WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Friday that many of the challenges facing the global economy stem from Russia’s “terrible war in Ukraine” and continued pandemic recovery, but policymakers are improving coordination to tackle them.
“Inflation is elevated in many countries. Growth is slowing globally. We are also seeing swings in capital flows and strong movements in financial markets,” Yellen said in remarks prepared for delivery at a news conference during the International Monetary Fund and World Bank annual meetings in Washington.
Yellen said that the U.S. economy remains resilient but inflation remains too high and bringing it down remains President Joe Biden’s top economic priority.
She also said global policymakers gathering in Washington agreed on decisive action on taming inflation, securing energy supplies and addressing other challenges.
“We are also attentive to the spillovers of macroeconomic tightening from advanced economies to the rest of the world,” she said. “This week has left us better informed and better coordinated. We are determined about the jobs we have to do at home. And we are united around our collective effort to tackle our shared challenges.”
(Reporting by David Lawder and Andrea Shalal; Editing by Dan Burns)
