Throughout the past century, crisis conditions have given rise to new international agreements and institutions. Leaders and policymakers attending the IMF and World Bank annual meetings in Marrakesh should bear in mind that failure to find common ground often paves the way for economic and political turmoil.
OXFORD – World leaders attending the International Monetary Fund and World Bank annual meetings in Marrakesh this week have some difficult decisions to make.
For starters, numerous developing economies – including Egypt, Ethiopia, Ghana, Kenya, Pakistan, Sri Lanka, Tunisia, Ukraine, and Zambia – are teetering on the edge of default or have already defaulted. Meanwhile, the United Nations’ recent “global stocktake” climate report shows that we are far from reaching the 1.5º Celsius target for global warming.
While robust economic growth could provide the necessary resources to tackle these challenges, the IMF foresees global sluggishness and a prolonged fight against inflation. Without international cooperation, countries may become ensnared in a slow, messy, and expensive effort to manage their debts, combat climate change, and stimulate growth.
OXFORD – World leaders attending the International Monetary Fund and World Bank annual meetings in Marrakesh this week have some difficult decisions to make.
For starters, numerous developing economies – including Egypt, Ethiopia, Ghana, Kenya, Pakistan, Sri Lanka, Tunisia, Ukraine, and Zambia – are teetering on the edge of default or have already defaulted. Meanwhile, the United Nations’ recent “global stocktake” climate report shows that we are far from reaching the 1.5º Celsius target for global warming.
While robust economic growth could provide the necessary resources to tackle these challenges, the IMF foresees global sluggishness and a prolonged fight against inflation. Without international cooperation, countries may become ensnared in a slow, messy, and expensive effort to manage their debts, combat climate change, and stimulate growth.