As the world grapples with economic uncertainty, the International Monetary Fund (IMF) and World Bank Group (WBG) are set to convene for their highly anticipated Spring Meetings in 2025.
The meetings will take place from April 21-26, in Washington, D.C.?on the theme: “Jobs – The Path to Prosperity,” aimed at exploring international cooperation on future of job creation.
This comes as the two Bretton Woods institutions estimate that the about 1.2 billion young people in emerging economies, reaching working age over the next decade, would only have access to some 420 million jobs.
The gathering of global leaders, finance ministers and central bank governors, policymakers, and experts would focus on exploring solutions to the recent trade tariff tensions and shape the future of international cooperation.
It would also serve as a platform for a call to action for global leaders to work together to address pressing economic challenges to build a more prosperous and sustainable future for all.
Ahead of the meetings, Mr Ajay Banga, President, WBG, has said the workforce and expected jobs disparity was a global risk, noting that without opportunity, the forces of fragility, illegal migration, and instability could grow stronger.
He challenged developing countries to provide the right systems for the private sector to bring its financing to play, enabling infrastructure and regulatory frameworks for jobs generation.
Mr Banga said the Bank would expand its Private Sector Investment Lab to include the most critical sectors to job creation – energy and infrastructure, agribusiness, healthcare, tourism, and manufacturing.
He reaffirmed their commitment towards creating a meaningful and sustainable employment opportunities, adding that: “The idea is to build a Bank that delivers what is demanded – jobs – because jobs is the best way to drive a nail in the coffin of poverty.”
On the global trade tariff tensions, he noted that they were engaging in constructive dialogue with the US administration, despite uncertainty, saying: “They’re asking the right questions, and we’re trying to give them the right answers.”
The World Bank Chief called for more efficient border processes, reduced trade costs, clearer rules of origin, and decreased friction to boost trade volumes to provide a more stable and diversified growth in developing economies.
Ms Kristalina Georgieva, Managing Director, IMF, observed that the resilience observed about six months ago was being tested again by the reboot of the global trading system.
She gave three consequences of the trade tensions – costly uncertainty, negative impact economic growth in the short term, and erosion of productivity over the long run, especially in smaller economies through protectionism.
That required a restart of global trends towards low tariff rates while reducing non-tariff barriers and distortions, in “ensuring that there can be cooperation in a multipolar world,” Ms Georgieva said.
She expressed confidence in the spring meetings, serving as “a vital forum for dialogue at a vital time.”
“All countries, large and small alike, can – and should -play their part to strengthen the global economy in an era of more frequent and severe shocks.”
The IMF Chief noted that when pushed “hard enough, things that were not possible become possible, mountains that couldn’t be climbed are climbed, vested interests that would not retreat are overcome.”
She called for cool heads, clear vision, and strong will, adding that: “We need a?more resilient world economy, not a drift to division. And, to facilitate the transition, policies must allow private economic agents time to adjust and deliver.”
Source: GNA
The post Jobs, trade tensions take spotlight at 2025 IMF, WBG spring meetings appeared first on Ghana Business News.
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