Transcript of the WEO Analytical Chapters Press BriefingTuesday, April 10, 2012Washington DC
Panel:
Jorge Decressin, Deputy Director of the Research Department, IMF
Rupa Duttagupta, Lead Author of Chapter 4, World Economic Studies Division, IMF
Daniel Leigh, Lead Author of Chapter 3, World Economic Studies Division, IMF
Gita Bhatt, External Relations Department
MS. BHATT: I have a question online which is again a fairly specific question. Rupa, perhaps you can respond in a more general way. This is from Ana Baron, "Clarin," Argentina. What can happen in Argentina if commodities go down? Do you think that Argentina is well prepared to face a disruption in commodity prices such as soy?
MS. DUTTAGUPTA: I will answer it a little more generally. In general if governments do not use the opportunity provided by strong commodity prices to build the savings and buffers, then if those prices fall suddenly then according to our findings the domestic economy would take a hit. So the bottom line is really not only is building buffers during high commodity prices important to cushion the economy from that kind of a boom-bust cycle, it's also important to be prepared for a downswing.
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