With shock upon shock hitting the world economy in the last three years, IMF Managing Director Kristalina Georgieva's customary opening speech to the Annual Meetings warned of a darker global outlook and emphasized the need for the world to come together to deal with the consequences. The speech was delivered to an audience of students at Georgetown University's School of Foreign Service and presided over by Dean Joel S. Hellman and Georgetown University President John J. DeGioia.
More than a year into the COVID-19 crisis, signs of a recovery for some countries are slowly beginning to emerge. But in her customary curtain-raiser speech ahead of next week's virtual IMF-World Bank Spring Meetings, IMF Managing Director Kristalina Georgieva said high uncertainty is one of the greatest dangers facing the global economy.
Go to IMF.org to follow the Spring Meetings and find all the IMF flagship reports, including the World Economic Outlook, the Global Financial Stability Report, and the Fiscal Monitor.
Following the great economic crises of the 20th century, there were periods of intellectual and political upheaval that ultimately changed economic policy. Mervyn King, former Governor of the Bank of England, argues the 2008 financial crisis should have prompted the same reaction but didn’t. King delivered this year's Per Jacobsson Lecture during the IMF-World Bank Annual Meetings and warned the failure to dramatically change our approach to economic policy risks another financial crisis.
Lord Mervyn King is Professor of Economics at New York University and the London School of Economics. He is also author of The End of Alchemy and has a forthcoming book entitled Radical Uncertainty.
Investing in social programs can soften the blow of inequalities and foster more stable societies. In this podcast, we speak with Deborah Greenfield, Deputy Director General for Policy at the International Labour Organization, which was formed one hundred years ago out of the Paris Peace Conference at the end of World War 1. And while the work environment has changed dramatically in the past one hundred years, gaining access to basic social programs remains a struggle for far too many workers around the world today. A recent ILO study says more than half the global population lacks healthcare and social security. Greenfield says social protection floors provide important support to workers as they transition into the changing job market.
Read the paper about IMF Engagement on Social Spending,
Somalia is one of the world's most conflict-affected states. Many countries around the world suffer from weak governing institutions, but Somalia was without a functional central government for 20 years. In this podcast, Somalia's Finance Minister, Abdirahman Duale Beileh, says while elections in 2012 have since helped reestablish some of the institutions that bind the country's disparate communities, the road to recovery remains a steep climb. Duale Beileh is also a distinguished artist and songwriter, and we hear his latest song about students struggling to get an education amid violence and social destruction. Abdirahman Duale Beileh was in Washington for the 2019 IMF-World Bank Annual Meetings.
You'll find the webcast of Dr. Beileh's presentation about Effective Engagement in Fragile States at IMF.org.
Link to his song Heestii Dalkani Gurmad Buu Raba
Technology is quickly changing the nature of work. Full-time employment with health care and a pension is being replaced with short-term contracts with no benefits, leaving workers exposed. Sharan Burrow has been General Secretary of the International Trade Union Confederation since 2010, and a champion of workers rights in the age of technology. Burrow joined a panel on social protection and the future of work during the 2018 IMF-World Bank Annual meetings. The IMF’s David Pedroza sat down with Sharan Burrow in Bali, Indonesia, where the meetings took place.
As the world becomes more interconnected and economies more integrated, the role of communications and journalism is increasingly important. But cutting through all the noise is not always easy. In this podcast, legendary Financial Times journalist, Martin Wolf, sits down with the head of IMF communications, Gerry Rice, to talk about the state of global cooperation and the corrosion of trust. Wolf has been reporting on the global economy for over three decades, and his writing influenced policymakers during the global financial crisis. Their conversation was recorded during the IMF-World Bank Annual Meetings in Bali, Indonesia.
Martin Wolf’s book The Shifts and the Shocks is published by Penguin books.
The IMF-World Bank Annual meetings bring together people from around the world to discuss issues that affect the global economy. This year’s meetings were held in Bali, Indonesia, and one issue at the top of the agenda was the rising backlash to globalization by workers who feel they’re losing jobs to trade and immigration. Roberto Azevêdo, Director General of the World Trade Organization dispels those claims, and in this podcast, the IMF’s Camilla Andersen asks Azevêdo why he thinks international trade has been under fire of late.
PHOTO: Roberto Azevêdo, World Trade Organization’s Director General, says trade and immigration should not be blamed for employment woes. (IMF photo)
Chaque pays en Afrique subsaharienne a son propre ensemble de défis et de possibilités, La communauté internationale a beaucoup investi ces dernières années à savoir comment augmenter la croissance économique de la région, mais la majorité des Africains diraient que le développement de l’Afrique reste entre les mains de ses jeunes entrepreneurs. Mame Khary Diène est une de ces entrepreneurs du Sénégal, où elle transforme les graines de l'énorme arbre de Baobab en huiles exotiques pour la peau. L’huile de Baobab fabriqué par son entreprise est recherchée dans le monde entier. Mame Khary Dienne a été invité à parler de l'investissement privé en Afrique au cours des réunions de Printemps du FMI et de la Banque Mondiale.
Mame Khary Diène, fondatrice et directrice générale de Bio essence.
With public debt on the rise in sub-Saharan Africa, boosting the private sector has become more important than ever. Zhi Yong Heng is a private investor for TLG Capital, an investment firm that focusses on equity opportunities in Africa. In this podcast, Heng says investors are missing out on great investment opportunities because of misperceptions of the risks and the business environment in the region. The latest Regional Economic Outlook for sub-Saharan Africa devotes an entire chapter on private investment.
Zhi Yong Heng is Head of Special Situations at TLG Capital
The IMF’s Special Drawing Rights have failed to gain real traction in the international monetary system, but Mohamed El-Erian, Chief Economic Advisor at Allianz and former IMF Deputy Director, believes a greater role for the SDR in global markets could help strengthen the world economy.
Mohamed El-Erian, Chief Economic Advisor at Allianz and former IMF Deputy Director.
With Asia’s recent growth comes a growing responsibility within the global economy. In this podcast, Barry Eichengreen, Professor of Political Science at the University of California, Berkeley, breaks down the weight of that responsibility and how Asia can rise to fulfill it.
Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley.
In this podcast, IMF Managing Director, Christine Lagarde, and best-selling author Michael Lewis (The Big Short), reflect on lessons learned from the financial crisis and other issues facing the world economy. The discussion took place before a live audience during the IMF World-Bank Annual meetings last month.
Christine Lagarde: IMF Managing Director.
Michael Lewis: Author, columnist and financial journalist.