Speaking at the G20 finance ministers and central bank governors meeting on September 1, International Monetary Fund Managing Director Georgieva said that behind the expected 3% growth rate of the global economy this year is a serious differentiation in growth, and growth prospects are still facing high uncertainty. Higher bond yields in advanced economies are driving up global interest rates, which is worrying. Georgieva said that global public sector debt accounts for nearly 100% of GDP, which has surpassed the high level after World War II and is expected to rise further. The process of falling inflation has come to a standstill in many countries, increasing fiscal pressure is driving up core bond yields, and the mutual influence of fiscal and monetary policies has caused the market to worry. Finally, the future impact of artificial intelligence on productivity and financial stability remains unknown. Georgieva said that the continued rise in global interest rates is particularly worrying. Bond yields in major developed economies have risen to multi-year highs, leading to a general rise in global financing costs. Although interest spreads in some emerging markets and developed economies have narrowed, this benefit has been offset by increased financing costs due to rising global benchmark interest rates. At the same time, the external financing environment for developing countries has been further tightened. Reduced financing, rising borrowing costs, and increased pressure to refinance debt are compounding each other, further squeezing the financial space for infrastructure, health care, and education in many developing countries, particularly low-income countries.

Speaking at the G20 finance ministers and central bank governors meeting on September 1, International Monetary Fund Managing Director Georgieva said that behind the expected 3% growth rate of the global economy this year is a serious differentiation in growth, and growth prospects are still facing high uncertainty. Higher bond yields in advanced economies are driving up global interest rates, which is worrying. Georgieva said that global public sector debt accounts for nearly 100% of GDP, which has surpassed the high level after World War II and is expected to rise further. The process of falling inflation has come to a standstill in many countries, increasing fiscal pressure is driving up core bond yields, and the mutual influence of fiscal and monetary policies has caused the market to worry. Finally, the future impact of artificial intelligence on productivity and financial stability remains unknown. Georgieva said that the continued rise in global interest rates is particularly worrying. Bond yields in major developed economies have risen to multi-year highs, leading to a general rise in global financing costs. Although interest spreads in some emerging markets and developed economies have narrowed, this benefit has been offset by increased financing costs due to rising global benchmark interest rates. At the same time, the external financing environment for developing countries has been further tightened. Reduced financing, rising borrowing costs, and increased pressure to refinance debt are compounding each other, further squeezing the financial space for infrastructure, health care, and education in many developing countries, particularly low-income countries.