Gloomy prospects for the global economy?

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Overshadowed by the consequences of persistently high inflation and Russia’s aggressive war against Ukraine, the International Monetary Fund (IMF) and the World Bank are starting their annual spring meetings. The main issues in the negotiations, which will begin this Monday, will be the fight against high consumer prices, the development of the global economy, the reform plans at the World Bank, the turbulence in the banking sector, the consequences of climate change and debt risk. crisis in poor countries.

For example, Melinda French Gates, co-chairman of the Bill and Melinda Gates Foundation, and Mirjana Spoljaric Egger, Chair of the International Committee of the Red Cross, are expected.

The IMF will present its new forecast on the development of the global economy on Tuesday. IMF chief Kristalina Georgieva warned last week that global growth expectations will likely be below 3 percent due to the war in Ukraine and high inflation.

In January, the IMF had projected global growth of just 2.9 percent for 2023 and 3.1 percent for next year. Georgieva now stressed that growth will likely be “historically weak” in the coming years.

Finance ministers and heads of central banks of the top 20 industrialized and developing countries will meet on Wednesday.

A roundtable on Ukraine is also on the agenda of the spring conference. Ukrainian President Volodymyr Zelenskyj is also expected to be involved. The IMF has approved a billion-euro loan program for Ukraine, which has been attacked by Russia. It specifically changed its rules to allow such programs for countries facing “extraordinarily high levels of uncertainty”.

(SDA)

Source :Blick