Washington, DC --- Recent
1. Exterior of IMF
2. IMF logo on building

Washington, DC --- 17 July 2019
3. Setup shot of IMF External Sector Report news conference
4. SOUNDBITE: (English) Gita Gopinath, IMF Economic Counselor / Chief Economist:
“The main short-term risks stem from an intensification of trade tensions or a disorderly Brexit which can have negative implications for global demand and global risk appetite. Which then in turn can affect economies that are highly dependent on foreign demand and on external finance.”
5. Profile shot
6. SOUNDBITE: (English) Gita Gopinath, IMF Economic Counselor / Chief Economist:
“A noteworthy development is the continued narrowing of China's current account surplus against a backdrop of greater exchange rate flexibility and real appreciation over the last decade. Its current account is now assessed to be line with fundamentals. Although achieving a lasting external rebalancing will require adopting further structural reforms including to reduce subsidies to state owned enterprises and reduce entry barriers in certain sectors as current expansionary fiscal and credit policies are gradually withdrawn.”
7. Reporter cutaway
8. SOUNDBITE: (English) Gita Gopinath, IMF Economic Counselor / Chief Economist:
“It is imperative that all countries avoid policies that distort trade. Recent bilateral trade actions have had no discernible impact on the global imbalances as external imbalances reflect macro policies that affect aggregate saving and investment. Instead higher tariffs have been associated with increased prices for consumers and a wing on global trade investment and growth, including by eroding confidence and disrupting global supply chains.”
9. Reporter Cutaway
10. SOUNDBITE: (English) Gita Gopinath, IMF Economic Counselor / Chief Economist:
“We are seeing global growth. Global trade growth slow, which tells you that this is not just about shifting of trade to different parts of the world but an actual overall reduction in in trade. So this is having a fundamental impact on global trade.”
11. Wideshot of news conference