{ "title": "Opening Remarks for Annual Meetings Press Conference", "publication": "IMF News, October 17, 2019", "sourceUrl": "https://www.imf.org/en/news/articles/2019/10/17/sp101719-opening-remarks-for-annual-meetings-press-conference", "canonical": "https://www.imf.org/en/news/articles/2019/10/17/sp101719-opening-remarks-for-annual-meetings-press-conference", "overlayPath": "/en/news/articles/2019/10/17/sp101719-opening-remarks-for-annual-meetings-press-conference/index.md", "summary": "1) Undo the harm on trade - Objective: Find a lasting solution to build a stronger trading system. - Note: Encouragement from the recent announcement between the U.S. and China; Annual Meetings seen as an opportunity to move from a \"trade truce to a trade peace.\"", "publishDate": "2019-10-17", "sections": [ { "heading": "Introduction", "content": "- Speaker: Kristalina Georgieva, Managing Director, IMF \n- Event date: October 17, 2019 \n- Context: First Annual Meetings as Managing Director; remarks delivered \"As Prepared for Delivery.\" \n- Framing metaphor: Alexander Pushkin quote — “The breath of Autumn begins to ice the roadway.” Used to describe the current outlook as a \"slightly chill\" and \"slippery terrain.\"" }, { "heading": "Global Outlook — \"Synchronized Slowdown\"", "content": "- Forecasts:\n - 3.0 percent in 2019.\n - 3.4 percent in 2020.\n - Both figures represent a downgrade from April projections.\n- Scope:\n - Measured by GDP, nearly 90 percent of the world is experiencing slower growth.\n- Drivers of the slowdown:\n - Trade disruptions.\n - Brexit.\n - Geopolitical tensions.\n- Characterization: The global economy is described as being in a \"synchronized slowdown.\"" }, { "heading": "Five Policy Priorities to \"Travel Safely and Efficiently\"", "content": "- Overall reference: The Global Policy Agenda outlines recommended steps.\n\n1) Undo the harm on trade\n- Objective: Find a lasting solution to build a stronger trading system.\n- Note: Encouragement from the recent announcement between the U.S. and China; Annual Meetings seen as an opportunity to move from a \"trade truce to a trade peace.\"\n\n2) Use monetary policy wisely\n- Recommendation: Accommodative policy remains appropriate in many countries.\n- Preconditions: Central banks must maintain independence and communicate plans clearly.\n- Caution: Be mindful of financial stability risks from prolonged low rates.\n\n3) Enable fiscal policy to play a more central role\n- Recommendation: Countries with fiscal space should deploy — or prepare to deploy — fiscal firepower.\n- Constraint: Global public debt is at a record high; advice will not apply everywhere.\n\n4) Structural reforms to boost medium- and long-term growth\n- Rationale: Lagging productivity requires measures for stronger, more inclusive, and more resilient growth.\n- Examples: Cutting red tape; boosting female labor force participation.\n- Drivers increasing urgency: Potential job losses from automation, dislocations from trade, and aging populations.\n\n5) Promote stronger international cooperation\n- Scope: Extends beyond trade to include financial regulatory reform, addressing climate change, safely adapting to fintech, and fighting money laundering.\n- Principle: Challenges that do not recognize borders require solutions that do not either.\n- IMF role: Positioned as central to the global financial safety net; members are working to ensure the Fund remains adequately resourced and governance reforms continue." }, { "heading": "Institutional and Operational Note", "content": "- Announcement: Beginning January 1st, 2020, all IMF publications in digital formats will be made available free to the public." }, { "heading": "Conclusion and Objectives for the Meetings", "content": "- Goal: Make progress on the five priorities to \"secure a safer and more efficient journey on the challenging road ahead.\"\n- Closing: Speaker opens the floor to questions.\n\nOpening Remarks for Annual Meetings Press Conference — Kristalina Georgieva, October 17, 2019.\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- People's Republic of China and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/10/17/sp101719-opening-remarks-for-annual-meetings-press-conference" } ], "bullets": [ "[Markdown version](/en/news/articles/2019/10/17/sp101719-opening-remarks-for-annual-meetings-press-conference/index.md)", "[Structured JSON version](/en/news/articles/2019/10/17/sp101719-opening-remarks-for-annual-meetings-press-conference/index.json)", "[Bundle manifest](/en/news/articles/2019/10/17/sp101719-opening-remarks-for-annual-meetings-press-conference/bundle-manifest.json)", "Published: October 17, 2019", "Speaker: Kristalina Georgieva, Managing Director, IMF", "Event date: October 17, 2019", "Context: First Annual Meetings as Managing Director; remarks delivered \"As Prepared for Delivery.\"", "Framing metaphor: Alexander Pushkin quote — “The breath of Autumn begins to ice the roadway.” Used to describe the current outlook as a \"slightly chill\" and \"slippery terrain.\"", "Forecasts:", "Scope:", "Drivers of the slowdown:", "Characterization: The global economy is described as being in a \"synchronized slowdown.\"", "Overall reference: The Global Policy Agenda outlines recommended steps.", "Objective: Find a lasting solution to build a stronger trading system.", "Note: Encouragement from the recent announcement between the U.S. and China; Annual Meetings seen as an opportunity to move from a \"trade truce to a trade peace.\"", "Recommendation: Accommodative policy remains appropriate in many countries.", "Preconditions: Central banks must maintain independence and communicate plans clearly.", "Caution: Be mindful of financial stability risks from prolonged low rates.", "Recommendation: Countries with fiscal space should deploy — or prepare to deploy — fiscal firepower.", "Constraint: Global public debt is at a record high; advice will not apply everywhere.", "Rationale: Lagging productivity requires measures for stronger, more inclusive, and more resilient growth.", "Examples: Cutting red tape; boosting female labor force participation.", "Drivers increasing urgency: Potential job losses from automation, dislocations from trade, and aging populations.", "Scope: Extends beyond trade to include financial regulatory reform, addressing climate change, safely adapting to fintech, and fighting money laundering.", "Principle: Challenges that do not recognize borders require solutions that do not either.", "IMF role: Positioned as central to the global financial safety net; members are working to ensure the Fund remains adequately resourced and governance reforms continue.", "Announcement: Beginning January 1st, 2020, all IMF publications in digital formats will be made available free to the public.", "Goal: Make progress on the five priorities to \"secure a safer and more efficient journey on the challenging road ahead.\"", "Closing: Speaker opens the floor to questions.", "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)", "[People's Republic of China and the IMF](http://www.imf.org/external/country/CHN/index.htm)", "[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)" ], "alternates": { "markdown": "/en/news/articles/2019/10/17/sp101719-opening-remarks-for-annual-meetings-press-conference/index.md", "json": "/en/news/articles/2019/10/17/sp101719-opening-remarks-for-annual-meetings-press-conference/index.json", "bundleManifest": "/en/news/articles/2019/10/17/sp101719-opening-remarks-for-annual-meetings-press-conference/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T23:09:35.347Z" }