Minister Fettah Warns of Global Economic Fragmentation

Last updated Apr 16, 2023

Nadia Fettah, the minister of economy and finance, issued a warning against the global economy’s fragmentation in Washington, noting that Morocco prefers to promote increased cooperation.

At a panel discussion on the global economy during the World Bank Group and International Monetary Fund (IMF) Spring Meetings, Fettah remarked that some nations, including Morocco, were concerned about the fragmentation of the global economy.

In this regard, the Minister emphasized that the Kingdom is in favor of international economic cooperation.

“Fragmentation is a risk for African economies and emerging markets, which are the engines of growth,” said Fettah.

Geopolitical tensions, according to IMF Managing Director Kristalina Georgieva, are endangering global economy.

She continued that there must be a reasoned discussion on how to safeguard national security and maintain economic development.

“The fragmentation of the global economy is a brake on growth,” she emphasized.

The IMF Managing Director emphasized that the world economy had proven resilient in the face of numerous shocks, but pointed out that the IMF’s forecast of 3% growth over the next five years was insufficient to create opportunities for people.

The World Bank Group and IMF are holding their 2023 Spring Meetings in the US federal capital through April 16.

Around the major global issues, such as global economic conditions, poverty reduction, economic development, and aid effectiveness, this event brings together actors from various backgrounds, including leaders from the public and private sectors, central bank governors, ministers, MPs, representatives of civil society organizations, and experts from academia.