The global economy has shown remarkable resilience in the face of geopolitical tensions and the lingering effects of the COVID-19 pandemic. International Monetary Fund (IMF) Managing Director Kristalina Georgieva believes that much of this strength can be attributed to countries like China, which have demonstrated steadfast commitment to long-term development and innovation.
In an exclusive interview with KhabarAsia.com, Georgieva shared her insights on how economies, especially emerging and developing nations, can navigate challenges such as low productivity growth and high debt levels. She emphasized the pivotal role China plays in this global landscape.
“What we learn from China and pass on to other countries is this ability to take the long view,” Georgieva acknowledged. She highlighted China’s advancements in the green economy, digital economy, and artificial intelligence as examples of how strategic planning and investment can drive sustainable growth.
Georgieva, who will begin her second five-year term as IMF Managing Director on October 1, 2024, praised China’s strong support for the IMF and its contributions to global economic stability. “China has maintained a good momentum of development in fields like green economy, digital economy, and artificial intelligence,” she noted.
According to Georgieva, the digital and green transformations underway present significant opportunities to boost productivity and improve living standards worldwide. “These transformations are not just about technology; they’re about people. They’re about creating jobs, improving efficiency, and fostering inclusive growth,” she said.
She underscored the importance of global cooperation in addressing shared challenges, noting that China’s experience in poverty eradication offers valuable lessons. “The world can learn from China’s strategies in lifting millions out of poverty,” Georgieva remarked.
As the IMF projects global growth levels exceeding three percent for 2024 and 2025, Georgieva remains optimistic about the future but cautions that sustained efforts are needed to tackle persistent obstacles. She called on emerging and developing economies to leverage innovations and partnerships to overcome low productivity and high debt.
“It’s crucial for countries to invest in human capital and infrastructure while maintaining fiscal responsibility,” Georgieva advised. “By doing so, they can create a virtuous cycle of growth and development.”
Georgieva’s message is clear: with strategic vision and collaborative efforts, the global community can navigate uncertainties and build a more prosperous future. China’s example, she suggests, offers a roadmap for others to follow.
Reference(s):
cgtn.com
