By William Kumwembe in Washington DC, USA:
The International Monetary Fund (IMF) and World Bank Group began their Annual Spring Meetings in Washington DC on Monday, bringing together global financial leaders amid heightened economic uncertainty and market volatility.
Under the theme ‘Jobs – The Path to Prosperity’, the meetings come at a critical time as global leaders confront challenges including trade tensions, high debt levels in developing countries and sustainable aid flows to least developed countries.
With IMF and World Bank estimates indicating that approximately 1.2 billion young people in emerging economies will reach working age over the next decade while only about 420 million jobs will be available, discussions on employment creation have taken centre stage.
Africa remains a focal point in the global job creation agenda, with its largely youthful population and vast untapped potential.
According to a recent Generation 2030/Africa Report by the United Nations Children’s Emergency Fund, the continent is expected to host one-fifth of the world’s population by 2030, with two to five under-five children living in Africa by 2050.
“This is a reminder that we live in a world of sudden and sweeping shifts. And it is a call to respond wisely. A better balanced, more resilient world economy is within reach. We must act to secure it,” IMF Managing Director Kristalina Georgieva said ahead of the meetings.
Georgieva highlighted concerns about escalating trade tensions, particularly between the United States (US) and China, characterised by unprecedented tariff increases.
For example, in April, the US imposed a 145 percent tariff on all goods from China, which Beijing reciprocated with a 125 percent tariff on American goods.
The impact of these adjustments is already being felt with declining global stock prices and fears of surging commodity prices.
While China, the European Union and the US are the world’s three largest importers, smaller economies face greater risks.
The week-long meetings aim to address global economic uncertainties while creating pathways for sustainable growth, particularly in regions with significant untapped potential.
0 Comments