Olivier Blanchard nicely summarizes the October edition of IMF’s World Economic Outlook and makes you feel like you’ve heard it all before. None of what the IMF now says hurts very much and none is particularly jolly: recovery is on but weakening, risks exist but not all is hopeless, Europe is making progress but can still screw up, in other words everything can happen. In reading the report and Blanchard’s short account of it you get the feeling the IMF just computed the mean of the econ blog chatter and put some error margins as padding around it all the while making sure the prose can hold your hand if you feel scared or lonely. Is the IMF now writing economic musak?
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