{"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='IMF sees global economy gaining, US growth slowing' data-url='/boclips/videos/5c54c350d8eafeecae1605b0' data-video-url='/boclips/videos/5c54c350d8eafeecae1605b0' 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\nIMF sees global economy gaining, US growth slowing\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. Zoom in to Olivier Blanchard, IMF Economic Counsellor and Director of Research DepartmentSOUNDBITE (English) Olivier Blanchard, IMF Economic Counsellor and Director of Research Department \"The world economic recovery is proceeding....\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Zoom in to Olivier Blanchard, IMF Economic Counsellor and Director of Research Department\u003cbr/\u003eSOUNDBITE (English) Olivier Blanchard, IMF Economic Counsellor and Director of Research Department \u003cbr/\u003e\"The world economic recovery is proceeding. But it is an unbalanced recovery, it's sluggish in advanced countries, it's much stronger in emerging and developing economies. To understand what's going on, one has to look at the factors behind this recovery. Over the last year or so, the main drivers of the recovery were inventory accumulation and fiscal stimulus. The first one is coming to a natural end and the second one is being slowly phased out.\"\u003cbr/\u003e2. Cutaway media and audience\u003cbr/\u003e3. SOUNDBITE (English) Olivier Blanchard, IMF Economic Counsellor and Director of Research Department \u003cbr/\u003e\"Now, in most advanced countries, however, the consumption and parts of investment are still weak and will remain so for some time. By contrast, in most emerging and developing economies, consumption investment are strong and therefore, sustaining growth.\"\u003cbr/\u003e4. Cutaway of the meeting\u003cbr/\u003e5. SOUNDBITE (English)  Olivier Blanchard, IMF Economic Counsellor and Director of Research Department\u003cbr/\u003e\"The main challenge of advanced countries is fiscal consolidation. But they are going to be reluctant, and maybe in some cases hardly able to achieve it, if growth is weak. They basically need to rely more on exports, for example, in the case of the US. But fiscal consolidation, I think, is the main task of advanced countries. The main task of most emerging market countries, at least all the emerging market surplus countries, is to rebalance. And here again, there are issues of cooperation.\"\u003cbr/\u003e6. Cutaway media and audience\u003cbr/\u003e7. SOUNDBITE (English) Olivier Blanchard, IMF Economic Counsellor and Director of Research Department\u003cbr/\u003e\"So we think that the best way to proceed is clearly through cooperation and we think that the G-20 (Group of 20)process and the G-20 members are in a unique position to achieve this cooperation. This is an urgent issue to take up and we hope that they take it to their next meeting.\"\u003cbr/\u003e8. Cutaway of the meeting\u003cbr/\u003eThe global economy will likely strengthen the rest of this year and in 2011 as China and other emerging powers offset weakness in the United States and Europe.\u003cbr/\u003eThat's the latest outlook of the International Monetary Fund, which predicts the world economy will expand 4.8 percent this year and 4.2 percent next year. \u003cbr/\u003eThat would far surpass last year's 0.6 percent decline, the worst since World War II. \u003cbr/\u003eThe IMF's forecast for worldwide growth this year is 0.2 percentage point more than its previous estimate in July.\u003cbr/\u003e\"Now, in most advanced countries, however, the consumption and parts of investment are still weak and will remain so for some time,\" said Olivier Blanchard, IMF Economic Counsellor and Director of Research Department.\u003cbr/\u003e\"By contrast, in most emerging and developing economies, consumption investment are strong and therefore, sustaining growth.\"\u003cbr/\u003eThe international lending agency predicts the US economy will grow 2.6 percent this year, below its previous estimate of 3.3 percent, and 2.3 percent next year.\u003cbr/\u003eThe IMF's forecast, released on Wednesday, points to lingering weakness in the United States and Europe after the worst recession since the 1930s Great Depression.\u003cbr/\u003eThe agency says the global economy will require a balancing act: Countries with huge trade and budget deficits such as the United States will need to boost exports. \u003cbr/\u003eAnd countries with big trade surpluses such as China must reduce their dependency on exports and boost domestic demand.\u003cbr/\u003eThe forecast was prepared for the annual autumn meetings of the 187-nation IMF and its sister lending organisation, the World Bank. \u003cbr/\u003eFinance officials from the Group of 20, representing the world's richest nations and fast-growing developing countries, are scheduled to hold talks Friday.\u003cbr/\u003e\"So we think that the best way to proceed is clearly through cooperation and we think that the G-20 process and the G-20 members are in a unique position to achieve this cooperation. This is an urgent issue to take up and we hope that they take it to their next meeting,\" Blanchard said.\u003cbr/\u003eObama administration officials said they planned to press other G-20 countries such as China to honour commitments they've made to reduce their huge trade surpluses, which come at the expense of other countries.\u003cbr/\u003eSuch trade imbalances contributed to the global downturn.\u003cbr/\u003eThe prediction of 2.6 percent growth for the United States this year is historically weak coming after a recession. \u003cbr/\u003eBut it marks a sharp reversal from the 2.6 percent decline in US activity last year.\u003cbr/\u003eThat was the steepest drop since 1946.\u003cbr/\u003eThe US forecast is down from a 3.3 percent projection the IMF made in July.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' 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