Sana Hussain, PhD candidate at QMUL, recently attended the 2013 Annual Meetings of the IMF-World Bank in Washington, D.C. Discussing the global economy, Christine Lagarde (Managing Director, IMF) commented that while recovery was on the way the underlying dynamics were changing, with most advanced economies picking up while emerging economies appear to be slowing down slightly. Singling out the financial sector, she highlighted the need for improving transparency, greater exposure and better supervision especially in derivatives trading. She also stressed on the need for adequate cooperation among policy makers, collective will and political courage to bring about change. Questioned about what she foresaw in one year’s time, interestingly Lagarde answered that she expected global unemployment to be much lower than the current 200 million people. Overall, the meetings provided valuable insight as to where the global economy is heading, gave an overview of the major concerns of policymakers, outlined a roadmap for reform and policy and brought attention to the main challenges and risks.
Further details on the events can be read here.