4/12/2019
World Bank - IMF Spring Meeting is Held
President of the World Bank David Malpass: "The global growth lost momentum throughout the 2018 with a fall from 3.3% in the Q1 to 2.7% in the Q4 according to the World Bank calculations. The deceleration was seen in both advanced and developing economies and it coincided with three other warning signs: Waning structural reforms in major economies; financial stress in some large emerging markets; and elevated policy uncertainty globally"...
IMF Managing Director Christine Lagarde: "The uncertainty is true currently in the global economy. Just a year ago, we saw a synchronized upswing; today we are looking at a synchronized downswing. We are projecting a return to higher growth in 2020. But we are at a “delicate moment”. This expected rebound is “precarious” and subject to downside risks: from trade tensions, high debt in some sectors and countries"...
World Bank and IMF's joint Spring Meeting is held in Washington D.C. on 9-14 April 2019. Below we present you important remarks from the opening speeches of the new President of the World Bank David Malpass and the IMF's Managing Director Christine Lagarde. President of the World Bank David Malpass President of the World Bank David Malpass made the following statement, in a summary; "The global growth lost momentum throughout the 2018 with a fall from 3.3% in the Q1 to 2.7% in the Q4 according to the World Bank calculations. The deceleration was seen in both advanced and developing economies and it coincided with three other warning signs: Waning structural reforms in major economies; financial stress in some large emerging markets; and elevated policy uncertainty globally...." IMF Managing Director Christine Lagarde IMF Managing Director Christine Lagarde made the following statement, in summary; "..The uncertainty is true currently in the global economy. Just a year ago, we saw a synchronized upswing; today we are looking at a synchronized downswing. As per the WEO numbers, we are projecting a slowdown in global growth to 3.3 percent in 2019. That level of growth remains reasonable—and we do not see a recession. We are projecting a return to higher growth in 2020—at 3.6 percent. But we are at a “delicate moment”. This expected rebound is “precarious” and subject to downside risks: from trade tensions, high debt in some sectors and countries, the risk of weaker-than-expected growth in some stressed economies and Brexit. We need to be country-specific, of course, no one size fits all. But let me highlight two broad categories of priorities: The key is to avoid the wrong policy actions. This is especially the case for trade. We know that, for many decades, trade integration has helped to boost growth, reduce poverty, and lift productivity and employment around the world. At the same time, we know that this engine of prosperity needs to be fixed. Policymakers also need to take the right policy actions to address country-specific needs. In all these efforts, we need stronger international cooperation." The Director of the IMF's European Department, Poul Thomsen, "Adopting a tightening monetary policy is critically important for Turkey: Meanwhile, at the Spring Meetings, International Monetary Fund (IMF) European Director Paul Thomsen stated about Turkey economy that: "It is critically important for Turkey to adopt tightening monetary policy and to take control again of inflation expectancies."
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