IMF Demands Productivity Reforms To Combat Slow Growth

The International Monetary Fund has said that countries across the world must prioritise productivity reforms to revive medium-term growth.

The IMF in a piece on its website, stated that the global growth rate had slowed steadily since the 2008–09 global financial crisis and without policy intervention and leveraging emerging technologies, the stronger growth rates of the past were unlikely to return.

That stance aligned with that of Nigeria’s Finance Minister, cc, who at the public hearing of the Tripartite Committee on National Minimum Wage in Lagos in March, urged tech investment as labour sought a new minimum wage.

Edun, who is also the coordinating minister of the economy, urged employers of labour in the country to invest in technology to boost productivity.

He said, “On the issue of production versus inflation. Increasing productivity is the key. And the young man also talks about the fact that you cannot just have money to chase a few goods.

“We have had that in this country, for years and years, more money was put into the system, but there was no production to match it. So, an increase in productivity is key.”

Olusola Akintonde/Punch news