From conflict to COVID-19 to climate change, successive crises have created unprecedented challenges for developing countries. We are seeing the sharpest slowdown in economic activity in 80 years, rising inflation, deepening food insecurity, the war in Ukraine and wider fragility, unsustainable debt burdens, the continued negative impact of COVID-19, and worsening poverty. Urgent action is also needed to reduce emissions and help countries adapt to the impacts of climate change. Developing countries are faced with navigating these multiple challenges, which are deepening inequality and reversing development gains.
The 2022 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) will take place in person from Monday, October 10, through Sunday, October 16 in the IMF and World Bank Group headquarters, in Washington DC.
Featured Events:
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Inclusive Growth: The Key to a Lasting Recovery
Tuesday, October 11, 2022 | 1:00 - 2:30 PM EDT
COVID-19 ended a remarkable phase of global prosperity—a span of roughly 25 years when rapid economic growth enabled the incomes of the poorest nations to converge with those of the wealthiest, when the world came within striking distance of extinguishing extreme poverty.
Today, the world is massively off-track on the goal of ending extreme poverty by 2030—the prerequisite for all other development objectives. Restoring progress will not be easy—but it can be done.
With this event, the World Bank aims to convene a broad set of voices to underscore the urgency of the poverty challenge and the limited ability developing countries have to offset shocks through fiscal policy. It will highlight the policies that can support inclusive growth based on the World Bank’s country experience and knowledge work.
The discussion will focus on the full range of economic policy actions required to support inclusive growth and get progress toward reducing poverty back on track, drawing upon the new research in the upcoming World Bank Poverty and Shared Prosperity report.
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A shortage of Life’s Essentials: The Human Cost of the Food and Fuel Crises
Tuesday, October 11, 2022 | 4:00 - 5:30 PM EDT
Even before the war in Ukraine, food and energy prices and global hunger were already on the rise due to the COVID-19 pandemic, climate change impacts, and conflicts. The first half of 2022 has witnessed one of the largest shocks to global food and energy markets that the world has seen in decades. While most countries are impacted by these shocks, poor households face the highest burden.
This event will look at specific actions that the international community needs to focus on to address both energy and food shocks, using concrete examples of how countries are working on tackling the immediate crises without compromising long-term goals of efficiency, sustainability, and resilience. It will examine a number of tangible solutions that are shaping a sustainable recovery from the point of view of countries and communities, offering a snapshot of immediate action from across WBG regions in our client countries.
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At the Heart of a Resilient Future: Investing in Education for Our Children and Youth
Tuesday, October 12, 2022 | 4:00 - 5:30 PM EDT
The COVID-19 crisis—compounded by crises stemming from conflict, climate, and price shocks – has erased years of human capital progress and efforts to reduce inequality within and between countries. Prolonged pandemic-related school closures, and the learning losses suffered by children have been staggering. Today, 70 percent of 10-year-olds in low and middle-income countries are unable to understand a simple written text. and loss of employment will cause lasting damage to the productivity of current and future generations. These learning losses, as well as limited employment recovery among youth, will likely lead to lifelong negative impact on their futures, and is a costly missed opportunity for boosting growth and prosperity between and within countries. Without action, this generation of students now risks losing US$21 trillion in potential lifetime earnings in present value, equivalent to a reduction of 10% in lifetime earnings for each year of schooling lost. More than one billion young people have had their education and training opportunities interrupted, according to the International Labour Organization.
This event will bring together government leaders, international experts, civil society, and private sector representatives to discuss policy priorities that can support a sustained recovery in learning and skills development. They will share insights and successes that can help restore and accelerate human capital outcomes.
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Investing in People and Planet: Financing the Low-carbon, Resilient Transition
Tuesday, October 13, 2022 | 3:00-4:30 PM EDT
Climate action is in danger of stalling with profound consequences for all countries, particularly the poorest. Overlapping crises—the war in Ukraine, COVID-19, surging inflation — could derail the investments required to tackle the climate crisis. It is vital to improve not only the quantity but also the quality of climate finance, making sure it reaches those most affected by climate impacts, prioritizing adaptation and resilience. Today only 10% of the global climate finance supports investments in adaptation, and only a fraction of that from the private sector. How can we scale up climate finance and deploy innovative tools, analytics and instruments to make better use of public resources, unlock private capital and channel resources to the most vulnerable? What are the challenges and solutions to financing global public goods and what is the role of private capital in the climate transition?
This event will focus on ways to address climate and development needs together, supporting people and communities in the low-carbon, resilient transition.