Kristalina Georgieva said headline inflation for advanced economies was 2.3% in the final quarter of 2023, down from 9.5% just 18 months ago, and the downward trend was expected to continue in 2024
Inflation is easing faster than expected but has not been fully defeated, International Monetary Fund chief Kristalina Georgieva said on Thursday, urging central bankers to carefully calibrate their decisions on cutting interest rates to incoming data.
“On this final stretch, it is doubly important that central banks uphold their independence,” Georgieva said, urging policy-makers to resist calls for early rate cuts when necessary. She said the global economy’s resilience was being helped by strong labour markets and an expanding labour force, strong household consumption and an easing of supply chain issues, but said there were still “plenty of things to worry about.”
Georgieva said the U.S. had seen the strongest rebound among advanced economies, helped by rising productivity growth. Euro area activity was recovering more gradually, given the lingering impact of high energy prices and weaker productivity growth. “Without a course correction, we are … heading for ‘the Tepid Twenties’ – a sluggish and disappointing decade,” Georgieva said, urging continued vigilance to restore price stability, rebuild fiscal buffers and jump-start growth.
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