{
  "title": "Opening Remarks by Christine Lagarde at World Economic Outlook Press Conference",
  "publication": "IMF News, January 21, 2019",
  "sourceUrl": "https://www.imf.org/en/news/articles/2019/01/21/sp012119-md-opening-remarks-for-weo-press-conference-davos",
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  "summary": "Event: World Economic Outlook Press Conference, Davos",
  "publishDate": "2019-01-21",
  "sections": [
    {
      "heading": "Context and overview",
      "content": "- Event: World Economic Outlook Press Conference, Davos\n- Date: January 21, 2019\n- Presented: First time the World Economic Outlook Update is presented by Gita Gopinath, new Chief Economist.\n- Contact: IMF Communications Department MEDIA RELATIONS Phone: +1 202 623-7100Email: MEDIA@IMF.org"
    },
    {
      "heading": "Global growth assessment and forecast change",
      "content": "- The IMF had previously cut its global growth forecast in October for 2019 and 2020, partly because of the negative effects of rising trade barriers.\n- Today the IMF is announcing a further downward revision of its forecast.\n- Bottom line: after two years of strong expansion, the world economy is growing more slowly than expected and risks are rising."
    },
    {
      "heading": "Risk environment — intertwined risks and channels",
      "content": "- Risks are significantly higher and increasingly intertwined:\n  - Higher tariffs and rising uncertainty over future trade policy fed into lower asset prices and higher market volatility.\n  - These developments contributed to tightening financial conditions, including for advanced economies.\n  - Tightening financial conditions are a major risk factor in a world of high debt burdens.\n- Geopolitical worries and disappointing long-term growth prospects amplify downside risks.\n- Question addressed: \"Does that mean that a global recession is around the corner?\" — The answer given: \"no\"—but the risk of a sharper decline in global growth has certainly increased."
    },
    {
      "heading": "Policy message and priorities",
      "content": "- Core message: Address remaining vulnerabilities and be ready if a serious slowdown were to materialize.\n- For most countries, the recommended approach is to harness existing growth momentum to create more policy room to act, with three interrelated priorities:\n\n  - Resilient\n    - Reduce high government debt to open space to fight future downturns — but do so in a fair and growth-friendly way.\n    - Monetary policy should be data-dependent.\n    - Exchange rates should be allowed to act as shock absorbers.\n    - Develop macroprudential toolkits to further financial sector stability.\n    - Use this time for economic reforms to lift growth, especially in labor markets and infrastructure investment.\n\n  - Inclusive\n    - Ensure the digital revolution delivers for people in terms of productivity, employment, and long-term growth.\n    - Help workers displaced by automation.\n    - Create new and better opportunities for women and young people.\n\n  - Collaboration\n    - Effective international cooperation requires fairness, flexibility, and commitment to the common good.\n    - Priorities for cooperation include: fixing the global trade system, fighting corruption and tax evasion, and addressing the existential threat of climate change.\n    - The speaker calls for a \"new multilateralism\" to build a brighter future for all citizens."
    },
    {
      "heading": "Scenarios and readiness",
      "content": "- The objective is to be in a better position for a downturn (which history suggests is \"somewhere over the horizon\") and for unexpected developments.\n- Urgency: The new outlook shows the need for enhanced international cooperation is more urgent than ever.\n\nOpening Remarks by Christine Lagarde at World Economic Outlook Press Conference — Davos, January 21, 2019\n\n---\n\n\n References\n\n- Christine Lagarde\n- World Economic Outlook Update, January 2019\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/01/21/sp012119-md-opening-remarks-for-weo-press-conference-davos"
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    "Published: January 21, 2019",
    "Event: World Economic Outlook Press Conference, Davos",
    "Date: January 21, 2019",
    "Presented: First time the World Economic Outlook Update is presented by Gita Gopinath, new Chief Economist.",
    "Contact: IMF Communications Department MEDIA RELATIONS Phone: +1 202 623-7100Email: MEDIA@IMF.org",
    "The IMF had previously cut its global growth forecast in October for 2019 and 2020, partly because of the negative effects of rising trade barriers.",
    "Today the IMF is announcing a further downward revision of its forecast.",
    "Bottom line: after two years of strong expansion, the world economy is growing more slowly than expected and risks are rising.",
    "Risks are significantly higher and increasingly intertwined:",
    "Geopolitical worries and disappointing long-term growth prospects amplify downside risks.",
    "Question addressed: \"Does that mean that a global recession is around the corner?\" — The answer given: \"no\"—but the risk of a sharper decline in global growth has certainly increased.",
    "Core message: Address remaining vulnerabilities and be ready if a serious slowdown were to materialize.",
    "For most countries, the recommended approach is to harness existing growth momentum to create more policy room to act, with three interrelated priorities:",
    "The objective is to be in a better position for a downturn (which history suggests is \"somewhere over the horizon\") and for unexpected developments.",
    "Urgency: The new outlook shows the need for enhanced international cooperation is more urgent than ever.",
    "[Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)",
    "[World Economic Outlook Update, January 2019](https://www.imf.org/en/publications/weo/issues/2019/01/11/weo-update-january-2019)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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