World Bank Group - IMF Annual Meetings, October 2023
The Boards of Governors of the International Monetary Fund (IMF) and World Bank Group (WBG) normally meet once a year to discuss the work of their respective institutions. The Annual Meetings, which generally take place in September/October, have customarily been held in Washington for two consecutive years and in another member country in the third year. The Meetings bring together central bankers, ministers of finance and development, private sector executives, civil society, media and academics to discuss issues of global concern, including the world economic outlook, global financial stability, poverty eradication, inclusive economic growth and job creation, climate change, and others.
The 2023 Annual Meetings will be held from October 9-15 in Marrakech, Morocco. The full schedule of events will become available closer to the event. In the meantime, visit the IMF's official Annual Meetings site and the Host Country site to learn more.
Amid a weakening global economy and elevated uncertainty, policymakers need to build a more resilient future by enhancing social safety nets to protect the most vulnerable, improving governance and accountability, strengthening policy frameworks, and tackling climate change. Food security concerns and the risk of future pandemics add to the urgency of increased effort and collaboration toward building resilient economies.
The impact of recent crisis upon crisis on the economic situation of countries has increased the need for structural reforms to bolster growth and secure a transformation that fosters inclusion and diversification, addresses the existential challenge of climate change, and supports digitalization.
The world is facing the risk of policy-driven geo-economic fragmentation, which could jeopardize the economic gains made over the past several generations. Mitigating this risk requires concerted efforts to advance areas of common interest, such as tackling climate change, food insecurity, and increasing pandemic preparedness. The IMF can play an important role in helping member countries adapt to emerging challenges and increasing collaboration. The 2023 Annual Meetings will provide an opportunity to reinvigorate global cooperation.
Gross domestic product growth in Gulf Cooperation Council countries is expected to reach 6.5% in 2022 – more than double the rate of real GDP growth in 2021. But geopolitics and economic uncertainty weigh heavily on the global economy. In our latest policy paper on the region, we suggest that GCC countries will save more resources during this period of surging commodity prices and remain cautiously optimistic that regional governments can utilize the overall fiscal surpluses for long-term prosperity. However, we stress that the economic reform momentum must be maintained and warn of various headwinds.
In a worsening global environment, economies in the Middle East and Central Asia are being hit by a confluence of shocks: a global slowdown, high and volatile food and energy prices, faster and stronger-than-expected tightening of financial conditions, and the risk of fragmentation. The region’s emerging market and middle-income economies and low-income countries are hit hard, with many facing limited access to financing, while oil-exporting countries are benefitting from still-high energy prices. The adverse impact of Russia’s war in Ukraine on the Caucasus and Central Asia (CCA) has thus far been milder than expected. Still, the CCA’s strong ties to Russia entail substantial risks to the region’s outlook.
Despite some pre-pandemic gains in poverty reduction, literacy, and lifespans, many economies in the Middle East and North Africa have struggled to ensure that the benefits of economic development and diversification accrue equitably to all segments of their populations. Among the main issues that remain unresolved are the high share of inactive youth (who are not engaged in employment, education, or training); large gaps in economic opportunities for women; fragmented social protection systems; and underdeveloped private sectors with tight regulation, absence of a level playing field, and limited access to credit that stifle the creation of new firms and growth, employment, and incomes.
Domestic revenue mobilization has been a longstanding challenge for countries in the Middle East and Central Asia. Insufficient revenue has often constrained priority social and infrastructure spending, reducing countries’ ability to reach the Sustainable Development Goals, improve growth prospects, and address climate related challenges. Moreover, revenue shortfalls have often been compensated by large and sustained debt accumulation, raising vulnerabilities in some countries, and limiting fiscal space to address future shocks. The COVID-19 pandemic and the war in Ukraine have compounded challenges to sustainable public finances, underscoring the need for revenue mobilization efforts. The recent global crises have also exacerbated existing societal inequalities and highlighted the importance of raising revenues in an efficient and equitable manner.
Climate change is among humanity’s greatest challenges, and the Middle East and Central Asia region is on the frontlines of its human, economic, and physical ramifications. Much of the region is located in already difficult climate zones, where global warming exacerbates desertification, water stress, and rising sea levels. This trend entails fundamental economic disruptions, endangers food security, and undermines public health, with ripple effects on poverty and inequality, displacement, and conflict. Considering the risks posed by climate change, the central message of this departmental paper is that adapting to climate change by boosting resilience to climate stresses and disasters is a critical priority for the region’s economies.
Get the latest updates from the International Monetary Fund about our work on the Middle East and North Africa. Each month, we provide a curated selection of IMF news and research on the region, including papers, blogs, events, videos, and more.
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