The IMF has prepared an Update on Global Prospects and Policy Challenges report for the G20 Leaders’ Summit. The report highlights a change in the underlying dynamics of global growth including relative cyclical positions changing and increasingly different growth dynamics. The report also finds that financial conditions are tighter and market pressures have become acute for some emerging economies. The report recommends strengthened global action to revitalize growth and better manage risks. In particular, advanced economies should adopt a measured pace of fiscal tightening and credible debt reduction plans. Meanwhile emerging economies should bolster their policy framework to handle possible further financial instability and risks to growth.