Global Challenges, Global Solutions

Posted on April 14, 2011 by iMFdirect

By iMFdirect

The IMF-World Bank Spring Meetings are upon us here in Washington DC.

With global challenges that require global solutions—the theme of the meetings—IMF Managing Director Dominique Strauss-Kahn reminds us that this is “not the time for complacency.”

Government ministers and officials, members of civil society organizations, journalists, and others are flocking to Washington DC this week to discuss and decide on key issues facing the global economy. (more…)

Filed under: Annual Meetings, Civil Society, Economic outlook, Employment, IMF, Inequality, International Monetary Fund, Multilateral Cooperation | Tagged: , , , , , , , , , , , , , , | 3 Comments »

Global Recovery Strengthens, Tensions Heighten

Posted on April 11, 2011 by iMFdirect

By Olivier Blanchard

The world economic recovery is gaining strength, but it remains unbalanced.

Three numbers tell the story. We expect the world economy to grow at about 4.5 percent a year in both 2011 and 2012, but with advanced economies growing at only 2.5 percent, while emerging and developing economies grow at a much higher 6.5 percent.

On the good news side. Earlier fears of a double dip—which we did not share—have not materialized. (more…)

Filed under: Advanced Economies, Economic Crisis, Economic outlook, Economic research, Emerging Markets, International Monetary Fund, Low-income countries | Tagged: , , , , , , , , , , , , , , , , , , , | 8 Comments »

“Combination of Worries” Gets Attention in Davos

Posted on January 28, 2011 by iMFdirect

By iMFdirect

Europe’s sovereign debt crisis, fiscal challenges in advanced economies, concerns about overheating in emerging market countries, and the impact of rising food prices. These are the hot topics at this year’s World Economic Forum in Davos, Switzerland, and a clear sign of the tensions and risks as the global economy recovers.

In a video interview from Davos, IMF First Deputy Managing Director John Lipsky tells us that, with the return of global growth, the mood is certainly more optimistic than it was a year or two ago. But there is also a clear sense among delegates that this has not solved some of the world’s important economic problems. (more…)

Filed under: Advanced Economies, Economic Crisis, Economic outlook, Emerging Markets, IMF, International Monetary Fund | Tagged: , , , , , , , , , , , | 3 Comments »

Continuing the Momentum—Asia’s Updated Economic Outlook

Posted on July 9, 2010 by iMFdirect

By Anoop Singh

Asia’s leadership of the global economic recovery is continuing unabated. And, even though heightened risks mean there may be tough times ahead again, the region is well equipped to handle them.

Asia’s remarkably fast recovery from the global financial crisis continued in the first half of 2010, despite the recent tensions in global financial markets. In fact, GDP growth in the first quarter was generally stronger than we anticipated in our Regional Economic Outlook in April. And high-frequency indicators suggest that Asian economic activity remained brisk in the second quarter. Even more notable, this is true both for economies that escaped a recession in 2009, thanks to their relatively larger domestic demand bases (China, Indonesia, and India), and for the more export-oriented economies such as Japan, the Newly Industrialized Economies (NIEs), and the rest of the ASEAN.

Two growth engines

What explains the strong economic momentum across the region? It is simple. The two “engines of growth” that spurred Asia’s recovery in 2009— exports and private domestic demand—have remained robust in 2010.

(more…)

Filed under: Asia, Economic Crisis, Emerging Markets, Financial Crisis, Fiscal Stimulus, growth | Tagged: , , , , , , , , , , , , , , , , , | Leave a Comment »

World Faces Serious New Economic Challenges

Posted on April 21, 2010 by iMFdirect

By Olivier J. Blanchard 

Let me begin with some good news. The global recovery has evolved better than expected.  We at the IMF now forecast global growth to reach 4.2% in 2010, an upward revision of 0.3% from our  January forecast, and 4.3% in 2011. Alongside growth, global trade has also shown a strong rebound, and so have capital flows.  And, as discussed in the newly released Global Financial Stability Report, financial market conditions and stability have improved.

These good global numbers hide however a more complex reality, namely a tepid recovery in many advanced economies, and a much stronger one in most emerging and developing economies.

(more…)

Filed under: Advanced Economies, Africa, Asia, Economic Crisis, Economic research, Europe, Financial Crisis, Financial regulation, Fiscal Stimulus, growth, International Monetary Fund, Latin America, Low-income countries, Multilateral Cooperation, recession | Tagged: , , , , , , , , , | 4 Comments »

More to Do on Financial Sector Tax, Says IMF’s Lipsky

Posted on January 28, 2010 by iMFdirect

In an interview from Davos, Switzerland, the IMF’s First Deputy Managing Director John Lipsky said that although the mood among delegates is more upbeat than it was one year ago during the crisis, people still have concerns about the resilience of the economic recovery.

In its latest world economic outlook, released just ahead of the World Economic Forum meeting in Davos, the IMF is forecasting that world growth will bounce back from negative territory in 2009 to 3.9 percent this year and 4.3 percent in 2011.

Lipsky also said it was clear that decision makers feel under intense political pressure to act on financial sector regulation. A consensus on how to move ahead on a financial sector tax hasn’t emerged yet, but Lipsky said that a process initiated by the G-20 industrialized and emerging market countries will play a key role in making decisions about the issue.

(more…)

Filed under: Economic Crisis, Financial Crisis, Financial regulation, IMF | Tagged: , , , , , | 1 Comment »

IMF Revises Up Its Global Economic Forecast

Posted on January 26, 2010 by iMFdirect

The IMF has revised upwards its forecast for growth in the global economy saying it is recovering faster than previously expected. It  sees world growth bouncing back from negative territory in 2009 to a forecast 3.9 percent this year and 4.3 percent in 2011.

But the recovery is proceeding at different speeds around the world, with emerging markets, led by Asia relatively vigorous, but advanced economies remaining sluggish and still dependent on government stimulus measures, the IMF said in an update to its World Economic Outlook, published on January 26.

IMF Chief Economist Olivier Blanchard says the recovery right now is still very much based on stimulative policies by government, while  IMF Managing Director Dominique Strauss-Kahn has warned that countries risk a return to recession if anti-crisis measures are withdrawn too soon.

The IMF said it had revised upwards its earlier forecast for global growth by ¾ percentage point from the October 2009 forecast.  Along with the update to its forecast, the IMF also released a new assessment of global financial conditions in its Global Financial Stability Report (GFSR). It said that financial markets have rebounded since the lows of last March, the result of improving economic conditions and wide-ranging policy actions by governments.

“Notwithstanding the recent sell-off, risk appetite has returned, equity markets have improved, and capital markets have reopened,” Jose Viñals, Director of the IMF’s Monetary and Capital Markets Department, said.

Filed under: Advanced Economies, Economic Crisis, Economic research, Emerging Markets, Europe, Financial Crisis, Financial regulation, Fiscal Stimulus, IMF, Latin America, recession | Tagged: , , , , , , | 1 Comment »

Unwinding Crisis Policies in Europe: Are We There Yet?

Posted on January 17, 2010 by iMFdirect

By Marek Belka

Much is riding on getting the timing of the exit right from the stimulative policies used to combat the global economic and financial crisis. This is something that IMF Managing Director Dominique Strauss-Kahn has repeatedly emphasized. Exiting too early may jeopardize the recovery. But exiting too late may sow the seeds for the next crisis, as Wolfgang Munchau and others have argued recently. I also agree with Jean Pisani-Ferry and his colleagues that exiting in an uncoordinated fashion will lead to a renewed build up of financial instability.

To successfully unwind the extraordinary policy measures taken in response to the crisis, we need more than just a good sense of the state of the economic recovery and the degree of financial stability. We also need to know to what extent the global economy currently is influenced by those supportive policy measures. Is it safe yet to change course?

(more…)

Filed under: Advanced Economies, Economic Crisis, Europe, Financial Crisis, Financial regulation, Fiscal Stimulus, growth | Tagged: , , , , , , , , , , , , , , , | Leave a Comment »

IMF Annual Meetings – Key reports out

Posted on October 1, 2009 by iMFdirect

The IMF has just published its latest forecast for the global economy, the World Economic Outlook. After a deep recession, global economic growth has turned positive, driven by wide-ranging, coordinated public intervention that has supported demand and reduced uncertainty and systemic risk in financial markets, according to the report.

“The recovery has started. Financial markets are healing,” says IMF Chief Economist Olivier Blanchard. But he warned the recovery will be slow. “The current numbers shuld not fool governments into thinking that the crisis is over,” he said.

The Fund also published its Global Financial Stability Report.  It also sees a recovery, but much more needs to be done to heal the international financial  system, including repairing bank balance sheets. Read the IMF Survey story.

 

Filed under: Economic Crisis, Financial Crisis, IMF | Tagged: , , , , , | 1 Comment »

The World Goes to Istanbul

Posted on September 28, 2009 by iMFdirect

By Caroline Atkinson

In early October, economic policymakers representing the entire membership of the IMF, 186 countries in total, will gather in Istanbul for the Annual Meetings. More formally, the 2009 Annual Meetings of the Boards of Governors of the World Bank Group and the IMF will be held in Istanbul, Turkey on October 6-7, 2009. Many others—including private sector executives, academics, and civil society representatives—will also come to Istanbul during this period to discuss issues of global concern. 

And where they go, so goes this blog. For the next week or so, the blog will be coming “live” from Istanbul, providing a real time account of the many events and debates.

Istanbul at sunset (photo: Graham Dwyer/IMF)

Istanbul at sunset: economic policymakers representing the entire membership of the IMF, 186 countries in total, will gather in Istanbul for the Annual Meetings (photo: Graham Dwyer/IMF)

There’s a lot going on. We will have the formal meetings of the Boards of Governors of the World Bank Group and the IMF, discussing the next steps in overcoming the global financial crisis and getting growth going again. The IMF will unveil its latest forecasts and present its World Economic Outlook (WEO) and Global Financial Stability Report (GFSR). We will discuss how the IMF has responded to the crisis, looking at how crisis lending reveals more flexible terms, and focuses more on the social impact. 

 

(more…)

Filed under: Annual Meetings, Civil Society, Economic Crisis | Tagged: , , , , | Leave a Comment »

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