Global officials to issue communiqué warning of economic risk

Monday, 6 October 2014 00:03 - - {{hitsCtrl.values.hits}}

Reuters: Finance and development ministers from around the world next week will warn of considerable downside risks to the global economy, and call for an effort to protect the world’s poor, according to the draft of a communiqué they plan to issue after a meeting on Saturday. With Europe flirting with deflation, Japan not far from recession and a slowing economy in China, the world’s No. 2 economy, there are worries the recovery from the deep 2007-2009 crisis is losing traction.

“The global economy remains on a cautious watch and is subject to considerable downside risks that could dent global growth and confidence,” said the draft of a communiqué prepared for release by the joint IMF-World Bank Development Committee. “The path to economic growth, job creation and shared prosperity will require a sustained multilateral effort to protect the poorest and most vulnerable.” A copy of the draft, which was obtained by Reuters, praised the World Bank for its response to the Ebola outbreak that has killed more than 3,400 people in West Africa and called for quick and coordinated support to mitigate its impact. The statement said 20% of the impoverished countries receiving aid from the World Bank’s fund for the poorest have not shown per capita output growth since 2000 and are particularly in danger of being hit hard if the global recovery founders. It urged the bank and the International Monetary Fund to monitor low-income countries’ vulnerability to shocks, including the dangers their public debts might pose. It also called for similar short- and medium-term help from the World Bank and IMF for North Africa and the Middle East, especially countries in conflict. The World Bank also was encouraged to increase private investment opportunities in nations falling into conflict. On other topics, the communiqué draft called for the two leading multilateral agencies, who are holding their annual meetings in Washington in the coming week, to expand their emphasis on gender equality and climate change, while helping countries with energy supplies and infrastructure investment. The Development Committee acts as a steering group on development issues for both the IMF and World Bank.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.