession if we don't address risky behavior, trade tensions and debt concerns."
The IMF report forecasts a downturn in 2019 economic growth from 3.6 percent to 3.3 percent. With heightened concerns of looming debt crises, the IMF joined Jubilee USA and other debt watchdogs to host a major high-level event for meeting attendees on Wednesday, "Tackling the Next Wave of Sovereign Debt Crises." On Friday, Jubilee USA moderates a discussion of Latin American and African groups releasing new reports on debt, "Dealing with Sovereign Debt Distress: Case Studies, Causes and Solutions."
"If we are going to prevent the next financial crisis, we need stronger international and national policies to deal with debt problems, stop risky financial behavior and promote tax and transparency policies that can raise revenue," stated LeCompte.
Read the April 2019 World Economic Outlook
Read more about the IMF Main Event "Tackling the Next Wave of Sovereign Debt Crises"
Read about Jubilee USA's Panel "Dealing with Sovereign Debt Distress: Case Studies, Causes and Solutions"