{
  "title": "Opening Remarks by Managing Director Kristalina Georgieva at the World Economic Outlook Press Conference, Davos",
  "publication": "IMF News, January 20, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/01/21/sp01202020-md-opening-remarks-at-weo-press-conference",
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  "summary": "Publication date: January 20, 2020",
  "publishDate": "2020-01-20",
  "sections": [
    {
      "heading": "Context and main message",
      "content": "- Publication date: January 20, 2020\n- Event: World Economic Outlook Press Conference, Davos\n- Core summary phrase: \"Tentative Stabilization, Sluggish Recovery.\"\n- Overall assessment:\n  - After a synchronized slowdown in 2019, the IMF expects a moderate pickup in global growth this year and next.\n  - Recent data suggest trade and industrial output are bottoming out, but a turning point has not yet been reached.\n  - October projections for 2019, 2020 and 2021 have been revised slightly downwards.\n  - Global growth remains sluggish, making it harder for countries to boost incomes and living standards.\n  - High uncertainty persists due to trade tensions, geopolitical developments in the Middle East, and climate shocks in Australia and parts of Africa."
    },
    {
      "heading": "Key numeric findings and factual points",
      "content": "- Monetary policy contribution:\n  - Monetary easing added an estimated 0.5 percentage point to global growth in 2019.\n  - There were 71 rate cuts by 49 central banks as part of the most synchronized monetary easing since the global financial crisis.\n- Timeframes and references:\n  - References to years and decades: 2019; 2020; 2021; the beginning of the 2020s; comparison to the 1920s.\n- Notable quotations and phrasing preserved:\n  - Two-word October summary: “synchronized slowdown”\n  - Four-word current summary: “ Tentative Stabilization, Sluggish Recovery.”\n  - Leo Tolstoy: “ All the variety, all the charm, all the beauty of life is made up of light and shadow .”"
    },
    {
      "heading": "Three New Year’s resolutions for policymakers (policy recommendations)",
      "content": "- First — keep doing what works\n  - Continue monetary support where appropriate, recognizing its material contribution to growth.\n  - Acknowledge that monetary policy alone is insufficient; where fiscal space exists, countries should use fiscal measures.\n- Second — focus on boosting resilience and potential growth\n  - Use fiscal tools more systematically and step up economic and financial reforms, for example:\n    - Lowering barriers to entry in service sectors.\n    - Balancing the benefits and risks of fintech.\n  - Enhance resilience by:\n    - Deploying macroprudential tools where financial vulnerabilities are building up.\n    - Using financial policies to help reduce economic inequality.\n    - Building resilience to climate risks and seizing opportunities from the transformation to a low-carbon economy.\n- Third — be ready to act if growth slows again\n  - Keep well-planned fiscal measures in reserve—projects that can quickly get off the ground.\n  - If risks materialize, consider coordinated fiscal responses across countries."
    },
    {
      "heading": "Strategic outlook for the decade",
      "content": "- The start of the 2020s resembles the 1920s in some respects: high economic inequality, rapid spread of new technologies, and large risks and rewards from finance.\n- Stronger cooperation within and across nations is needed to manage rapid change and avoid past mistakes.\n- Call to action: work together to \"bring more light and dispel the shadows\" as a shared New Year’s resolution."
    },
    {
      "heading": "Logistics and closing",
      "content": "- Press officer: Raphael Anspach\n- Phone: +1 202 623-7100\n- Email: MEDIA@IMF.org\n- Closing remark from the Managing Director: with that, she turns the briefing over to Gita Gopinath and her deputy, Gian Maria.\n\nSource: Opening Remarks by Managing Director Kristalina Georgieva at the World Economic Outlook Press Conference, Davos (January 20, 2020).\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- Australia and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/01/21/sp01202020-md-opening-remarks-at-weo-press-conference"
    }
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    "Published: January 20, 2020",
    "Publication date: January 20, 2020",
    "Event: World Economic Outlook Press Conference, Davos",
    "Core summary phrase: \"Tentative Stabilization, Sluggish Recovery.\"",
    "Overall assessment:",
    "Monetary policy contribution:",
    "Timeframes and references:",
    "Notable quotations and phrasing preserved:",
    "First — keep doing what works",
    "Second — focus on boosting resilience and potential growth",
    "Third — be ready to act if growth slows again",
    "The start of the 2020s resembles the 1920s in some respects: high economic inequality, rapid spread of new technologies, and large risks and rewards from finance.",
    "Stronger cooperation within and across nations is needed to manage rapid change and avoid past mistakes.",
    "Call to action: work together to \"bring more light and dispel the shadows\" as a shared New Year’s resolution.",
    "Press officer: Raphael Anspach",
    "Phone: +1 202 623-7100",
    "Email: MEDIA@IMF.org",
    "Closing remark from the Managing Director: with that, she turns the briefing over to Gita Gopinath and her deputy, Gian Maria.",
    "[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)",
    "[Australia and the IMF](http://www.imf.org/external/country/AUS/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)"
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