USA-IMF Economic Outlook
Washington D.C., USA - July 16, 2018 (CCTV - No access Chinese mainland)
1. International Monetary Fund (IMF)
2. IMF chief economist Maurice Obstfeld (C) taking seat
3. SOUNDBITE (English) Maurice Obstfeld, chief economist, International Monetary Fund:
"The United States has initiated trade actions affecting a broad group of countries, and faces retaliation, or retaliatory threats from China, the European Union, its NAFTA partners and Japan among others. Our modeling suggests that if current trade policy threats are realized and business confidence falls as a result, global output could be about 0.5 percent below current projections by 2020."
4. Press conference in progress
5. Vehicles passing by outside IMF building
The International Monetary Fund (IMF) on Monday kept its growth forecasts for the global economy unchanged for this year and next year, but warned of escalating trade tensions that could derail the global recovery.
In its updated World Economic Outlook report released on Monday, the IMF said global economic growth is projected to reach 3.9 percent in 2018 and 2019, in line with its previous forecasts in April.
The IMF downgraded its growth forecast of advanced economies in 2018 to 2.4 percent, 0.1 percentage points lower than its April forecast, while maintaining an unchanged forecast of 2.2 percent growth in those economies for 2019.
Growth in emerging markets and developing economies is projected to strengthen to 4.9 percent in 2018 before reaching 5.1 percent in 2019, unchanged from previous forecasts.
The report came after the Trump administration unilaterally imposed high tariffs on imported steel and aluminum products, provoking strong opposition from the domestic business community and retaliatory measures from U.S. trading partners.
IMF chief economist Maurice Obstfeld warned at a press conference in Washington that if current trade tensions escalate further, it would affect confidence, asset prices, and investment globally, which was the greatest near-term threat to the world's growth.
"The United States has initiated trade actions affecting a broad group of countries, and faces retaliation, or retaliatory threats from China, the European Union, its NAFTA partners and Japan among others. Our modeling suggests that if current trade policy threats are realized and business confidence falls as a result, global output could be about 0.5 percent below current projections by 2020," he said.
The report also mentioned that avoiding protectionist measures and finding a cooperative solution that promotes continued growth in goods and services trade remain essential to preserve the global expansion.
USA-IMF Economic Outlook
Dateline : July 16, 2018
Location : Washington D.C.,United States
Duration : 0'48
Washington D.C., USA - July 16, 2018 (CCTV - No access Chinese mainland)
1. International Monetary Fund (IMF)
2. IMF chief economist Maurice Obstfeld (C) taking seat
3. SOUNDBITE (English) Maurice Obstfeld, chief economist, International Monetary Fund:
"The United States has initiated trade actions affecting a broad group of countries, and faces retaliation, or retaliatory threats from China, the European Union, its NAFTA partners and Japan among others. Our modeling suggests that if current trade policy threats are realized and business confidence falls as a result, global output could be about 0.5 percent below current projections by 2020."
4. Press conference in progress
5. Vehicles passing by outside IMF building
The International Monetary Fund (IMF) on Monday kept its growth forecasts for the global economy unchanged for this year and next year, but warned of escalating trade tensions that could derail the global recovery.
In its updated World Economic Outlook report released on Monday, the IMF said global economic growth is projected to reach 3.9 percent in 2018 and 2019, in line with its previous forecasts in April.
The IMF downgraded its growth forecast of advanced economies in 2018 to 2.4 percent, 0.1 percentage points lower than its April forecast, while maintaining an unchanged forecast of 2.2 percent growth in those economies for 2019.
Growth in emerging markets and developing economies is projected to strengthen to 4.9 percent in 2018 before reaching 5.1 percent in 2019, unchanged from previous forecasts.
The report came after the Trump administration unilaterally imposed high tariffs on imported steel and aluminum products, provoking strong opposition from the domestic business community and retaliatory measures from U.S. trading partners.
IMF chief economist Maurice Obstfeld warned at a press conference in Washington that if current trade tensions escalate further, it would affect confidence, asset prices, and investment globally, which was the greatest near-term threat to the world's growth.
"The United States has initiated trade actions affecting a broad group of countries, and faces retaliation, or retaliatory threats from China, the European Union, its NAFTA partners and Japan among others. Our modeling suggests that if current trade policy threats are realized and business confidence falls as a result, global output could be about 0.5 percent below current projections by 2020," he said.
The report also mentioned that avoiding protectionist measures and finding a cooperative solution that promotes continued growth in goods and services trade remain essential to preserve the global expansion.
ID : 8085629
Published : 2018-07-17 07:37
Last Modified : 2018-07-17 20:17:00
Source : China Central Television (CCTV)
Restrictions : No access Chinese mainland
More