As the world faces economic uncertainty, the International Monetary Fund (IMF) and World Bank Group (WBG) are gearing up for their highly anticipated Spring Meetings from April 21–26, 2025, in Washington, D.C. The theme for this year’s meetings is “Jobs – The Path to Prosperity,” focusing on international cooperation to enhance job creation.
With an estimated 1.2 billion young people in emerging economies approaching working age over the next decade, the two Bretton Woods institutions project that only about 420 million jobs will be available. The gathering will bring together global leaders, finance ministers, central bank governors, policymakers, and experts to seek solutions to recent trade tariff tensions and to foster a collaborative approach to future economic challenges.
Mr. Ajay Banga, President of the WBG, emphasized the risks associated with the gap between workforce growth and job availability. He warned that without adequate opportunities, issues such as fragility, illegal migration, and instability could worsen. Banga urged developing countries to create systems that enable private sector investment, particularly in infrastructure and regulatory frameworks conducive to job creation.
He announced plans to expand the Bank’s Private Sector Investment Lab to focus on critical job creation sectors, including energy, infrastructure, agribusiness, healthcare, tourism, and manufacturing. “Jobs are the best way to drive a nail in the coffin of poverty,” he stated, reaffirming the Bank’s commitment to sustainable employment opportunities.
Regarding global trade tensions, Banga noted constructive dialogue with the US administration, advocating for more efficient border processes and reduced trade costs to enhance trade volumes and promote stable growth in developing economies.
Ms. Kristalina Georgieva, Managing Director of the IMF, highlighted that the resilience observed six months ago is now being tested by ongoing shifts in the global trading system. She outlined the negative consequences of current trade tensions, including costly uncertainty and long-term productivity erosion, especially in smaller economies.
Georgieva called for a reset of global trends towards lower tariffs and reduced non-tariff barriers, emphasizing the need for cooperation in a multipolar world. She expressed confidence that the Spring Meetings will serve as a vital forum for dialogue at a critical time, urging all countries to contribute to strengthening the global economy amidst frequent shocks.
In conclusion, she stressed the importance of maintaining a resilient world economy and allowing private economic agents the necessary time to adjust to new policies.
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