John Lipsky, the second-ranking official at the IMF, said G20 nations deputies showed confidence about the global economic recovery, even taking into account challenges and risks.
“They’re mainly confident that there’s a moderate recovery under way globally,” Lipsky said yesterday after a G20 deputies’ meeting in the South Korean city of Gwangju.
There are “obviously risks and challenges, but things seem to be moving more or less in the line with our forecasts,” he said.
PHOTO: REUTERS
His comment came a day after Bank of Korea Deputy Governor Kim Jae-chun said the deputies discussed concerns that the recent volatility in financial markets may dim the immediate outlook for the global economy.
Global stocks rallied last week after three weeks of declines in the MSCI World Index on concern that the recovery from the worst recession in many decades may falter.
The US Federal Reserve may consider a second round of large-scale purchases of securities to stop the US falling back into recession, and the Bank of Japan expanded a bank loan program to buttress domestic demand last month.
Lipsky also said that the agenda for changes in the IMF’s board representation and quota system has made “good progress.” He declined to comment on European Central Bank president Jean-Claude Trichet’s call for unity to protect seats.
Trichet yesterday urged EU countries to find a unified position over threats to the bloc’s influence at the IMF. The US is pushing to give emerging economies more say on the fund’s 24-seat board of directors.
The US rejection of a proposal last month to maintain the IMF’s executive board in its current form may force a reduction in the nine seats held by EU countries, including Belgium and the Netherlands.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
RSS