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Indybay FeatureRelated Categories: International | U.S. | Global Justice and Anti-Capitalism
Global Economic Risks Ahead Warns International Monetary Fund
The International Monetary Fund (IMF) released its bi-annual report on global economic stability, warning that the financial system could face serious risks in the year ahead.
Ahead of the IMF/World Bank Spring Meetings in Washington, the Global Financial Stability Report calls for continued oversight in the financial sector.
"The IMF is concerned that some political shifts in wealthy countries could lead to a lack of cooperation in the financial system," noted Eric LeCompte who tracks the IMF reports and is the Executive Director of the religious development coalition Jubilee USA. "It's clear the IMF is concerned with roll backs of transparency regulations and how that will impact global financial stability."
The Global Financial Stability Report points out that rising instability in the developed world will raise risk premiums for developing countries, making public debt more expensive and reducing their ability to handle other external shocks.
"Everyone is becoming more concerned with unsustainable debts in both poor and wealthy countries," stated LeCompte who serves on United Nation finance expert groups. "I'm concerned that high debt burdens and more risky market behavior will lead to another financial crisis."
Yesterday, the IMF released its bi-annual World Economic Outlook report, which also warned about global financial stability risks. The report predicts that global growth will continue at 3.5% through 2017.
Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. http://www.jubileeusa.org