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Thursday, May 30, 2024

Minister Fettah Warns of Fragmentation in Global Economy

Minister of Economy and Finance, Nadia Fettah, warned in Washington against the fragmentation of the global economy, recalling that Morocco rather advocates the strengthening of cooperation.

Fettah, who was speaking at a panel discussion on the global economy at the Spring Meetings of the World Bank Group and the International Monetary Fund (IMF), said that the fragmentation of the global economy was a concern for several countries like Morocco.

The Minister stressed, in this regard, that the Kingdom supports international economic cooperation.

“Fragmentation is a risk for African economies and emerging markets which are the engines of growth,” Fettah said.

For her part, IMF Managing Director Kristalina Georgieva said geopolitical tensions are threatening global growth.

There must be a rational debate about how to protect national security and preserve economic prosperity, she added.

“The fragmentation of the global economy is a brake on growth,” she pointed out.

The global economy has shown resilience in the face of repeated shocks, the IMF Managing Director underlined, noting however that the IMF’s projection of 3% growth over the next five years was too low to provide people with opportunities.

The 2023 Spring Meetings of the World Bank Group and the IMF run until April 16 in the US federal capital.

This event brings together actors from various backgrounds, including leaders from the public and private sectors, central bank governors, ministers, MPs, representatives of civil society organizations and experts from academia around the major global issues, including global economic conditions, poverty reduction, economic development and aid effectiveness.

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