Inflation is down, but politics and conflicts dim economic outlook
IMF blames lackluster global economy on slowing growth, potential trade wars and regional conflicts.
International Monetary Fund (IMF)
The IMF is a cooperative institution of member countries that lends money to members having difficulties meeting financial obligations to other members. The loans are handed out on condition that economic reforms are undertaken to eliminate these difficulties for their own good and that of the entire membership.
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Global public debt soars to record US$97 trillion, straining budgets
Developing nations' 30% share of global public debt in 2023, particularly in Asia and Oceania, rose from 16% in 2010.
AfDB boosts capital as African leaders target climate-tied debt
Calls for more debt relief and climate finance dominated the multilateral development bank's annual meeting.
Wealthy nations to provide US$11B for World Bank-led global solutions
The wars in Europe and the Middle East, climate change and soaring national debts hung over the annual talks.
U.N. climate chief says next 2 years will be 'essential' to saving the planet
This year and next mark the countdown to a 2025 deadline for governments to strengthen their carbon-cutting plans.
IMF sees path to 'soft landing' for the global economy in its latest outlook
IMF forecasts a strengthening global economy as inflation cools, but warns of the threat of wars and other disruptions.
Global fractures spur summits of developing and non-aligned nations
Russia’s war in Ukraine and the Israel-Hamas war accelerated geopolitical tensions among major powers.
Rich economies bounce back as developing economies lose ground
Global economic growth is projected to slow to 2.4% this year, down from 2.7% in 2023 and 3% before the pandemic began.
War overshadows calls for more IMF and World Bank funding for Africa
The heads of some of the biggest multilateral development banks said the world faces a global “polycrisis” affecting development at an unprecedented scale.
Africa aspires to major role in the effort to combat climate change
African leaders say they have a market-based plan to fight human-caused global warming that will spread economic development among millions of people on the continent.
Macron calls for "public finance shock" to curb climate pollution
Speakers blamed major economies for a system that puts profits over fighting poverty and caring for the planet.
For many of the world's poorest nations, economic outlook is bleak
As interest rates soar and the economy slows, the World Bank sees an 'enduring setback' for many developing economies.
Italy undecided about exiting China's Belt and Road Initiative
As the only G-7 member to have joined Beijing's sprawling global pact, Italy had indicated it would leave. But now Prime Minister Giorgia Meloni says the decision is still up in the air.
Ukraine to secure first IMF loan package due to wartime spending
Ukraine incurred a huge deficit mainly due to its enormous military spending, and had to rely on its central bank printing more money to loan to the government.
African nations pay 'extortionate' interest rates on debt, U.N. chief says
Women and girls still don't get the support they need, U.N. Secretary-General António Guterres said, and African nations cannot develop with "one hand tied behind their backs."
High stakes for COP27 summit as climate becomes a health crisis too
Drought, floods, disease outbreaks and a global food crisis add pressure for real action at the U.N. climate summit in Egypt.