## Opening Remarks by Managing Director Kristalina Georgieva at the World Economic Outlook Press Conference, Davos

_IMF News, January 20, 2020_

## Source details

**Canonical URL:** [Opening Remarks by Managing Director Kristalina Georgieva at the World Economic Outlook Press Conference, Davos](https://www.imf.org/en/news/articles/2020/01/21/sp01202020-md-opening-remarks-at-weo-press-conference)

## Other formats

- [Markdown version](/en/news/articles/2020/01/21/sp01202020-md-opening-remarks-at-weo-press-conference/index.md)
- [Structured JSON version](/en/news/articles/2020/01/21/sp01202020-md-opening-remarks-at-weo-press-conference/index.json)
- [Bundle manifest](/en/news/articles/2020/01/21/sp01202020-md-opening-remarks-at-weo-press-conference/bundle-manifest.json)

## Bibliographic details
- Published: January 20, 2020

---

### Context and main message
- Publication date: January 20, 2020
- Event: World Economic Outlook Press Conference, Davos
- Core summary phrase: "Tentative Stabilization, Sluggish Recovery."
- Overall assessment:
  - After a synchronized slowdown in 2019, the IMF expects a moderate pickup in global growth this year and next.
  - Recent data suggest trade and industrial output are bottoming out, but a turning point has not yet been reached.
  - October projections for 2019, 2020 and 2021 have been revised slightly downwards.
  - Global growth remains sluggish, making it harder for countries to boost incomes and living standards.
  - High uncertainty persists due to trade tensions, geopolitical developments in the Middle East, and climate shocks in Australia and parts of Africa.

### Key numeric findings and factual points
- Monetary policy contribution:
  - Monetary easing added an estimated 0.5 percentage point to global growth in 2019.
  - There were 71 rate cuts by 49 central banks as part of the most synchronized monetary easing since the global financial crisis.
- Timeframes and references:
  - References to years and decades: 2019; 2020; 2021; the beginning of the 2020s; comparison to the 1920s.
- Notable quotations and phrasing preserved:
  - Two-word October summary: “synchronized slowdown”
  - Four-word current summary: “ Tentative Stabilization, Sluggish Recovery.”
  - Leo Tolstoy: “ All the variety, all the charm, all the beauty of life is made up of light and shadow .”

### Three New Year’s resolutions for policymakers (policy recommendations)
- First — keep doing what works
  - Continue monetary support where appropriate, recognizing its material contribution to growth.
  - Acknowledge that monetary policy alone is insufficient; where fiscal space exists, countries should use fiscal measures.
- Second — focus on boosting resilience and potential growth
  - Use fiscal tools more systematically and step up economic and financial reforms, for example:
    - Lowering barriers to entry in service sectors.
    - Balancing the benefits and risks of fintech.
  - Enhance resilience by:
    - Deploying macroprudential tools where financial vulnerabilities are building up.
    - Using financial policies to help reduce economic inequality.
    - Building resilience to climate risks and seizing opportunities from the transformation to a low-carbon economy.
- Third — be ready to act if growth slows again
  - Keep well-planned fiscal measures in reserve—projects that can quickly get off the ground.
  - If risks materialize, consider coordinated fiscal responses across countries.

### Strategic outlook for the decade
- 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.

### Logistics and closing
- 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.

*Source: Opening Remarks by Managing Director Kristalina Georgieva at the World Economic Outlook Press Conference, Davos (January 20, 2020).*

---


## References

- [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)

_Source: https://www.imf.org/en/news/articles/2020/01/21/sp01202020-md-opening-remarks-at-weo-press-conference_