{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Opening IMF presser, economists say US now in recession' data-url='/boclips/videos/5c54bf35d8eafeecae141625' data-video-url='/boclips/videos/5c54bf35d8eafeecae141625' 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\nOpening IMF presser, economists say US now in recession\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 shot of International Monetary Fund (IMF) economists walking into news conference2. Cutaway of press3. SOUNDBITE: (English) Simon Johnson/IMF Chief Economist \"In the United States, economic growth has nearly stalled.  Against the...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide shot of International Monetary Fund (IMF) economists walking into news conference\u003cbr/\u003e2. Cutaway of press\u003cbr/\u003e3. SOUNDBITE: (English) Simon Johnson/IMF Chief Economist \u003cbr/\u003e\"In the United States, economic growth has nearly stalled.  Against the backdrop of weak financial market confidence, we expect consumption to remain sluggish in the coming quarters due to deteriorating labour market conditions, slow growth in disposable incomes, higher energy costs and tighter constraints on household borrowing.  Notwithstanding aggressive easing by the Federal Reserve and a timely fiscal stimulus package, significant strains in housing and credit markets are likely to be protracted.\"\u003cbr/\u003e4. Cutaway of press\u003cbr/\u003e5. SOUNDBITE: (English) Simon Johnson/IMF Chief Economist \u003cbr/\u003e\"We now expect global growth will slow to 3.7 percent in 2008.  That is half a percentage point lower than our January quarterly update forecast and well below the 4.9 percent growth seen in 2007.  Our projected growth rate for the annual average growth in 2009 is 3.8 percent, but I would stress that we expect a recovery to take place during 2009.\"\u003cbr/\u003e6. Various cutaways of press\u003cbr/\u003e7. SOUNDBITE: (English) Simon Johnson/IMF Chief Economist\u003cbr/\u003e\"The principle downside risk comes from the possibility that financial strains could deepen. Sentiment in financial markets is improved in recent weeks, since the Federal Reserve's strong actions with regard to investment banks. But we have seen how strains in markets can quickly become reinforcing, and the possibility of a negative spiral or financial decelerator remains real.\"\u003cbr/\u003e8. Wide shot of press, pan to wide of IMF panel\u003cbr/\u003e9. SOUNDBITE: (English) Simon Johnson/IMF Chief Economist\u003cbr/\u003e\"While the improvement in the US current account is helping to address global imbalances, and we think the dollar adjustment remains orderly, we are concerned by the uneven pattern of exchange rate movement around the world. Some large surplus countries have experienced appreciation in their real effective exchange rates over the past twelve months, but large current account surpluses still need to be addressed and the framework established just over a year ago by the multilateral consultation remains relevant.\"\u003cbr/\u003e10. Wide shot of Johnson speaking on panel\u003cbr/\u003eThe world economy will slow sharply this year, according to an International Monetary Fund forecast, with the United States sliding into a recession amid housing, credit and financial slumps.\u003cbr/\u003eThe International Monetary Fund, in a World Economic Outlook released on Wednesday, slashed growth projections for the United States - the epicentre of the woes - and the global economy as a whole.\u003cbr/\u003eSpeaking at a Washington news conference to release the report, IMF chief economist Simon Johnson said, \"In the United States, economic growth has nearly stalled,\" and added that \"we expect consumption to remain sluggish in the coming quarters\".\u003cbr/\u003eEconomic growth in the United States is expected to slow to a crawl of just 0.5 percent this year, which would mark the worst pace in 17 years, when the country last suffered through a recession, the global finance body said. \u003cbr/\u003eThe outlook predicted the US will suffer a \"mild'' recession in 2008, and it won't fare much better next year.\u003cbr/\u003eThe IMF predicted the US economy will grow by a feeble 0.6 percent in 2009, when measured by an annual average.\u003cbr/\u003eMany private economists and members of the US public believe the country has already fallen into its first recession since 2001. For the first time, Federal Reserve Chairman Ben Bernanke acknowledged last week that a recession was possible.\u003cbr/\u003eTo limit the damage, the Federal Reserve has been slashing interest rates since last September and has taken a number of extraordinary measures to avert a financial meltdown, which would have dire consequences for the U.S. economy.\u003cbr/\u003eAgainst that backdrop, the IMF expects the world economy to lose considerable momentum. \u003cbr/\u003eThe fund is projecting the global economy to grow by 3.7 percent this year and 3.8 percent next year.  \u003cbr/\u003eAnd it says there's a risk that the credit crunch causes deeper losses, further slowing the world economy.\u003cbr/\u003e\"The principle downside risk comes from the possibility that financial strains could deepen. Sentiment in financial markets is improved in recent weeks, since the Federal Reserve's strong actions with regard to investment banks. But we have seen how strains in markets can quickly become reinforcing, and the possibility of a negative spiral or financial decelerator remains real,\" Johnson said.\u003cbr/\u003eHouse prices in the United States will continue to drop, with declines this year in the range of 14 to 20 percent, Johnson said.\u003cbr/\u003eWhile the IMF is worried about the dangers of weakening global economic growth, it also expressed concern about the potential for inflation to heat up around the world, given sharp increases in energy and other commodity prices. \u003cbr/\u003eDespite the somewhat pessimistic report, the IMF said it still views the US.currency value as \"somewhat on the strong side\" compared with its medium-term fundamentals.\u003cbr/\u003eJohnson said the US \"dollar adjustment remains orderly,\" but added, \"we are concerned by the uneven pattern of exchange rate movement around the world.\"\u003cbr/\u003eThe IMF said the euro is also on the strong side, while the yen remains 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