Are the octogenarian IMF and World Bank sprightly enough for the job?

📆 13/04/2024 11:24 PM
📰 GuardianAus

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IMF,World Bank,Recovery

Fragile recovery, low growth, global debt, AI, the climate … The organisations founded in 1944 have lots to talk about this week. They hold their half-yearly meetings in Washington this week. Not because the world is crisis-free – it clearly isn’t – but because since they met six months ago no fresh crisis has emerged. The past half-decade has been as tough as any period in the history of the two organisations. First there was the pandemic, then the surge in inflation as lockdown restrictions were lifted. The cost of living problems were amplified by the war in Ukraine. Then, last October, two days before the start of the IMF/World Bank meetings in Marrakech – and just as things appeared to be calming down – Hamas launched its attack on Israel., the IMF’s managing director, nor World Bank president Ajay Banga would be foolish enough to rule out a fresh, unexpected setback. The war between Israel and Hamas could suddenly explode into a wider Middle East conflict

Fragile recovery, low growth, global debt, AI, the climate … The organisations founded in 1944 have lots to talk about this weekhold their half-yearly meetings in Washington this week. Not because the world is crisis-free – it clearly isn’t – but because since they met six months ago no fresh crisis has emerged.

Allied troops landed in Normandy less than a month before Bretton Woods, the climate crisis wasn’t a thing and the US accounted for half of global output Third come the issues which were pressing in 2019 but were put to one side during the rolling crisis of the past five years. Action to tackle the prolonged period of weak productivity since the 2008 financial crisis is one; the fight against global heating is another.

IMF World Bank Recovery Growth Debt AI Climate Crisis Pandemic Inflation Lockdown Ukraine War Israel Middle East

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