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Global fiscal adjustment faces new challenge: IMF

(Xinhua)

08:49, April 18, 2012

WASHINGTON, April 17 (Xinhua) -- Global fiscal adjustment is in face of new challenge as the world economy is slowing, making harder for policymakers to balance fiscal problem and economic growth, said the International Monetary Fund (IMF) on Tuesday.

"Global policymakers face the dilemma of how best to respond to the challenges of slackening global activity and continued financial volatility without losing sight of their medium-term adjustment needs," noted the IMF in its latest Fiscal Monitor report.

For countries with fiscal space, near-term fiscal adjustment plans should be calibrated to avoid undue pressures on economic activity and employment, while countries with enough fiscal space could consider slowing the pace of near-term adjustment to reduce downside risks, said the report.

In its World Economic Outlook (WEO) report released earlier, the IMF said that downside risks to global economy still remain elevated after suffering a major setback during 2011.

The WEO report projected that the world economy would grow by 3. 5 percent in 2012, adding the risk of another crisis was still very much "present" and could well affect both advanced and emerging economies.

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