IMF / GLOBAL ECONOMY

International Monetary Fund Managing Director Kristalina Georgieva and other finance and trade experts gathered at the IMF on Thursday for a debate on the global economy. IMF

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:02:27
• Production Date: 18 October 2019
• Asset Language: English
• Corporate Name: INTERNATIONAL MONETARY FUND - IMF
• Subject Topical: ECONOMY; FINANCE
• MAMS Id: 2478161
• Parent Id: 2478161
• Alternate Title: unifeed191018f

Description

STORY: IMF / GLOBAL ECONOMY
TRT: 2:27
SOURCE: IMF
RESTRICTIONS:NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 17 OCTOBER 2019, WASHINGTON DC

Shotlist

***PROGRAM FEED – SHOTS CHANGE THROUGHOUT***

1. Various shots, open of Debate on Global Economy
2. SOUNDBITE (English) Kristalina Georgieva, Managing Director of the International Monetary Fund:
“One, guess what? If you are in the business of making money, you actually want to make money. So, we see more risk taking. We see weird things happening because the normal pathway to generate yield is not delivering in advanced economies. Delivering little bit better in emerging economies, and I’ll come to that point. But, the second conclusion I derive is that we do have to concentrate much more forcefully on why productivity has leveled.”
3. Wide shot, panelists talking
4. SOUNDBITE (English) Min Zhu, Chair, National Institute of Financial Research, Tsinghua University:
“The negotiations reached a certain degree of consent which is good, just a few days ago here in Washington. But, you know, in Washington things change very fast. Like the weather changed very fast just in the past few days. So, I don’t know. I mean we’ll still have to be able to see whether we’ll be able to ink the negotiations into the paper in a month in APEC meeting.”
5. Med shot, moderator CNBC Anchor Geoff Cutmore asking Nadia Calviño a question
6.SOUNDBITE (English) Nadia Calviño, Minister of Economy and Business, Spain:
“Is this good at the end of the day? Well, obviously it isn’t. It’s lose-lose. So, we are very supportive of engaging in a constructive manner. Finding a better way to deal with each other. A more constructive way to deal with each other. A rules-based world trade. It doesn’t mean that we don’t need to change anything, WTO needs to be reformed. We are very willing to engage in that process. But, threats and raising tariffs doesn’t seem to be a very wise solution for me. So, patience, yes. Is that enough, I frankly doubt it.”
7. Wide shot, panelists at end of debate

Storyline

International Monetary Fund Managing Director Kristalina Georgieva and other finance and trade experts gathered at the IMF on Thursday for a debate on the global economy.

Much of the talk focused on how to counter what Georgieva has called a “synchronized slowdown” in the global economy as well as how to ease trade and geopolitical tensions.

Georgieva said that measures taken after the global financial crisis have reduced risks of shocks but advanced economies are struggling with flat productivity and yields. This has brought two consequences.

She said, “one, guess what? If you are in the business of making money, you actually want to make money. So, we see more risk taking. We see weird things happening because the normal pathway to generate yield is not delivering in advanced economies. Delivering little bit better in emerging economies, and I’ll come to that point. But, the second conclusion I derive is that we do have to concentrate much more forcefully on why productivity has leveled.”

Panelists urged a turn toward more trade, rather than protectionism. News of possible progress between the U.S. and China was welcome, but brought some skepticism.

Min Zhu, Chair, National Institute of Financial Research, Tsinghua University said, “the negotiations reached a certain degree of consent which is good, just a few days ago here in Washington. But, you know, in Washington things change very fast. Like the weather changed very fast just in the past few days. So, I don’t know. I mean we’ll still have to be able to see whether we’ll be able to ink the negotiations into the paper in a month in APEC meeting.”

And Spanish Minister of Economy and Business Nadia Calviño said countries should not engage in tit-for-tat tariffs and threats.

She said, “is this good at the end of the day? Well, obviously it isn’t. It’s lose-lose. So, we are very supportive of engaging in a constructive manner. Finding a better way to deal with each other. A more constructive way to deal with each other. A rules-based world trade. It doesn’t mean that we don’t need to change anything, WTO needs to be reformed. We are very willing to engage in that process. But, threats and raising tariffs doesn’t seem to be a very wise solution for me. So, patience, yes. Is that enough, I frankly doubt it.”