The International Monetary Fund’s (IMF) managing director, Christine Lagarde, warned that the outlook for world economic growth has deteriorated as both developed and major emerging nations show signs of slowdown. Her comments come a day after the European Central Bank (ECB), the Bank of England (BoE) and China’s central bank each announced an easing of monetary policy.
In a speech given at an economic symposium in Tokyo, Lagarde said: “In the last few months, the global outlook has been more worrying for Europe, the US and large emerging markets,” adding that the IMF, which will publish an update to its World Economic Outlook report on 16 July, was likely to lower many of its previous growth forecasts.
In April the IMF predicted world economic growth this year would average 3.5%. Lagarde said that the revised figure would not be an “enormous variation”, but would be a reduction.
Lagarde welcomed recent co-operation by eurozone leaders to address the sovereign debt crisis, but said that further fiscal cooperation would be needed to complete necessary reforms. “It’s also a question of implementation -diligent, rigorous, steady implementation,” she added. The announcement by the ECB on 5 July that its refinancing rate was being reduced to a historic low of 0.75% had been a further positive move.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.
With rising interest rates being a hot topic at this year’s AFP conference, many treasurers were discussing how they can structure their ... read more