̶開会に向けて̶MESSAGEManaging Director of the International Monetary FundMme. CHRISTINE LAGARDE国際通貨基金（IMF） 専務理事クリスティーヌ・ラガルドExpectations for the Fukuoka G20 Ministerial MeetingAs the G20 nance ministers and central bank governors lay the groundwork for their meeting in Fukuoka, they can take inspiration from their host city. Building on its ancient traditions, Fukuoka has ourished as a trading hub and continues to thrive by embracing innovation and global startups.This combination of economic openness and strong local roots is more important than ever, because the world economy is facing a delicate moment. The immediate challenge is to address the current slowdown in global growth and to support the expected upswing later this year and into 2020. Looking to the medium term, structural reforms to boost productivity and growth remain imperative.More broadly, countries are facing fundamental transitions. Climate change poses an existential threat. Digital technology brings greater nancial inclusion but also the risk of cyber-attacks. Widening economic inequality undermines support for the system of open trade that has lifted billions out of poverty.These are only some of the challenges facing the word economy at this critical juncture.The answer lies in more economic openness and cooperation, combined with strong country-specic policies to foster more inclusive growth. This is what Fukuoka can teach us. It is also at the heart of what I call the “new multilateralism”.What does that mean? It means working together to put people at the center of all our efforts, focusing on concrete results that improve lives. It means ensuring that the responsibilities and rewards of multilateralism are broadly shared. And it means tackling pressing issues head-on both domestically as well as cooperatively.This urgency of action is reected in the agenda of the Japanese G20 Presidency:• First—global imbalances. While imbalances narrowed after the global nancial crisis, progress has stalled in recent years. If we are to reduce imbalances, we will need a greater sense of shared responsibility. For example, countries with current account surpluses can use their scal room for maneuver where available. At the same time, countries with current account decits can step up growth-friendly scal consolidation.• Second—debt vulnerabilities. Some 40 percent of low-income developing countries are at high risk of debt distress or in debt distress. Promoting debt transparency and sustainable nancing practices by both debtors and creditors is critical to help low-income countries build resilience. Together with the World Bank, the IMF is implementing a multipronged approach to help address these debt vulnerabilities.• Third—demographic shifts. The world is facing a major transformation, with aging populations in many advanced countries and rapidly growing populations in most low-income and developing countries. The goal is to harness the potential of this transformation: from modernizing labor markets and immigration systems, to improving the business environment, to reforming the global trade system. These types of reforms can boost investment, growth, and jobs, especially for young people and women. And raising female labor force participation can be particularly important to mitigate the impact of a shrinking workforce in rapidly aging economies.Addressing these challenges requires more cooperation. We need broadly-supported domestic policies to enhance resilience and inclusiveness. We need to create a more level playing eld across borders for people and companies. And we need stronger partnerships to address global challenges that no country can solve alone.As the G20 gears up for its meeting next month, let us harness the “Fukuoka spirit” of openness and cooperation. Let us act swiftly and act together.6 ファイナンス 2019 May
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