Economic Leaders At IMF's Annual Meeting Told To ‘Buckle Up’

 

Bloomberg: Guardians of World Economy Told to ‘Buckle Up’ as Outlook Dims 

(Bloomberg) -- After a week hosting the International Monetary Fund’s annual gathering of economic leaders, Managing Director Kristalina Georgieva summed it up for the 190 member countries: “Buckle up, and keep going.” 

As the talks ended in Washington on Saturday, finance ministers and central bankers seeking to sustain the world economy’s shaky recovery from the pandemic worried Russia’s invasion of Ukraine continues to destabilize Europe and stymies efforts to boost growth. 

But the stalwarts of the post-World War II global order also took a scalding. 

The UK’s whiplash on tax cuts -- which rattled markets and led to the ouster of Chancellor of the Exchequer Kwasi Kwarteng midway through the gathering -- and the US Federal Reserve’s dollar-boosting interest-rate hikes also dominated discussions. 

Members of the group also sparred over Saudi Arabia’s decision to lead an OPEC+ oil output cut, which was seen risky as Europe struggles with an energy crisis and the US tries to rein in the hottest inflation in four decades.  

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WNU Editor: I follow these type of meetings very closely. I could not help but feel that in this year's annual IMF/World Bank meeting there was a sense of not being in control. That economic/financial/and monetary trends and events cannot be influenced by Western policy leaders. Certainly the near collapse of the UK's bond markets last week and an acknowledgement on the US Fed's failing on reigning in inflation must have been a sobering moment to all of the participants at this gathering.