As world leaders arrive in Washington, DC for IMF and World Bank Spring Meetings, the IMF releases its flagship World Economic Outlook report dominated by risks to the global economy. In the best case, growth this year will slow down to no less than 3.1% but it could go down to 2% if war and conflict continues.
Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitors IMF meetings since 2010, releases the following statement on the IMF Meetings and World Economic Outlook Report:
"Spurred by the Iran war, trade tensions and countries holding too much debt, the forecasts are extremely concerning for the global economy.
"We will experience lower economic growth and higher food and fuel costs for the foreseeable future.
"The IMF warns that high food prices and lower incomes, could spread social unrest and instability in many countries.
"The best scenario the IMF projects will be worse than the average of economic growth in the first two decades of this century.
"The most dire impacts of our economic situation will be felt by the poor and the vulnerable."
Read the full World Economic Outlook Report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here.