The Spring Meetings of the IMF and the World Bank began
The IMF-World Bank Spring Meetings began in Washington, the capital of the United States.
Georgieva and World Bank Group President David Malpass took stock of the complex challenges facing the global economy at the event titled “The Way Forward: Building Resilience and Reshaping Development,” held to mark the opening of the meetings.
IMF Managing Director Georgieva noted that it was a period of high uncertainty, saying that they expected a strong recovery, but it was still a bit difficult.
EXPLANATION OF INTEREST
Underlining that there is a serious inflation problem, Georgieva said that central banks must continue to keep interest rates high to combat inflation. Stating that the rapid transition from a period of low interest rates and liquidity to a period of high interest rates and low liquidity made the job of policymakers in the financial sector even more difficult, Georgieva noted. that this revealed vulnerabilities.
“Despite notable resiliency in consumer spending in Europe and the US, and the recovery from China’s reopening, we expect global economic growth to remain below 3 percent, as we had forecast earlier in the year. this year,” Georgieva said. What is even more worrying is that it will remain around 3 percent for the next 5 years.” saying.
STRUCTURED THE IMPORTANCE OF STRUCTURAL REFORMS
Drawing attention to the divergent growth outlook, Georgieva warned that the future for poor countries is not so “bright.” Noting that the world is struggling with one crisis after another, Georgieva stressed the importance of structural reforms.
Stating that segregation in the world economy is deepening, Georgieva said that the Spring Meetings of the IMF and World Bank will discuss not only urgent priorities, such as restoring price stability and maintaining financial stability, but also how to long-term growth and prosperity can be achieved. be an achievable goal for low-income countries and she said it was an opportunity for him.
“WE ARE CONCERNED THAT GROWTH MAY BE SLOW”
World Bank Group President David Malpass stressed that the debt problems facing developing countries are high on the agenda.
Pointing out that the disintegration of the world economy is worrisome, Malpass pointed out that this means fragility and inequality for countries.
“We are concerned that growth is currently slow and may continue to be slow,” Malpass said. saying.
Emphasizing the importance of more investment for future growth, Malpass said this means cash flow. Malpass reported that the outflow of capital from developing countries is a cause for concern at the moment.
Pointing out that the continuing increase in burdens on the global economy is a challenge, Malpass said that the debt burden, the climate burden and the burden of high food prices are all together.
SPRING MEETINGS OF THE IMF AND THE WORLD BANK
The Spring Meetings of the IMF and the World Bank, which bring together global economic and financial players each year, are being held this year with the theme “Reshaping development for a new era.”
The meetings, which took place at a time when interest rates rose due to high inflation, financial stability concerns and geopolitical tensions were rising, will continue until April 16. (AA)