April 16, 2024
United States:
IMF Steps Up Its Warning to US Over Spending and Ballooning Debt
The International Monetary Fund leveled an unusually direct criticism at US policymakers Tuesday, saying the country’s recent standout performance among advanced economies was in part driven by an unsustainable fiscal policy.
“The exceptional recent performance of the United States is certainly impressive and a major driver of global growth,” the IMF said in its annual World Economic Outlook. “But it reflects strong demand factors as well, including a fiscal stance that is out of line with long-term fiscal sustainability.”
Europe:
Debt Mountains of Italy and France Are Rising Again, IMF Says
The euro zone’s second and third-biggest economies are about to pile on debt again after three years of fixing their pandemic-bloated public finances, the International Monetary Fund said.
Both France and Italy will see borrowings as a percentage of gross domestic product rise in 2024 and then keep creeping up over the coming half decade, the fund said in its World Economic Outlook released in Washington on Tuesday.
Asia:
Chinese Economy’s Strong Start to 2024 Is Already Fading
China reported faster-than-expected economic growth in the first quarter – along with some numbers that suggest things are set to get tougher in the rest of the year.
Gross domestic product climbed 5.3% in the period, accelerating slightly from the previous quarter and beating estimates. But much of the bounce came in the first two months of the year. In March, growth in retail sales slumped and industrial output fell short of forecasts, suggesting challenges on the horizon.
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