IMF / LAGARDE PRESSER

At a news conference to open the IMF-World Bank Spring Meetings, IMF Managing Director Christine Lagarde today urged world leaders to work together to address risks to the world economy. IMF

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:02:45
• Production Date: 11 April 2019
• Asset Language: English
• Corporate Name: INTERNATIONAL MONETARY FUND - IMF
• Subject Topical: ECONOMY
• MAMS Id: 2379063
• Parent Id: 2379063
• Alternate Title: unifeed190411g

Description

STORY: IMF / LAGARDE PRESSER
TRT: 2:37
SOURCE: IMF
RESTRICTIONS: PLEASE CREDIT IMF ON SCREEN
LANGUAGE: ENGLISH / NATS

DATELINE: 11 APRIL 2019, WASHINGTON DC

Shotlist

1.Wide shot, IMF Managing Director Christine Lagarde greeting journalists with First Deputy Managing Director David Lipton and Communications Department Director Gerry Rice
2.Med shot, photographers
3.SOUNDBITE (English) Christine Lagarde, Managing Director of the International Monetary Fund (IMF):
“Just like nature, the global economy is also currently quite uncertain. As I said a year ago, we were talking about synchronized growth. And 75 per cent of the global economy was going through that phase. As you heard a couple of days ago, we are now talking about a synchronized slowdown by 70 per cent of the global economy. So our forecast for growth this year is 3.3 per cent, going back up we hope in 2020, based on our forecast, to 3.6 per cent. But we contend that we are at a delicate moment. And this expected rebound from 3.3 in 2019 to 3.6 in 2020 is precarious and subject to downside risks.”
4.Med shot, journalists
5.SOUNDBITE (English) Christine Lagarde, Managing Director of the International Monetary Fund (IMF):
“It gives time for continued discussions between the various parties involved in the U.K. It probably gives time to the economic agents to better prepare for all options. And, you know, I am particularly thinking of the industrialists and the workers in the U.K. in order to try to secure their future, that that gives a bit more time. On the other hand, it is obvious that it is continued uncertainty. And it does not resolve, other than by postponing what would have been a terrible outcome because we believe that, in terms of economic consequences, the no‑deal Brexit would have been a terrible outcome.”
6.Close up, journalist asking question
7.SOUNDBITE (English) Christine Lagarde, Managing Director of the International Monetary Fund (IMF):
“Monetary policies have been extremely efficient but has also not run its course but has, as we stand now in many countries very low interest rates and not much room to maneuver unless they were going to explore yet again more traveling into negative territory and their balance sheets are quite large. So, our recommendation to monetary authorities is, please stay accommodating for many of you. Facilitate the fiscal measures that need to be taken.”
8.Wide shot, IMF officials at end of briefing
9.Wide shot, IMF officials ending briefing

Storyline

At a news conference to open the IMF-World Bank Spring Meetings, IMF Managing Director Christine Lagarde today urged world leaders to work together to address risks to the world economy.

Speaking at the news conference, Lagarde said, “nature, the global economy is also currently quite uncertain. As I said a year ago, we were talking about synchronized growth. And 75 per cent of the global economy was going through that phase. As you heard a couple of days ago, we are now talking about a synchronized slowdown by 70 per cent of the global economy. So our forecast for growth this year is 3.3 per cent, going back up - we hope - in 2020, based on our forecast, to 3.6 percent. But we contend that we are at a delicate moment. And this expected rebound from 3.3 in 2019 to 3.6 in 2020 is precarious and subject to downside risks.”

She also said that the risks include trade tensions, high public and private debt as well as Brexit. But, she welcomed the 6-month delay for Brexit.

Lagarde noted, “it gives time for continued discussions between the various parties involved in the U.K. It probably gives time to the economic agents to better prepare for all options. And, you know, I am particularly thinking of the industrialists and the workers in the U.K. in order to try to secure their future, that that gives a bit more time. On the other hand, it is obvious that it is continued uncertainty. And it does not resolve, other than by postponing what would have been a terrible outcome because we believe that, in terms of economic consequences, the no‑deal Brexit would have been a terrible outcome.”

The Managing Director also supported the judicious use of accommodative polices, but warned against only relying on one tool from the toolbox.

She said, “monetary policies have been extremely efficient but has also not run its course but has, as we stand now in many countries very low interest rates and not much room to maneuver unless they were going to explore yet again more traveling into negative territory and their balance sheets are quite large. So, our recommendation to monetary authorities is, please stay accommodating for many of you. Facilitate the fiscal measures that need to be taken.”