Turmoil in emerging markets this summer has forced the International Monetary Fund into a humbling series of U-turns over its global assessments.
In a confidential note seen by the Financial Times, the IMF has dropped its view of emerging economies as the dynamic engine of the world economy, instead noting that “momentum is projected to come mainly from advanced economies, where output is expected to accelerate”.
The note, produced for world leaders attending the G20 summit in St Petersburg this week, urges them to act to mitigate risks from weakness in poorer countries. But its clout is likely to be diminished by the IMF’s failure to provide an accurate assessment of the world economy as recently as its meetings in April.
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