The International Monetary Fund (IMF) and the World Bank are set to discuss a range of issues as concerns over global economic uncertainty continues. The World Bank has already issued a warning that a “lost decade” for the economy could harm progress in the fight against poverty and climate change. Douglas Rediker, former US representative to the IMF, said there will be a lot of “hand-wringing” and “perplexing questions” at the upcoming meetings. There will be challenges for leaders as they attempt to tackle issues such as energy shortages, severe debt in developing countries and global warming. There will also be competition regarding governance of international institutions, given that China is increasingly at odds with the US over trade and technology. The IMF has already warned that the world could lose trillions of dollars of future economic output if it splits into competing geopolitical factions. The European Union is expected to record weak growth of less than 1%, and the US economy is expected to grow only modestly.
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