IMF Deputy Managing Director Li Bo: How will the recovery be resilient and inclusive in the long run?| international


Li Bo, Deputy Managing Director of the International Monetary Fund, speaks at the 2022 Session of the United Nations Economic and Social Council (ECOSOC).He said the international community had three priorities to promote the current economic recovery and ensure it was resilient and inclusive over the long term.The following is the full text of his remarks.Let me begin by expressing my sincere appreciation to H.E. Ambassador Chindaon for his leadership of ECOSOC and for chairing this important session.It gives me great pleasure to join you today with such distinguished colleagues and representatives.As the global economy continues to recover from the “unprecedented crisis”, the process has been disrupted.The recovery is slowing.Policymakers face a series of difficult challenges — including the spread of the omicron mutant strain, disruptions in supply chains, rising inflation and record levels of debt.According to the IMF’s World Economic Outlook update, the global economy is forecast to grow by 4.4 percent in 2022, 0.5 percentage points lower than our forecast last October.We have also raised our inflation forecasts because price pressures have become more widespread and are expected to persist for longer.We currently estimate that the global economy will lose $13.8 trillion in output by 2024 as a result of the pandemic.Even if the recovery continues, there are disturbing divergences in countries’ prospects.Given this, what can the international community do now to promote the current economic recovery and ensure that it is resilient and inclusive over the long term?We see three priorities: First, accelerate vaccination.So far, only 4% of the population in low-income countries is fully vaccinated, compared with 70% in high-income countries.Second, pave the way for a transformational recovery.In this effort, the IMF is establishing a new Resilience and Sustainability Trust (RST) to help low-income and vulnerable middle-income countries address long-term structural challenges with significant macroeconomic impacts, including climate change, digitization, and major pandemics.Third, ensure equitable transition and promote inclusive growth.The IMF is working with partner institutions to strengthen our policy advice and other services, including on climate change, social protection, and fragile and conflict-affected countries.In these areas, cooperation with the United Nations and other partners will play a vital role in implementing our new strategy.Finally, I want to the international monetary fund and the UN’s growing cooperation between – with who from us, the world trade organization (wto) and the world bank staff “on the end of the outbreak of initiative” to carry on the close cooperation, to us from the United Nations development program (undp) and the UN women’s agency in promoting gender equality policies and budgeting joint work,It’s all part of it.We look forward to expanding our important partnership.Thank you.Editor: Sun Shixuan

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