The IMF top brass do get invited to Davos as it is their sort of thing and they even time publication of the first Economic Outlook of each year to coincide with it. Figure 1 is an abstract from the summary table and clearly shows the IMF economics team are not worrying much about a stock market crash and global economic slump. Indeed, the whole report carried the banner ‘Brighter Prospects, Optimistic Markets, Challenges Ahead’. Despite their undoubted depth of knowledge, the IMF team is not really much better at forecasting than most other economists, not least because of political pressures from various governments (perhaps tactfully described as ‘authoritarian’). Nevertheless, it would be presumptuous to challenge these projections and instead I have commented on how aligned the forecasts seem to be with market sentiment. The most obvious disparities are over the market’s implied semi-euphoric expectations for the Euro Area and wholly-euphoric expectations for Brazil. In contrast, there appears to scope for sentiment to improve over the UK, India and the ASEAN 5 (Indonesia, Malaysia, Philippines, Thailand, Vietnam).