IMF Managing Director Christine Lagarde Calls for Stronger International Cooperation
June 29, 2019
Ms. Christine Lagarde, Managing Director of the International Monetary Fund
(IMF), issued the following statement today at the conclusion of the Group
of 20 (G20) Leaders’ Summit in Osaka, Japan:
“I would like to congratulate Prime Minister Shinzo Abe, Deputy Prime
Minister Taro Aso, and Bank of Japan Governor Haruhiko Kuroda for their
chairmanship of this G20 Summit, and for their warm hospitality.
“In my discussions with G20 Leaders, I noted that the global economy has
hit a rough patch: investment has weakened and trade has slowed
significantly, with export and import growth rates at their lowest level
since the great financial crisis. Even though the IMF expects growth to
strengthen somewhat going forward, the risks to the outlook remain serious.
“Chief among these risks is trade. While the resumption of trade talks
between the United States and China is welcome, tariffs already implemented
are holding back the global economy, and unresolved issues carry a great
deal of uncertainty about the future. I reiterated that the priority should
be to reduce obstacles to trade—new and old, tariffs and otherwise—and to
address the underlying sources of trade tensions and distortions.
“We need a trading system fit for today’s world which means addressing gaps
in the international rule book, including areas like agricultural and
industrial subsidies, services and e-commerce. I welcomed Prime Minister
Abe’s announcement of the Osaka Track framework relating to data flow and
e-commerce. I also joined many Leaders in calling for accelerated reform of
the WTO, for the benefit of all economies.
“I also pointed to other key areas where policy action is needed to restore
confidence and help growth: central banks will need to continue to adjust
policies with incoming data, and fiscal policy must balance growth support
and debt sustainability; and structural reforms can support productivity
“At the same time, the G20 should continue its important efforts to address
a range of urgent common issues from corporate taxation to financial
regulatory reform to corruption and climate change. I strongly endorse the
Osaka Blue Ocean initiative aimed at reducing new plastic marine waste.
“I was also very pleased to participate in the Leaders’ event on women’s
empowerment. I presented to Prime Minister Abe the IMF’s assessment of this
issue as macro-critical for the global economy, and our analysis which
shows that closing the gender gap could boost GDP significantly in Japan
and many other countries.
“In conclusion, I said that while the global economy is currently at a
precarious stage, with the right policies and working together, we can
overcome the challenges that we face and set the world on a path of
stronger, more sustainable, balanced, and inclusive growth.
“Once again, I would like to thank the government, the city of Osaka, and
the people of Japan for their hosting of this Summit meeting.”
IMF Communications Department
PRESS OFFICER: Keiko Utsunomiya, email@example.com
Phone: +1 202 623-7100Email: MEDIA@IMF.org