Petya Koeva Brooks, Deputy Director at the International Monetary Fund, explains why she expects an increase in #economic growth over the next two years.
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00:00 We have seen a lot of resilience in the global economy and that's the reason why
00:06 we've upgraded growth to 3.1% this year and this has to do with the better than
00:14 expected outcomes that we've observed in that we're expecting in the US, in China,
00:19 as well as a number of large emerging markets and if we break it down further
00:25 and try to understand the factors behind that, we see that on the demand side
00:31 private consumption and government spending have been more supportive than
00:37 what we had previously expected and then on the supply side a common phenomenon
00:43 that we've seen is the better than expected labor force participation
00:50 in these economies which is another way of saying that we've seen a positive
00:56 supply shock relative to what we had previously thought.