WASHINGTON, Could 4 (Reuters) – The U.S. Treasury Division’s prime worldwide official is heading to Europe and Asia this week for talks on present macroeconomic developments and occasions, and a G7 finance officers assembly, Treasury stated in a press release on Thursday.
Treasury Undersecretary for Worldwide Affairs Jay Shambaugh will attend conferences of the Group for Financial Cooperation and Improvement in Paris on Friday, earlier than touring on to Singapore and Japan, Treasury stated.
In Singapore, Shambaugh will meet with officers from the finance ministry and the Financial Authority of Singapore, to speak about macroeconomic priorities, local weather finance, digital belongings, and regional points, Treasury stated.
He may even go to Tokyo, Japan for bilateral talks on shared priorities on problems with sovereign debt issues, commerce, regulation and local weather finance forward of the Group of Seven (G7) finance ministers and central bankers assembly going down in Niigata, Japan from Could 11-13.
The assembly takes place a month after the Worldwide Financial Fund trimmed its 2023 world progress outlook barely and warned {that a} extreme flare-up of economic system turmoil may slash output to close recessionary ranges.
The IMF is now forecasting world actual GDP progress at 2.8% for 2023 and three.0% for 2024, marking a pointy slowdown from 3.4% progress in 2022 resulting from tighter financial coverage.
Shambaugh will be part of U.S. Treasury Secretary Janet Yellen on the G7 assembly in Niigata, Treasury stated.
Reporting by Andrea Shalal; Modifying by Kirsten Donovan
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