Bessent downplays IMF and WB forecasts - According to him, the estimates are excessive. The US will bear the high prices
US Treasury Secretary Scott Bessent expressed concern over the downward forecast for the global economy and rising inflation announced by the International Monetary Fund and the World Bank as a result of the war in the Middle East, saying the institutions may have "overreacted".
"I think they probably overreacted, but we'll see," Bessent told reporters, noting that some countries in Europe and Asia were adopting subsidies for consumers or industry to cope with supply disruptions that could lead to higher and sustained inflation there.
However, he said he was confident the US would cope with higher prices very quickly, unlike countries that were implementing subsidies that could increase borrowing or prolong the duration of inflationary impacts.
The IMF cut its growth forecast due to rising energy prices caused by the war, offering a range of scenarios that include lower growth and higher inflation. Absent the conflict, the IMF said it would have improved its growth forecast by 0.1 percentage point to 3.4%.
Despite his dismissive comments about the institutions' forecasts, Bessent said that the leaders of the IMF and World Bank had heeded his call last year for both institutions to return to their core missions of macroeconomic stability and development, and move away from issues such as climate change.
Bessent said he thought the two institutions were now more clearly aligned with U.S. priorities and interests. He praised the World Bank's decision to end its ban on nuclear power projects and said the IMF had worked closely with the Treasury on Argentina and on Venezuela's return to the global financial system.
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