Kristalina Georgieva says fund had been conducting ‘thinking the unthinkable’ scenario-planning before Israel-Hamas war began
Shocks are becoming the new normal for an already weakened global economy, the head of the International Monetary Fund has warned, pointing toKristalina Georgieva said the IMF had already been carrying out “thinking the unthinkable” scenario-planning even before this week’s violence in the Middle East became the latest setback to hopes of recovery.
“Shocks are becoming the new normal for a world that has been weakened by weak growth and economic fragmentation,” she told the IMF’s annual meeting in Marrakech on Thursday. She added that there was no guarantee that the orderly adjustment of bond prices to a higher interest-rate environment would last: “A sharp further tightening of financial conditions could hit markets, could hit banks, and could hit non-banks.”
Georgieva said the IMF had been stepping up its work on anticipating future shocks. “For some time we have been thinking the unthinkable and what that would mean.”
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