***Too Slow for Too Long***
The IMF has released the [2016 World Economic Outlook](http://www.imf.org/external/pubs/ft/weo/2016/01/pdf/text.pdf) (WEO). It notes: *”The baseline projection for global growth in 2016 is a modest 3.2 percent, broadly in line with last year, and a 0.2 percentage point downward revision relative to the January 2016 World Economic Outlook Update. The recovery is projected to strengthen in 2017 and beyond, driven primarily by emerging market and developing economies, as conditions in stressed economies start gradually to normalize. But uncertainty has increased, and risks of weaker growth scenarios are becoming more tangible. The fragile conjuncture increases the urgency of a broad-based policy response to raise growth and manage vulnerabilities.”*
The WEO is a survey by the IMF staff published twice a year, in the spring and fall. The analysis and projections contained survey are integral elements of the IMF’s surveillance of economic developments and policies in its member countries, of developments in international financial markets, and of the global economic system.
The survey of prospects and policies is the product of a comprehensive interdepartmental review of world economic developments, which draws primarily on information the IMF staff gathers through its consultations with member countries.
These consultations are carried out in particular by the IMF’s area departments – namely, the African Department, Asia and Pacific Department, European Department, Middle East and Central Asia Department, and Western Hemisphere Department—together with the Strategy, Policy, and Review Department, the Monetary and Capital Markets Department, and the Fiscal Affairs Department.
Click [here](http://www.imf.org/external/np/tr/2016/tr041216.htm) for a transcript of today’s press conference on the WEO release.
**Global Financial Stability Report**
*Potent Policies for a Successful Normalization*
Also released by the IMF is the latest [Global Financial Stability Report](http://www.imf.org/External/Pubs/FT/GFSR/2016/01/pdf/text.pdf) (GFSR). It states: *”Over the last six months, global financial stability risks increased because of higher economic risks and uncertainty, falling commodity prices, and concerns about China’s economy.”*
*Acting Now, Acting Together*
And the IMF also released the [April 2016 Fiscal Monitor](http://www.imf.org/external/pubs/ft/fm/2016/01/pdf/fm1601.pdf) (FM). The weaker outlook and concerns about the ability of policymakers to provide an adequate and swift policy response have amplified downward risks and clouded global prospects. According to this issue of the Fiscal Monitor, the challenging environment calls for a comprehensive policy response to boost growth and reduce vulnerabilities. In particular, it is critical to identify policies that could lift productivity growth by promoting innovation. Fiscal policy can play an important role in stimulating innovation through its effects on research and development, entrepreneurship, and technology transfer.