This note summarises the observations from our attendance at the IMF’s annual meetings. In total, we met with 20 IMF mission chiefs on advanced economies and emerging and frontier markets.
While seeing a modest recovery, the IMF appears quite concerned about the medium-term outlook in many advanced economies.
Meetings on emerging markets were generally more positive, especially for key emerging markets such as Russia, Mexico and Brazil, as the countries are pursuing relatively orthodox and prudent macroeconomic policies, boosting an economic recovery.
The IMF sees rising financial risks in China, calling for the authorities to take immediate steps to address the vulnerabilities.
Africa is witnessing a two-speed economic development with the continent’s big commodity-producing countries struggling, while oil-importing African countries continue to enjoy rapid economic growth driven by public investment, still-low oil prices, regional integration and population growth.