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Prices at the Pumps - April 17, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesWASHINGTON - International Monetary Fund Managing Director Kristalina Georgieva bemoaned the slow pace of global growth on Thursday, saying that Europe needed to do more to boost productivity and China should work to unleash greater consumer spending.
The IMF on Tuesday forecast global growth at 3.2% for 2024 - well below its 20-year pre-pandemic average of 3.8% - citing lackluster performances in Europe and China and the impact of high interest rates and regional wars on developing economies. And asset managers are bracing for delays in rate cuts as the U.S. Federal Reserve struggles with persistently high inflation.
Georgieva said the U.S. has done a better job of harnessing technology innovation and turning it into scalable business activity. The U.S. also has benefited from domestic energy production that has kept energy prices low and immigration that has created an ample supply of labor without too much wage inflation."We know that in Europe, there is still work to be done to unleash the power of innovation. Just comparing the cost of a patent in the U.S.
U.S. Treasury Secretary Janet Yellen on a recent trip to China made similar arguments that Beijing should work to boost domestic consumption, while warning that the U.S. would not accept Chinese efforts to flood global markets with exports of electric vehicles and solar products as a way to revive growth.
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