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STORY: IMF ASIAN ECONOMIES
TRT: 2:53
SOURCE: IMF
RESTRICTIONS:NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 13 OCTOBER 2017, WASHINGTON DC / RECENT
RECENT – WASHINGTON DC
1. Exterior, IMF building
13 OCTOBER 2017, WASHINGTON DC
2. Wide shot, Asia and Pacific Department briefing
3. Wide shot, reporters at briefing
3. SOUNDBITE (English) Changyong Rhee, Director of the Asia and Pacific Department of International Monetary Fund (IMF):
“Asia remains as the engine of growth. In relative terms, Asia’s contribution to growth is going down slightly because the other regions are also picking up. But the recovery of other regions broad-based recovery is increasing the Asian exports and that has a very virtuous circle within the region and in the world. So, for the short-term the outlook seems to be very positive.”
4. Med shot, reporters at briefing
5. Wide shot, IMF officials at briefing
6. SOUNDBITE (English) Markus Rodlauer, Deputy Director of the Asia and Pacific Department of International Monetary Fund (IMF):
“The RMB’s inclusion in the SDR basket was a big step, a milestone for the Fund and for the global economy. It was a bit step in the internationalization of the renminbi and also more broadly in the integration of the Chinese economy into the global financial system. This is very important for us as the process for making sure China feels at home in the international monetary system and feels at home in the IMF.”
7. Med shot, reporters
8. SOUNDBITE (English) Changyong Rhee, Director of the Asia and Pacific Department of International Monetary Fund (IMF):
“Broadly speaking, there are advanced Asian economies, which already experience rapid aging. And, for those countries, Japan is a great example, to see what’s going to happen in the future. And they have to adjust not only the structural policies, but also think about how to adjust the macroeconomic policy, especially monetary policy, to avoid so-called new mediocre in the medium-term.”
9. Close up, reporter
10. Wide shot, IMF officials
11. SOUNDBITE (English) Ken Kang, Deputy Director of the Asia and Pacific Department of International Monetary Fund (IMF):
“The Indonesian economy continues to perform well. We are forecasting growth to pick up to 5.3 percent next year from 5.2 percent this year. And, inflation remains manageable, well within the target band. In terms of the key priorities for strengthening growth and making it more inclusive, I would point to two areas. First, there’s a need to push forward on fiscal reforms, particularly on tax revenue. Tax revenue as a share of GDP in Indonesia is around 10 percent, which is low compared to other regions and there’s a need to strengthen that in order to create scope for the government’s ambitious agenda for addressing the infrastructure gap and raising social spending. The second area is on structural reforms to improve the overall business environment.”
12. Wide shot, IMF officials at end of briefing
Asia’s economic growth is forecast to be 5.6 percent in 2017 and 5.5 percent in 2018, maintaining the region’s importance as a global engine of growth, according to the IMF.
In a briefing today (13 Oct) on the Asia and Pacific regional Outlook, Changyong Rhee, Director of the Asia and Pacific Department of the IMF said “Asia remains as the engine of growth. In relative terms, Asia’s contribution to growth is going down slightly because the other regions are also picking up. But the recovery of other regions broad-based recovery is increasing the Asian exports and that has a very virtuous circle within the region and in the world. So, for the short-term the outlook seems to be very positive.”
On China, Markus Rodlauer, Deputy Director of the Asia and Pacific Department of IMF said “The RMB’s inclusion in the SDR basket was a big step, a milestone for the Fund and for the global economy. It was a bit step in the internationalization of the renminbi and also more broadly in the integration of the Chinese economy into the global financial system. This is very important for us as the process for making sure China feels at home in the international monetary system and feels at home in the IMF.”
On advanced Asian economies which already experience rapid aging, Changyong Rhee said “for those countries, Japan is a great example, to see what’s going to happen in the future. And they have to adjust not only the structural policies, but also think about how to adjust the macroeconomic policy, especially monetary policy, to avoid so-called new mediocre in the medium-term.”
On Indonesian economy, Ken Kang, Deputy Director of the Asia and Pacific Department of IMF said “the Indonesian economy continues to perform well. We are forecasting growth to pick up to 5.3 percent next year from 5.2 percent this year. And, inflation remains manageable, well within the target band. In terms of the key priorities for strengthening growth and making it more inclusive, I would point to two areas. First, there’s a need to push forward on fiscal reforms, particularly on tax revenue. Tax revenue as a share of GDP in Indonesia is around 10 percent, which is low compared to other regions and there’s a need to strengthen that in order to create scope for the government’s ambitious agenda for addressing the infrastructure gap and raising social spending. The second area is on structural reforms to improve the overall business environment.”
