The World Bank and the International Monetary Fund Spring Annual Meeting is being held in Washington, DC. On the 12th, the International Monetary Fund (IMF) held a special conference in the Asia-Pacific region. The IMF expects the Asia-Pacific region to grow at a rate of 5.4% in 2019 and 2020, contributing more than 60% to global economic growth, including China. The contribution rate is over 30%.
Li Changwei, director of the Asia-Pacific Department of the International Monetary Fund, said at the press conference that the International Monetary Fund believes that the Asia-Pacific region will remain the most dynamic and economically strong region in the world in the future. The Asia-Pacific region is expected to have economies in 2019 and 2020. The growth rate is 5.4%, and the contribution rate to global economic growth exceeds 60%. Among them, China's contribution rate exceeds 30%.
Multi-factors affect the increased risk of downside risks
However, Li Changyi also stressed that although the medium and long-term economic prospects in the Asia-Pacific region are stable, due to factors such as the slowdown in global growth and financial market volatility, the economic downside risks in the Asia-Pacific region are increasing, which should be alarmed by national policy makers. The IMF recommends that countries adopt appropriate macroeconomic regulation and control policies to maintain economic growth and employment stability. Li Changyi also pointed out that the fiscal stimulus policies recently introduced by economies such as China and South Korea will play an important role in stabilizing growth.
In addition, the International Monetary Fund also called on Asia-Pacific countries to take active measures to address medium- and long-term challenges such as labor productivity decline and population aging, and ensure long-term sustainable economic development by increasing investment in labor markets, education and innovation.