{"id":7736,"date":"2024-04-11T12:00:46","date_gmt":"2024-04-11T09:00:46","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=7736"},"modified":"2024-04-11T12:00:46","modified_gmt":"2024-04-11T09:00:46","slug":"world-faces-persistent-low-growth-in-absence-of-productivity-reforms-imf-says","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=7736","title":{"rendered":"World faces persistent low growth in absence of productivity reforms, IMF says"},"content":{"rendered":"
<\/div>\n
Global economic growth will reach just 2.8 per cent by 2030, a full percentage point below the historical average, unless major reforms are made to boost productivity and leverage technologies such as artificial intelligence, the IMF said on Wednesday.<\/strong><\/div>\n
The International Monetary Fund released a chapter of its forthcoming World Economic Outlook (WEO) that showed further declines in the global growth rate, which has slowed steadily since the 2008-2009 global financial crisis.<\/div>\n
\u201cWithout ambitious steps to enhance productivity, global growth is set to fall far below its historical average,\u201d<\/strong> the IMF said, warning that expectations of weak growth could discourage investment, possibly deepening the slowdown.<\/div>\n
The global lender said the persistent low-growth scenario, combined with high interest rates, could also restrict governments\u2019 ability to counter economic slowdowns and invest in social welfare or environmental initiatives.<\/div>\n
\u201cAll this is exacerbated by strong headwinds from geoeconomic fragmentation, and harmful unilateral trade and industrial policies,\u201d it said in a blog accompanying Chapter 3 of the WEO, to be released in full next Tuesday.<\/div>\n
A year ago, the IMF said it expected medium-term growth to hover around 3 per cent. The new forecast reflects downward revisions for medium-term growth across all income groups and regions, most significantly in emerging market economies.<\/div>\n
The IMF urged countries to take urgent action to counter the weakening growth outlook, warning that it worsened prospects for living standards and global poverty reduction.<\/div>\n
\u201cAn entrenched low-growth environment, coupled with high interest rates, would threaten debt sustainability and could fuel social tension and hinder the green transition,\u201d it said.<\/div>\n
The IMF said a range of policies, including better allocation of capital and labor and tackling labor shortages in major economies with aging populations, could offer hope.<\/div>\n
It said the growth rate of the global labor supply would reach just 0.3 per cent in 2030, less than a third of its average in the decade before the COVID-19 pandemic.<\/div>\n
The IMF said its research showed modest gains could be won by increasing labor force participation, integrating more migrant workers into advanced economies, and optimizing talent allocation in emerging markets.<\/div>\n
But focused policy actions to enhance market competition, trade openness, financial access, and labor market flexibility could lift global growth by about 1.2 percentage points by 2030.<\/div>\n
Harnessing the potential of AI to boost labor productivity could add up to 0.8 percentage points to global growth, depending on its adoption and impact on the workforce, it said.<\/div>\n
It said the far-reaching impact of AI was not yet fully understood; it could help boost productivity, while also potentially displacing humans in certain jobs and fundamentally altering the nature of others.<\/div>\n
Given such concerns, countries should strengthen their regulatory frameworks, ensure intellectual property protections and work to ensure that the benefits of AI were shared fairly and widely, it said.<\/div>\n","protected":false},"excerpt":{"rendered":"

Global economic growth is projected to reach just 2.8% by 2030, a full percentage point below the historical average, unless major reforms are made to boost productivity and leverage technologies like artificial intelligence, according to the 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