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IMF names Russia among sources of global GDP acceleration

January 22, 21:25 UTC+3 DAVOS

Current upswing in the global economy "furnishes an ideal moment to act on a range of multilateral challenges"

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© REUTERS/Yuri Gripas

DAVOS, January 22. /TASS/. Russia is among primary sources of global GDP acceleration along with the United States, Canada, Brazil and Turkey, IMF Economic Counsellor Maurice Obstfeld said on Monday.

"The primary sources of [global] GDP acceleration so far have been in Europe and Asia, with improved performance also in the United States, Canada, and some large emerging markets, notably Brazil and Russia, both of which shrank in 2016, and Turkey," Obstfeld said. "Much of this momentum will carry through into the near term," he noted.

"Political leaders and policymakers must stay mindful that the present economic momentum reflects a confluence of factors that is unlikely to last for long," he cautioned. "The global financial crisis may seem firmly behind us, but without prompt action to address structural growth impediments, enhance the inclusiveness of growth, and build policy buffers and resilience, the next downturn will come sooner and be harder to fight," the expert said.

Current upswing in the global economy "furnishes an ideal moment to act on a range of multilateral challenges," Obstfeld said.

"These include countering global financial stability threats, including cyber-threats; strengthening the multilateral trading system; cooperation on international tax policy, including the fight against money laundering; and promoting sustainable development in low-income countries," he said. Fighting the irreversible environmental damage, particularly from climate change, is of "especially urgent importance," he added.

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