WASHINGTON (Sputnik) — On Wednesday, the International Monetary Fund (IMF) said that the weakening of the global economic recovery, as well as the inability of policymakers to adequately respond to negative trends, have "clouded" economic prospects.
The IMF stated it expects the global economy to grow at about 3.2 percent in 2016, reflecting a slightly worse outlook than previously anticipated.
"If you look at the traditional policies, like the monetary policy, very low interest rates, in some cases even negative interest rates… it is not having an effect that we would expect from traditional models," Nunes said on Friday.
The official explained that in 2008, the global economy saw a deep decrease in growth of the developed economies. By contrast, emerging markets did well for one additional year, but then their growth started to falter.
"It showed that there are some kind of structural adjustments that need better understanding," Nunes said.
The official added that economists need to develop new tools of analysis to understand the current economic trends and their consequences.
"If you look at more traditional policies, they are not working," Nunes reiterated his position.
