Kristalina Georgieva (Photo Wikipedia)
While Israel celebrated Sukkot yesterday (Monday), the annual conference of the International Monetary Fund opened. For the first time since the outbreak of the Corona epidemic, this time it is a physical gathering. The conference opened with the threat of a possible loss of $4 trillion in global economic output in the background.
The head of the International Monetary Fund, Kristalina Georgieva, chairs the conference, which is attended by central bankers, finance ministers and other senior officials with the aim of discussing the impact of rampant inflation, the aggressive tightening of monetary policy, the increase in global debt and the largest war in Europe since World War II – on the global economy .
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“The big question at the conference is ‘what are we going to do in terms of the institutional response, beyond the continuation of business as usual,'” Masoud Ahmed, president of the Center for Global Development in Washington, said last week, referring to the fact that there are several issues that must be addressed.
Among the topics on the agenda are:
Global growth forecast – The International Monetary Fund will publish the global growth forecast today. It is possible that the growth update for 2023 will be only 2.9%.
Ukraine – The effect of Russia’s invasion of Ukraine continues to affect the global economy both due to the low grain yield and the energy crisis.
food prices – A new channel of emergency financial financing, which will operate for a year, was approved by the board of directors of the IMF for countries where the balance of payments has been undermined due to acute food insecurity.
UK – The vulnerability of the British economy is on the agenda when Prime Minister Liz Truss’s economic plan has already been criticized by the International Monetary Fund.
climate – The climate crisis is getting worse.
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