The 7th IMF-JICA Conference was held on February 13, 2025, with key figures including President Tanaka and Vice Minister Mimura in attendance. The conference was co-organized by the International Monetary Fund (IMF) and the Japan International Cooperation Agency (JICA), with support from Japanese authorities.
The conference addressed the resilience of the global economy despite recent challenges. Current projections indicate that global growth will maintain a steady rate of 3.3 percent for this year and the next. However, disparities between countries are growing. The U.S. is experiencing stronger-than-expected growth compared to other advanced economies, while growth in the Euro area is anticipated to rise only slightly due to weak momentum and high energy costs.
Emerging market economies are projected to grow by 4.2 percent this year and 4.3 percent next year. China's growth forecast has been slightly revised upward but remains slower than in previous years, aligning more closely with other emerging markets.
The economic landscape remains uncertain due to rapid changes in global trade, capital flows, and advancements in artificial intelligence (AI). Policymakers are urged to focus on building resilience and boosting growth as essential strategies for raising living standards and creating jobs.
Three main priorities were highlighted: implementing reforms to enhance productivity, rebuilding fiscal buffers, and strengthening cooperation among Asian countries. Productivity improvements may involve measures like reducing bureaucracy and enhancing capital markets, tailored through IMF surveillance for specific needs.
Rebuilding fiscal buffers involves addressing public debt levels that exceed pre-pandemic figures, particularly in Pacific Island nations and emerging markets. Effective fiscal consolidation can mitigate debt risks while creating space for addressing issues like aging populations or climate change.
Cooperation among Asian countries is advancing rapidly in areas such as AI, digital connectivity, and cross-border digital payments—sectors poised to significantly contribute to regional growth.
An additional message emphasized the IMF's commitment to maintaining financial strength within the Global Financial Safety Net (GFSN) and supporting Regional Financing Arrangements (RFAs) in Asia as integral components of this framework.
The conference concluded with hopes of strengthening ties among participants amid ongoing global uncertainties.