In brief
At the annual meetings of the International Monetary Fund (IMF) and the World Bank, Kristalina Georgieva, IMF's managing director, voiced her relief that inflation had been managed without triggering a recession, but warned of the looming threat posed by increasing protectionist measures adopted globally. With trade no longer seen as a primary growth driver, Georgieva pointed out the significant number of industrial policies introduced over the past year.
Eighty years after the founding of the IMF and World Bank, the initial principles of economic integration and support for developing nations seem under threat. The traditional push for open markets and international cooperation is losing traction, with advocates of these neoliberal ideas becoming increasingly isolated in current economic discussions. The evolving landscape of industrial policy signals a departure from historical commitments to a cooperative global economy.
