Representatives from ICC at the Launch of IMF World Economic Outlook 2023

On October 13, the launch of IMF (International Monetary Fund) World Economic Outlook 2023 was held in Beijing. The IMF Resident Representative Office in People’s Republic of China and the International Monetary Institute (IMI) of Renmin University of China organized this press release in parallel with the 2023 World Bank Group-IMF Annual Meetings in Morocco. The press release was chaired by Zhang Zhixiang, member of the ICC Strategic Advisory Committee and former IMF Executive Director for China.

Zhang Zhixiang is hosting the conference. 

Launch of IMF World Economic Outlook 2023

Wang Fang, Associate Dean of School of Finance, Renmin University of China (RUC) and Deputy Director of the IMI, delivered a keynote speech on behalf of the IMI. She stated that the world economy is in difficulty as risks and challenges continue to emerge. Against this backdrop, how to restore stability and growth and how to return to the track of sustainable development are the major issues of common concern and in urgent need of solutions. She looked forward to guests’ free and thorough discussions on the IMF World Economic Outlook 2023, from which the inspirations and wisdom would consolidate more consensus. She hoped via discussions guests would contribute more to overcoming the difficulties and challenges of global growth for a more prosperous global economy, as well as more open, inclusive and balanced economic globalization which is beneficial for all. 

Steven Barnett is delivering a keynote speech.

Steven Barnett, Senior Resident Representative of IMF in China, delivered a keynote speech. He noted that the world economy in 2023 is brimmed with resilience, but there is widespread scarring effect globally as the pandemic had ailed the economy. According to his projection for medium- and long-term global economic growth, world economy would grow by 3% and 2.9% this year and next, respectively. Among others, China would remain the largest contributor to global growth, underpinning one-third of global growth. Steven Barnett reckoned that the world’s medium- to long-term economic growth would fumble mostly because of the plateauing total factor productivity, and thus more structural reforms are needed to boost economic growth. He also underscored trade as an important powerhouse of global economic growth. He advocated reducing trade friction and decoupling, and resorting to the dispute settlement mechanism of the World Trade Organization (WTO). He called for attention to climate issues, and suggested the guests to stay optimistic that the world can work together with an instance of IMF, which had done a lot of work during the pandemic to support resilient development across economies.

Dialogue among guests

The representatives of international organizations as well as government financial authorities and foreign embassies from more than 30 countries and regions attended the launch of IMF World Economic Outlook 2023 in Beijing. Experts and scholars such as Silvia Albrizio and Mehdi Benatiya Andaloussi, economists of the Research Department of the IMF, and Zhou Chengjun, Director of the Institute of Finance of People’s Bank of China, delivered speeches respectively. Zhao Xijun, Co-Director of China Capital Market Research Institute (CCMRI) of RUC, Cheng Yu, Executive Secretary General of the ICC, Xiao Wu, Deputy Director of the ICC’s External Exchange Committee, and Jiang Nan, member of the ICC’s External Exchange Committee, were invited to the press release.

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The World Economic Outlook (WEO), published twice a year, is one of the major reports of the IMF. The IMF usually releases its April and October WEOs during its annual spring and autumn meetings with the World Bank Group, respectively.