CRI听力:IMF: Too Slow for Too Long

The International Monetary Fund, or IMF, has projected economic outlook for 2016 and 2017 at 3.2% and 3.5 % respectively.

Maurice Obstfeld is the Economic Counsellor and Director of Research Department of IMF.

"Global growth continues but at an increasingly disappointing pace that leaves the world economy more exposed to negative risks. It's been too slow for too long."

The newly released IMF World Economic Outlook outlines several causes, including a return of global asset market volatility, the loss of growth momentum in some advanced economies as well as continued headwinds for some emerging market economies and lower-income countries.

He also warned of other risks that are of non-economic origin, citing the Syrian refugee crisis and the lingering uncertainty of the UK's referendum that will decide whether or not the country stays in the European Union.

The IMF cut Japan's growth forecast in half to 0.5 percent in 2016 and said Brazil's economy would now shrink by 3.8 percent this year in comparison to the previous forecast of a 3.5 percent contraction as it struggles through its deepest recession in decades.

Meanwhile, the United States also saw its 2016 growth forecast cut to 2.4 percent from 2.6 percent. The IMF said it anticipated an increased drag on U.S. exports from a stronger dollar, while low oil prices would keep energy investment weak.

China's forecast, meanwhile, is estimated at 6.5% this year and 6.2% in 2017, a 0.2 percentage point rise from IMF's previous forecast.

"The near-term upgrade reflects our confidence that additional measures that the Chinese leadership is putting into effect can bring growth to the 6.5% level in this year."

The latest IMF outlook believes a strong domestic consumption and a robust service sector in China will offset a manufacturing downturn. And the country's complex structural transition will eventually benefit both China and the world.

Xiaohong, CRI, Washington DC.