IMF WEO Update Key Messages




23 Jun 2020


Washington, DC, United States



IMF WEO Update Key Messages
Washington, DC --- 22 June 2020
1. Embargo Slate: Not for use or reporting until 0900a ET / 1300 GMT Wednesday June 24, 2020
2. Wideshot of closed IMF Headquarters, various street scenes

Washington, DC --- 23 June 2020
3. SOUNDBITE: (English) Gita Gopinath, IMF Research Department Director / Chief Economist:
“So compared to the April World Economic Outlook, we are projecting a deeper downturn in 2020 and a slower recovery in 2021. So growth for 2020 is projected at minus four-point-nine percent, which is one-point-nine percentage points below our April forecast. Now, this reflects the fact that in the first half, economic outcomes came in somewhat worse than we had anticipated. And because there is no medical solution, we are expecting social distancing to persist for more for a longer time into the second half of this year.”
4. Cutaway Exterior
5. SOUNDBITE: (English) Gita Gopinath, IMF Research Department Director / Chief Economist:
“So there is tremendous uncertainty around the forecast. On the one hand, you could get positive news, you could have better news on vaccines and on treatments and greater policy support, and that can trigger a faster recovery. But on the other hand, there are important downside risks, too, which is that the virus could come back up. You could have financial tightening that could lead to debt distress. So there are both upsides and downsides. And overall, I would say this tremendous uncertainty.”
6. Cutaway Exterior
7. SOUNDBITE: (English) Gita Gopinath, IMF Research Department Director / Chief Economist:
“So we are not out of the woods. Which means policymakers need to remain vigilant and agile, which is to adapt to how the situation evolves. Substantial monetary and fiscal support will need to be continued, but appropriate safeguards should be put in place. There should be proper fiscal accounting, fiscal transparency. And when it comes to monitory policy, central bank independence has to be maintained.”

Washington, DC --- 22 June 2020
8. Exterior street scene of IMF Headquarters
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