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Abstract
While the Fund welcomes many developments in the world economy—including the healthy growth in output and investment in industrial countries and the narrowing of trade imbalances among them—it is concerned about other aspects of the global situation. Among the developing countries, the inadequate growth of output and investment, continuing problems with fiscal positions and inflation, and the persistence of debt-servicing difficulties are worrisome. In many industrial countries, fiscal deficits need to be reduced, and adjustment of external imbalances must be reinforced. All countries require vigorous structural reforms to reduce trade distortions and to improve efficiency. Further intensified and sustained policy coordination among the major industrial countries—supported by the use of economic indicators—can help improve global economic performance and the functioning of the international monetary system.
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