Former U.S. Treasury Secretary Larry Summers has urged global leaders to form a global growth strategy to combat economic stagnation and has called upon the U.S. government to ramp up investment expenditure.
Writing in the Financial Times on Monday, Summers took the opportunity to openly address central bankers and finance ministers who are gathering in Washington this week for the biannual International Monetary Fund meetings.
“In the U.S. the case for substantial investment promotion is overwhelming. Increased infrastructure spending would reduce burdens on future generations, not just by spurring growth but also by expanding the economy’s capacity and reducing deferred maintenance obligations,” he said.
“Government could do much at no cost to promote private investment including authorizing oil and natural gas exports, bringing clarity to the future of corporate taxes, and moving forward on trade agreements that open up foreign markets.”
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