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<\/div>\nWhen they gather in Washington\u00a0next week\u00a0for the International Monetary Fund and World Bank Group annual meetings, the world\u2019s finance ministers face what has been labeled a\u00a0polycrisis: Challenges ranging from increased interest rates, climate change and an epically strong dollar, to food-supply shortages, high inflation and a still-prevalent pandemic all combine to threaten not just the global economy but also the livelihoods of hundreds of millions.<\/p>\n<\/div>\n
It is likely that in the next year the United States will go into recession, Europe will be battered by high energy costs and China will suffer its lowest growth in decades. A major slowdown in the global economy is almost inevitable.<\/p>\n
What is at stake \u2014 what will greatly depend on decisions that finance ministers make next week \u2014 is whether developing countries suffer a lost decade of economic opportunity, as happened to many countries in the 1980s, or whether they are enabled to maintain momentum, as occurred after the 2009 financial crisis.<\/p>\n<\/div>\n
While much will depend on national policy choices, the external environment will be enormously important for most countries. Global cooperation through the IMF and the World Bank matters a great deal. The challenge for these institutions will be not to just discuss new funds and funding mechanisms but to actually deliver the greatly increased support the moment demands.<\/p>\n<\/div>\n<\/div>\n<\/div>\n
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