Center for Political Awareness

The Dangerous Economic Year Ahead

The yearly spring meetings of the International Monetary Fund and World Bank taking place this week could be one of Washington’s most misunderstood events.

Photo: Secretary of the Treasury Janet Yellen shakes hands with Chancellor of the Exchequer Jeremy Hunt of the United Kingdom as Treasurer Jim Chalmers of Australia (left) and Deputy Prime Minister and Finance Minister Chrystia Freeland of Canada (right) look on today in Washington. | Alex Wong/Getty Images

 

The yearly spring meetings of the International Monetary Fund and World Bank taking place this week could be one of Washington’s most misunderstood events.

What some might view as a shadowy cabal of finance ministers, central bank governors and economists plotting out the path of the world economy, is actually just a bunch of officials coming to grips with what they don’t know and their limited power to change the future.

Even on the heels of a global health crisis and war returning to Europe, the list of unknowns worrying officials here this week remain daunting: new armed conflicts and intensification of ongoing wars, growing economic fragmentation caused by U.S.-China rivalry and questions regarding who will hold power in some of the world’s most influential capitals as nearly half of the global population heads to the polls in 2024.

Almost everyone agrees that the year ahead will be a bumpy ride.

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