Washington DC – As world leaders arrive in Washington, DC for IMF and World Bank Annual Meetings, the IMF releases two flagship reports on the concerning state of the economy. The IMF's World Outlook Economic Report forecasts an economic slowdown over the next two years.

"Uncertainty is the key word to describe the forecasts we are receiving this week on the economy, jobs and growth," noted Jubilee USA Network Executive Director Eric LeCompte, a United Nations finance expert who has monitored IMF meetings and reports since 2010. "The IMF sees higher inflation than their forecasts of a year ago."

In another report, the Global Financial Stability Report, the IMF flags growing vulnerabilities under global financial markets that at the moment, “appear calm.”

"The IMF is raising concerns about a bubble in financial markets," noted LeCompte. "A lesson from financial history is consistent. When bubbles burst, we all pay a dramatic price, but the poorest always pay the highest price."

The reports demand greater attention and action on debt relief, some development organizations argue.

"The IMF is concerned with high debt levels and recommends that struggling countries should have access to timely, predictable and cheaper debt restructuring," stated LeCompte. "The IMF underscores that in the poorest countries, which have not overcome the economic effects of the pandemic, a combination of high debt and aid cuts may fuel more social unrest."

LeCompte in analyzing the Global Financial Stability Report was especially worried about the banking system vulnerabilities raised.

"The IMF analysis demands improving oversight of pension funds, insurance companies and investment funds whose risks cannot be separated from the banking system that the average person uses."

Read Jubilee USA's statement on the IMF World Economic Outlook Report here.

Read the Jubilee statement on the Global Financial Stability Report here.

View and join Jubilee's events this week at the IMF, World Bank and G20 meetings here.

Read Jubilee's release on IMF chief Kristalina Georgieva's curtain-raiser speech here.

Read our Jubilee analysis on Pope Leo's first official teaching document “Dilexi Te,” released ahead of this week's meetings calling on world leaders to ensure the poor are at the center of economic decisions, here.