As world leaders arrive in Marrakesh for the Annual IMF and World Bank Meetings, the IMF releases its flagship World Economic Outlook report. The IMF projects the global economy to grow 3% this year, which remains below the average of growth for two decades before the pandemic.
Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF meetings since 2010, releases the following statement on the IMF Meetings and World Economic Outlook Report:
"According to the IMF, our economy is still struggling to recover from the impacts of the pandemic and other crises.
"Since 2020, economic growth has been uneven and unequal.
"The IMF didn't have time to factor in the terrible Israel and Gaza conflict that will affect growth.
"Another casualty of the tragic violence in Gaza and Israel will be downturns in economic growth and slower global decisions on development.
"When growth goes down in wealthier economies, most developing economies are hurt.
"Compared to 15 years ago, the distance between average incomes in rich and poor countries has grown dramatically.
"As long as there are fears of continuing inflation, high interest rates will continue.
"High interest rates mean that developing countries will have higher debt payments that lead to even more debt crises.
"When borrowing costs are too high and countries cannot access resources, we'll face new food shortages and new debt crises."
Read the full World Economic Outlook Report here: https://www.imf.org/en/Publications/WEO/Issues/2023/10/10/world-economic-outlook-october-2023
Read Jubilee USA's press release on Annual Meetings agenda here: https://www.jubileeusa.org/leaders_debt_growth_morocco?utm_campaign=outlook_report_oct_23&utm_medium=email&utm_source=jubileeusa
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here: https://www.jubileeusa.org/imf_curtain_raiser_23?utm_campaign=outlook_report_oct_23&utm_medium=email&utm_source=jubileeusa
Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than 0 billion in debt relief to benefit the world's poorest people.