Meeting The International Monetary and Financial Committee (IMFC)
Dr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand (BOT) represented the Southeast Asia Voting Group (SEAVG)* at the International Monetary and Financial Committee (IMFC) meetings between 24-25 October 2024, in Washington, D.C., USA. The International Monetary Fund (IMF) forecasted a global economic growth of 3.2% for 2024 and 2025, but raised a concern on the low medium-term growth and high-debt path amidst intensifying trade and geopolitical tension.
The BOT Governor stressed the importance of the use of Integrated Policy Framework (IPF) in safeguarding economic and financial stability. The use of IPF needs to be flexible and tailored to the country context, especially for Emerging Markets Economies which face high volatility.
Meanwhile, a clear policy communication is key to avoid adding uncertainty to the markets. The BOT Governor also called on the IMF for further analytical work on (1) the impact of geoeconomic fragmentation and policies to maintain economic resilience, and (2) the risks associated with digital finance, including digital fraud, cyber threats, concentration of service providers, and potentially adverse impacts on financial access for certain groups of the population.
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