IMF Lagarde / Trade / Global Economy / Venezuela




06 Jun 2019


Washington, DC, United States

IMF Lagarde / Trade / Global Economy / Venezuela
Washington, DC --- 5 June 2019
1. IMF Managing Director Christine Lagarde and AEI Resident Fellow Desmond Lachman walk-up to stage
2. SOUNDBITE: (English): Christine Lagarde, IMF Managing Director:
“We are now seeing this sort of synchronised deceleration of growth which is shared by about 70 percent of total total GDP around the world. So that fragility is still the same. It's a little bit differently distributed than what we had assumed. So most recently the results for the US economy have been slightly better than what we had anticipated. Slightly better also the European Union. But on the other hand, some of the emerging market economies have been lower than we had thought.”
3. Cutaway Reporter
4. SOUNDBITE: (English) Christine Lagarde, IMF Managing Director:
“You know one of the risks that we had identified is the risk associated with trade tensions and two months ago we said be very careful what you are doing with this major growth engine that is trade because anything that breaks on trade such as tariffs such as non-tariff barriers is going to actually be a brake on growth. And unfortunately, we're seeing some materialization of these risks.”
5. Midshot of stage
6. SOUNDBITE: (English) Christine Lagarde, IMF Managing Director:
“And if you combine the two and you aggregate what is already in place and what will. Impact trade only dealing with China let alone Mexico which is a more recent development and we which we have not included in that particular surveillance note that alone would shave off the forecast that we have. By point 5 percent.”
7. Cutaway Reporter
8. SOUNDBITE: (English) Maury Obstfeld, Research Department Director:
“All we can do is from a distance and based on sporadic information and contacts that we have with a few people who are still on the ground is trying to assess what in our view based on what we've seen is likely to be just the most difficult protracted and complicated economic situation that we have seen and not just economy. Because you have a humanitarian crisis you have a food crisis. You have a currency crisis. You have inflation which is in the million’s percent. And the debt situation which is extremely complex as well, so you have to bring this all together. It's like having, you know, you take the three worst cases of crisis resolution that we have ever handled in the history of the IMF. You bring them all together and that is Venezuela.”
9. Wide-shot handshake and event ends
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