Asia must stay agile and prepared: International Monetary Fund (IMF) Chief

WASHINGTON: Policymakers and businesses in Asia must remain agile and financially strong as the world faces more frequent and unpredictable shocks, Kristalina Georgieva, Managing Director of the International Monetary Fund, said on Thursday.

Speaking at a conference in Bangkok, Georgieva said the global economy is entering a period of constant uncertainty where countries need to be ready for new challenges that can emerge at any time.

She stressed that governments should focus on strengthening their own economies instead of worrying about factors beyond their control.

"The world is currently witnessing major transformations in technology, demographics, trade and geopolitics," Georgieva noted.

"These changes, combined with repeated global shocks, are creating a more uncertain economic environment," she added.

She also referred to the latest conflict in the Middle East, which she said could affect global economic stability if it continues for a longer period.

"A prolonged conflict may influence global energy prices, market sentiment, economic growth and inflation, while creating additional pressure on policymakers around the world," she stated.

For many Asian economies, energy security remains a major concern, she said, adding that recent developments have already caused volatility in stock markets across the region.

"A quick resolution to the conflict would be beneficial for the global economy," Georgieva said. (IANS)

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