DPM Tharman warns of 'financial Ebolas' risk at IMF/World Bank meet
Published on Oct 12, 2014 4:25 AM
By Jeremy Au Yong, Us Bureau Chief, Washington
Deputy Prime Minister Tharman Shanmugaratnam - seen here (above) with US Federal Reserve chair Janet Yellen (left) and International Monetary Fund managing director Christine Lagarde - warned that a global economy still recovering from the financial crisis could get stuck in a prolonged period of sub-par growth and such an environment would leave countries vulnerable to shocks. -- PHOTO: REUTERS
WASHINGTON - A global economy still recovering from the financial crisis could get stuck in a prolonged period of sub-par growth, said Deputy Prime Minister Tharman Shanmugaratnam as he warned that such an environment would leave countries vulnerable to shocks.
Speaking at a press conference after chairing the 30th meeting of the International Monetary and Financial Committee (IMFC) - the policy setting body of the International Monetary Fund (IMF) - DPM Tharman said that the committee's primary concern was on how to the tackle long-term risks.
"The substance and spirit of our discussions was very much on focusing on tomorrow. In other words, focusing on the reforms needed to address the challenges of tomorrow," he said on Saturday in Washington.
"And if we don't do that, then we can't solve the problems of today. To solve today's growth problems, we have to lift potential growth. That means reforms that don't pay off immediately but reforms that build confidence over the medium to longer term... If we don't address tomorrow's growth problems today, we would be left with today's problems tomorrow."
Published on Oct 12, 2014 4:25 AM
By Jeremy Au Yong, Us Bureau Chief, Washington
Deputy Prime Minister Tharman Shanmugaratnam - seen here (above) with US Federal Reserve chair Janet Yellen (left) and International Monetary Fund managing director Christine Lagarde - warned that a global economy still recovering from the financial crisis could get stuck in a prolonged period of sub-par growth and such an environment would leave countries vulnerable to shocks. -- PHOTO: REUTERS
WASHINGTON - A global economy still recovering from the financial crisis could get stuck in a prolonged period of sub-par growth, said Deputy Prime Minister Tharman Shanmugaratnam as he warned that such an environment would leave countries vulnerable to shocks.
Speaking at a press conference after chairing the 30th meeting of the International Monetary and Financial Committee (IMFC) - the policy setting body of the International Monetary Fund (IMF) - DPM Tharman said that the committee's primary concern was on how to the tackle long-term risks.
"The substance and spirit of our discussions was very much on focusing on tomorrow. In other words, focusing on the reforms needed to address the challenges of tomorrow," he said on Saturday in Washington.
"And if we don't do that, then we can't solve the problems of today. To solve today's growth problems, we have to lift potential growth. That means reforms that don't pay off immediately but reforms that build confidence over the medium to longer term... If we don't address tomorrow's growth problems today, we would be left with today's problems tomorrow."
