IMF World Economic Outlook Update
Washington, DC, United States
1. Exterior of IMF
2. IMF logo on building
Washington, DC --- 22 July 2019
3. Slate: What is the main takeaway from the WEO Update?
4. SOUNDBITE: (English) Gita Gopinath, IMF Economic Counselor / Chief Economist:
“Global growth remains sluggish and we are revising down growth for 2019 to 3.2% and for 2020 to 3.5%. These are modest revisions, but they come on top of more significant revisions done in the recent past. Going forward there are significant downside risks to the outlook. Some of the main ones are an escalation in trade tensions or in technology tensions. A change in financial risk sentiment. It is therefore very important for countries to cooperatively work together to resolve their disagreements, especially on the trade and technology front. Because that would be important for supporting growth going forward.”
5. Slate: What is the biggest risk to the forecast?
6. SOUNDBITE: (English) Gita Gopinath, IMF Economic Counselor / Chief Economist:
“The biggest risks to the forecast is an escalation of tensions on the trade front and on the technology front. That is already weighing on business sentiment and further escalation would dampen growth going forward.”
7. Slate: What is your advice to policy makers?
8. SOUNDBITE: (English) Gita Gopinath, IMF Economic Counselor / Chief Economist:
“Well some of the slowing down and growth is self-inflicted. So I think it's important for countries to work together to resolve tensions on the trade front and the technology front. Simultaneously monetary policy should remain accommodative given softening inflation trends in major economies.”
Brian WalkerMedia Relations OfficerUnited StatesBWalker@imf.org+1 (202) 623-7381+1 (202) 286-5839