Risks to the global economic outlook have risen, and there might not be anything policymakers can do to reduce those risks.

During a speech in Singapore today, International Monetary Fund (IMF) Deputy Managing Director Naoyuki Shinohara said that policymakers have limited room to provide support for growth, Bloomberg reported.

“A key concern is that the room for continued policy support has become much more limited and has, in some cases, been exhausted,” Shinohara said.

Shinohara said he feels that Asia will continue to lead the world economic rebound, as advanced economies suffer because of stunted recoveries.

“Should the recovery continue as expected, Asia’s bright growth prospects, together with low interest rates in major economies, would likely attract more capital,” Shinohara told Bloomberg. “This could lead to risks of overheating in some economies if appropriate policy action is not taken. On the other hand, further increases in global risk aversion could see capital flows change direction quickly.”

After nearly two years of global economic upheaval “shock waves are still being felt,” Shinohara said, pointing to recent developments in Europe and its financial market volatility.

“The global outlook remains unusually uncertain, and downside risks have risen significantly,” he told Bloomberg.