The World Bank-International Monetary Fund annual meetings kick off today, marking their 80th anniversary and providing an opportunity to evaluate how these institutions are evolving.
Global leaders will gather against a backdrop of considerable challenges in the global fight against poverty driven by rising debt, conflict, and climate shocks. While some of the world’s wealthiest countries are back on a growth path, poverty levels remain higher than before the pandemic in the world’s poorest economies, according to the World Bank’s Poverty, Prosperity and Planet Report. Some 8.5% of the global population lives in extreme poverty in 2024, which means about 692 million people worldwide survive on less than $2.15 a day.
Looming over the meetings — and perhaps shaping what is or isn’t accomplished — is the upcoming U.S. presidential election. While World Bank President Ajay Banga said at a press conference last Thursday that internal discussions about the future U.S. administration are not taking place, it’s widely expected that the election will be a frequent topic of conversation.