Press Briefing: World Economic Outlook, April 2016



Shoot Date

12 Apr 2016

Shoot Location

Washington, DC, United States

The IMF’s latest World Economic Outlook (WEO) finds that global growth continues, but at a sluggish pace that leaves the world economy more exposed to risks.
1. Wide IMF officials before briefing on World Economic Outlook 2. Mid photographers at briefing 3. SOUNDBITE: (English) Maurice Obstfeld, Chief Economist at the IMF “The new World Economic Outlook anticipates a slight acceleration in growth in 2016, relative to 2015, to 3.2 percent rate of growth followed by a further acceleration to 3.5 percent in 2017. However, these projections continue to be progressively less optimistic over time.” 4. Wide reporters at briefing 5. SOUNDBITE: (English) Maurice Obstfeld, Chief Economist at the IMF “So, we see this stimulus coming and we upgrade the near-term forecast on the result. Our concern is that some of this stimulus is likely to take the form of higher credit growth, more support for sectors that are, in a secular sense, declining and not that productive. And so, we worry about the quality of growth more than the quantity of growth.” 6. Close reporter asking question 7. SOUNDBITE: (English) Maurice Obstfeld, Chief Economist at the IMF “Since the early 1970s, the United Kingdom economy has become progressively more integrated through trade and finance with that of continental Europe. It’s obvious that there’s a lot of uncertainty at the moment about what will happen in June, that it is weighing on confidence and investment in the UK. A Brexit vote would lead to a two-year process of renegotiation, in which it seems unlikely – we can’t presuppose what would happen – that Britain’s status with respect to access to the EU would not change. And, this would have a big effect on the UK, on its European partners, in fact on countries more globally who are integrated into the current set of arrangements.” 8. Mid reporters 9. SOUNDBITE: (English) SOUNDBITE: (English) Oya Celasun, Head of the World Economic Studies Division “First came the drop in commodity prices, which meant a drop in revenues for Brazil. There was the overdue adjustment in utility prices that weighed on demand. There’s weak confidence that comes from a need for a fiscal adjustment and delays in articulating and implementing a plan for that. Political uncertainty has been a part of this mix, weighing on confidence.” 10. Wide IMF officials at end of briefing
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