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1、 G R O U P O F T W E N T Y G-20 REPORT ON STRONG,SUSTAINABLE,BALANCED,AND INCLUSIVE GROWTH 2022 Prepared by Staff of the I N T E R N A T I O N A L M O N E T A R Y F U N D*Does not necessarily reflect the views of the IMF Executive Board November 2022 2 INTERNATIONAL MONETARY FUND CONTENTS EXECUTIVE

2、SUMMARY _ 3 THE GLOBAL ECONOMY IS WEAKENING _ 4 A.Multiple Shocks have Hurt Growth and Raised Inflation _ 4 B.Economic Scarring and Fragmentation Will Weigh on the Outlook _ 10 C.Downside Risks Dominate and Imperil the Growth Outlook _ 12 PRIORITIZE DISINFLATION AND EQUITABLE GROWTH _ 14 A.Macroecon

3、omic Policies Must Focus on Bringing Down Inflation _ 14 B.Complementary Reforms Can Support Near-and Long-Term Growth _ 19 C.A Robust Policy Package Would Help Tackle Global Challenges _ 20 HALT FRAGMENTATION AND NURTURE INTEGRATION _ 22 A.It is Essential to Continue Reaping the Gains from Globaliz

4、ation _ 22 B.Joint Action Can Support Both the Climate and Vulnerable Economies _ 23 FIGURES 1.Progress Toward Strong,Sustainable,Balanced,and Inclusive Growth _ 4 2.Economic Activity _ 5 3.Inflation _ 6 4.Commodity Prices and Energy Security _ 6 5.Food Insecurity _ 7 6.Monetary Policy Interest Rate

5、s _ 8 7.External Spillovers _ 9 8.Excess Current Account Balances _ 9 9.Economic Outlook _ 10 10.Output Losses After Recessions _ 10 11.Globalization Trends _ 12 12.Inflation Outlook _ 14 13.Monetary Policy _ 15 14.Fiscal Impulse _ 16 15.Fiscal Policy _ 17 16.Structural Reform Recommendations _ 19 1

6、7.Impact of Adjusting Policies to Recommendations:Real GDP and Spillovers _ 21 18.Impact of Adjusting Policies to Recommendations:Debt _ 21 19.Impact of Adjusting Policies to Recommendations:Demand and Current Account _ 22 20.Importance of Policy Credibility _ 23 21.Impact of Climate Policies _ 24 T