The newly appointed chief economist for the International Monetary Fund, Maurice Obstfeld, said on Tuesday that the current global economic environment can be hard to predict.
"We're in a very dynamic situation now where China's pattern of production and consumption is changing rapidly leading to slower growth," he said in an interview on CNBC's "Squawk Alley."
"Commodity prices are at the end of a supercycle, and the Fed is making a transition to monetary normalization whose timing is very uncertain, so in that environment it becomes hard to forecast so we're trying to be on the ball and constantly revising what we think."
Obstfeld was responding to criticism that the research team at the IMF was too optimistic and therefore had to cut its growth projections often. He said that the fund evaluates new economic data as it comes in and that "inevitably forecasts are going to be off" due to the changing nature of data.