Protect Growth Momentum, Preserve Interconnectedness [0:00-4:14]

Thank you for being with us at the end of this spring meeting. My pleasure. Let me start by asking you what was on the minds of ministers and governors at the meetings. Our membership came this time a little more optimistic than in a long time because growth is recovering and the momentum of the global economy is improving. I think that they came as well, though, a bit worried about whether or not the economic risks, the political and geopolitical risks might undermine that recovery or even derail that recovery. I think they also came to see whether they could be reassured that the IMF would hold the whole community together during this time in which there's questions about globalization and interconnectedness, questions about multilateral cooperation. And what was the funds message on growth and did it resonate? Our message on growth is now really a two-part message that we have to take steps that are needed to strengthen the growth momentum and protect it. But that we need a second focus, which is not to presume that growth can continue if the discontent around interconnectedness intensifies. And so, as we've been urging for about a year and a half, we focused on subjects like inclusion, gender inclusion, other forms of inclusion, dealing with inequality, dealing with a range of other subjects that we think are needed to try to address the negative side effects of interconnectedness, so that there can remain a social and political consensus to support all of what we do. Was the anti-globalization sentiment a big issue this year? It was discussed in sessions, it was discussed in the hallways. I think that it's clear that advanced economies more than emerging and developing economies are experiencing the discontent, because in those countries there really have been winners and losers, a bit from interconnectedness, but certainly also from advances in technology. In emerging market countries and developing countries, there's a concern about the discontent in advanced economies. They're not so concerned about globalization themselves, rather they seek globalization as the key to their future because they need interconnectedness to have rapid growth. So we really have different perspectives in our membership. Our message was that we do need to preserve interconnectedness, but those who ask for that have to be open to addressing the legitimate concerns of people who are feeling displaced, feeling in one way or another threatened by the change that's coming in their countries, in their markets. At the same time, I think that the advanced economy countries have to recognize how important continued interconnectedness is to the rest of the world, and that it's actually their long run future as well, because the developing countries will be the export markets of tomorrow. So in the end, do you think everyone went home real short? They were reassured in two respects. One, I think they go home clearly understanding the strengthening global economy and the possibilities we have. They also went home understanding what kinds of steps countries can take individually and that the community can take together to try to limit the economic risks and to try to ameliorate the political risks. Wonderful. Thank you for being with us. My pleasure.