Yves here. Major international agencies try to put a positive spin on their economic forecasts, even when they are less than rosy. Jomo depicts a gloomy new IMF report as yet more confirmation of his warnings about looming economic crises in poor nations, with finance-obsessed tight monetary policies in advanced economies making this bad situation worse.

By Jomo Kwame Sundaram, former UN Assistant Secretary General for Economic Development. Originally published at Jomo’s website

The IMF warns of a decade ahead of ‘tepid growth’ and ‘popular discontent’, with the poorest economies worst off. But as with inaction on Gaza, little is being done multilaterally to avert the imminent catastrophe.

Grim IMF Prognosis

Noting the world economy has lost $3.3 trillion since 2020, International Monetary Fund (IMF) Managing Director Kristalina Georgieva announced this grim warning before last month’s Spring meetings of the Bretton Woods institutions.

Instead of prioritising economic recovery, finance ministers

Keep reading this article on Naked Capitalism (Yves Smith) - Blog.

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