<p><em>Ms. Christine Lagarde, Managing Director of the
International Monetary Fund (IMF), issued the following statement on June 28  ;at the conclusion of the Group of 20 (G20)
Leaders’ Summit in Osaka, Japan as made available to OpenLife by IMF Media
office</em><em></em></p>



<p>“I would
like to congratulate Prime Minister Shinzo Abe, Deputy Prime Minister Taro Aso,
and Bank of Japan Governor Haruhiko Kuroda for their chairmanship of this G20
Summit, and for their warm hospitality.</p>



<p>“In my
discussions with G20 Leaders, I noted that the global economy has hit a rough
patch: investment has weakened and trade has slowed significantly, with export
and import growth rates at their lowest level since the great financial crisis.
Even though the IMF expects growth to strengthen somewhat going forward, the
risks to the outlook remain serious. ;</p>



<p>“Chief
among these risks is trade. While the resumption of trade talks between the
United States and China is welcome, tariffs already implemented are holding
back the global economy, and unresolved issues carry a great deal of
uncertainty about the future. I reiterated that the priority should be to
reduce obstacles to trade—new and old, tariffs and otherwise—and to address the
underlying sources of trade tensions and distortions. ;</p>



<p>“We need
a trading system fit for today’s world which means addressing gaps in the
international rule book, including areas like agricultural and industrial
subsidies, services and e-commerce. I welcomed Prime Minister Abe’s
announcement of the Osaka Track framework relating to data flow and e-commerce.
I also joined many Leaders in calling for accelerated reform of the WTO, for
the benefit of all economies. ;</p>



<p>“I also
pointed to other key areas where policy action is needed to restore confidence
and help growth: central banks will need to continue to adjust policies with
incoming data, and fiscal policy must balance growth support and debt
sustainability; and structural reforms can support productivity and employment.</p>



<p>“At the
same time, the G20 should continue its important efforts to address a range of
urgent common issues from corporate taxation to financial regulatory reform to
corruption and climate change. I strongly endorse the Osaka Blue Ocean
initiative aimed at reducing new plastic marine waste. ;</p>



<p>“I was
also very pleased to participate in the Leaders’ event on women’s empowerment.
I presented to Prime Minister Abe the IMF’s assessment of this issue as
macro-critical for the global economy, and our analysis which shows that
closing the gender gap could boost GDP significantly in Japan and many other
countries. ;</p>



<p>“In
conclusion, I said that while the global economy is currently at a precarious
stage, with the right policies and working together, we can overcome the
challenges that we face and set the world on a path of stronger, more
sustainable, balanced, and inclusive growth. ;</p>



<p>“Once
again, I would like to thank the government, the city of Osaka, and the people
of Japan for their hosting of this Summit meeting.”</p>

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