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IMF / WORLD ECONOMIC OUTLOOK
STORY: IMF / WORLD ECONOMIC OUTLOOK
TRT: 01:55
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 04 OCTOBER 2017, WASHINGTON DC
RECENT – WASHINGTON DC
1. Wide shot, UNHQ exterior
2. Close up, IMF logo on building
04 OCTOBER 2017, WASHINGTON DC
2. SOUNDBITE (English) Maury Obstfeld, Director, Research Department, International Monetary Fund (IMF):
“We are very happy to be able to raise our growth forecast for this year and next year by point one percentage point in each case. We expect global growth this year to be 3.6 percent and next year 3.7 percent. It's hard not to be excited about that because it is a very broad-based recovery. We see it in advanced economies, in emerging Asia, in emerging Europe, including in Russia."
3. Med shot, Obstfeld
4. SOUNDBITE (English) Maury Obstfeld, Director, Research Department, International Monetary Fund (IMF):
“There are very obvious geopolitical risks, but also asset prices may be stretched creating the risk of re-pricing, there are risks from volatile capital flows as central banks re-normalize and as the (US) Dollar may appreciate. Perhaps the biggest risk is that policy makers don't use this opportunity to do strong reforms."
5. Med shot, Obstfeld
6. SOUNDBITE (English) Maury Obstfeld, Director, Research Department, International Monetary Fund (IMF):
"We are currently occupying a global environment of opportunity for policy and our three-pronged approach definitely applies. First and foremost it is a great opportunity for structural reforms. Fiscal policy has a role to play, and particularly it can move toward consolidation in some cases if it moves gradually. Inflation remains puzzlingly low so it is important for monetary policy as it normalizes to remain cautious. And finally financial stability remains on the agenda. It's important to move forward and not to backtrack."
RECENT – WASHINGTON DC
7. Wide shot, IMF building sign
8. Close up, IMF logo on building
The International Monetary Fund (IMF) announced today (10 Oct) that global growth is strengthening and is broad-based, but pockets of negative growth and concern over debt-levels mean that policy makers must not be complacent.
IMF Research Department Director Maury Obstfeld said the Fund was pleased to raise its growth forecast for this year and next by point one percent in each case in its latest World Economic Outlook report. He said the IMF expects global growth this year to be 3.6 percent and next year 3.7 percent.
The report indicates that strength in the euro area, Japan, emerging Asia, emerging Europe and Russia are powering the boost and more than offset downward revisions in the United States and Great Britain. Obstfeld said, “It's hard not to be excited about that because it is a very broad-based recovery. We see it in advanced economies, in emerging Asia, in emerging Europe including in Russia."
However, Obstfeld had some words of warning against complacency in the current growth environment. He said, "There are very obvious geopolitical risks, but also asset prices may be stretched creating the risk of re-pricing, there are risks from volatile capital flows as central banks re-normalize and as the (US) Dollar may appreciate. Perhaps the biggest risk is that policy makers don't use this opportunity to do strong reforms."
Obstfeld laid out a three-pronged approach to dealing with challenges.
SOUNDBITE (English) Maury Obstfeld, Director, Research Department, International Monetary Fund (IMF):
"We are currently occupying a global environment of opportunity for policy and our three-pronged approach definitely applies. First and foremost it is a great opportunity for structural reforms. Fiscal policy has a role to play, and particularly it can move toward consolidation in some cases if it moves gradually. Inflation remains puzzlingly low so it is important for monetary policy as it normalizes to remain cautious. And finally financial stability remains on the agenda. It's important to move forward and not to backtrack."
A full copy of the report can be found at IMF.org.
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