{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Global Economic Outlook meeting ahead of IMF summit' data-url='/boclips/videos/5c54be93d8eafeecae13cb1c' data-video-url='/boclips/videos/5c54be93d8eafeecae13cb1c' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nGlobal Economic Outlook meeting ahead of IMF summit\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of news conference2. Cutaway reporters3. SOUNDBITE: (English) Olivier Blanchard, International Monetary Fund's Chief Economist:\"The world economy is facing a major downturn. While there's exceptional uncertainty at this point,...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of news conference\u003cbr/\u003e2. Cutaway reporters\u003cbr/\u003e3. SOUNDBITE: (English) Olivier Blanchard, International Monetary Fund's Chief Economist:\u003cbr/\u003e\"The world economy is facing a major downturn. While there's exceptional uncertainty at this point, our best forecast is that world growth will be around 3 percent in 2009. Now that number might not sound so bad. It hides however, important differences between advanced countries on the one hand, and emerging and developing countries on the other. We project that growth in advanced countries will be very close to zero or even negative until at least the middle of 2009, with a slow recovery during the rest of the year.\"\u003cbr/\u003e4. Cutaway reporters\u003cbr/\u003e5. SOUNDBITE: (English) Olivier Blanchard, International Monetary Fund's Chief Economist:\u003cbr/\u003e\"World growth will be instead driven by growth in emerging and developing economies. We predict that even they will grow at the substantially lower rate than they have in the recent past - seven percent in 2008, six percent in 2009.\"\u003cbr/\u003e6. Wide of Blanchard and other IMF officials\u003cbr/\u003e7.  SOUNDBITE: (English) Olivier Blanchard, International Monetary Fund's Chief Economist:\u003cbr/\u003e\"The crucial role of both financial and macro economic policies at this juncture, it is clearly too late for responses to avoid the slowdown but they can be used to head off the risk of even more dire outcomes. Our belief that such policies will be implemented underlies our assessment that the slowdown can be limited and that the recovery can start in the course of 2009, and strengthen in 2010.\"\u003cbr/\u003e8. Cutaway reporter\u003cbr/\u003e9. SOUNDBITE: (English) Olivier Blanchard, International Monetary Fund's Chief Economist:\u003cbr/\u003e\"Our position is that it is not useful to use the word recession when the world is growing at 3 percent. In the normal definition of things, a recession is a negative number and that is not the case. That being said, 3 percent is a very low number for world growth and in the past indeed this might have been defined as on the borderline of a global recession.\"\u003cbr/\u003e10. Cutaway reporters \u003cbr/\u003e11. SOUNDBITE: (English) Olivier Blanchard, International Monetary Fund's Chief Economist:\u003cbr/\u003e\"My sense is that the sense of urgency that markets are basically making extremely clear, is going to force governments to basically adopt fairly coherent plans in the very near future. Under that assumption I believe that the risk of a Great Depression is nearly nil.\"\u003cbr/\u003e12. Wide of news conference\u003cbr/\u003e13. SOUNDBITE (English) Charles Collyns, Deputy Director in Research Department of the International Monetary Fund: \u003cbr/\u003e\"The public spending has risen quite rapidly in Latin America. But as you mentioned also, tax revenues have increased. So that these economies have been able to reduce their deficits and have been able to reduce their debt. They have been able to strengthen their public sector balance sheets quite significantly. This does provide them with more room than in the past to allow the automatic stabilisers to work in the context of a downturn.\"\u003cbr/\u003e14. Mid of International Monetary Fund officials on panel \u003cbr/\u003eThe Chief economist for the International Monetary Fund confirmed on Wednesday that the world economy is facing a major downturn, but added that the chances of it sliding into another \"Great Depression\" were \"nearly nill\".\u003cbr/\u003eThe IMF's World Economic Outlook projected that the global economy, which grew by a hardy 5 percent last year, will lose considerable speed, slowing to 3.9 percent this year. \u003cbr/\u003eIt is forecast to weaken even further to just 3 percent next year, marking the worst showing since 2002. \u003cbr/\u003eIn the past, the IMF has called global growth of 3 percent or less the equivalent to a global recession.\u003cbr/\u003eThe IMF also slashed growth projections for the global economy and predicted the United States - the epicentre of the financial meltdown - will continue to lose traction.\u003cbr/\u003eHowever the outlook for Latin America appears somewhat brighter, with the international financial body predicting a 4.5 percent growth in 2008.\u003cbr/\u003eThe prediction for that region is symbolic of the IMF's claims that developing economies will now dictate the world's financial growth with advanced nations likely to record near zero economic growth in the future.\u003cbr/\u003eDespite the gloomy forecast Olivier Blanchard, the IMF's Chief Economist said it was not useful to use the word recession when the world is growing at 3 percent.\u003cbr/\u003eThe IMF's projection was made before the US Federal Reserve and six other major central banks from around the world slashed interest rates Wednesday in an attempt to prevent a financial crisis from becoming a global economic meltdown.\u003cbr/\u003eThe Fed reduced its key rate from 2 per cent to 1.5 per cent. \u003cbr/\u003eIn Europe, which also has been hard hit by the financial crisis, the Bank of England cut its rate by half a point to 4.5 percent, while the European Central Bank sliced its rate to 3.75 percent.\u003cbr/\u003eAlso taking part were the central banks of China, Canada, Sweden, and Switzerland. The Bank of Japan said it strongly supported the actions.\u003cbr/\u003eBlanchard called the action \"a step in the right direction.\"\u003cbr/\u003eWhen asked about the possibility of a new \"Great Depression\", Blanchard said he believed the sense of urgency by financial markets would lead to governments adopting \"fairly coherent plans in the very near future.\"\u003cbr/\u003eThe financial crisis, which erupted in the United States in August 2007 and has quickly spread around the globe after entering a tumultuous new phase last month, badly shaking confidence in global financial institutions and markets, the IMF said. \u003cbr/\u003eIt has triggered a cascading series of bankruptcies, forced mergers and radical government interventions such as the United States' unprecedented 700 (b) billion US dollar financial bailout aimed at stemming the fallout.\u003cbr/\u003eThe world's top economic powers are likely to consider the projections when they meet on Friday and the weekend for 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