In addition to fears that the US presidential elections may spark new trade battles and undermine multilateral cooperation.
It is scheduled to attract the annual meetings of the International Monetary Fund andWorld Bank More than ten thousand participants from finance ministries, central banks and civil society organizations to discuss efforts to boost unstable global growth, deal with debt pressures and finance the transition to clean energy.
This comes amid a state of uncertainty amid the possibility of the Republican candidate winning the US presidency Donald Trump In the elections scheduled for November 5, which could turn the international economic order upside down with the United States imposing massive new tariffs and shifting away from climate cooperation.
Josh Lipsky, a former official at… International Monetary Fund Who currently heads the Geo Economics Center of the Atlantic Council: “It can be said that the most important issue for the global economy, which is the outcome of the US elections, is not on the official agenda this week, but it is on everyone’s minds.”
He added that the elections will “have huge impacts on trade policy, on the future of the dollar, and on who will be the next Chairman of the Federal Reserve, and all of these matters affect all countries of the world.”
As for US Vice President Kamla Harris, the Democratic Party’s candidate for the presidential elections, it is largely expected that she will continue the Biden administration’s multilateral cooperation policies regarding climate, taxes, and debt relief if she wins the elections.
The meetings, which begin Monday and culminate later in the week, are likely to be the last for US Treasury Secretary Janet Yellen, who has led much of the Biden administration’s multilateral economic and climate efforts.
Yellen says she “may retire” from public service when President Joe Biden’s term ends in January.
The International Monetary Fund is scheduled to update its global growth forecasts tomorrow, Tuesday.
Last week, Director of the International Monetary Fund, Kristalina Georgieva, indicated modest expectations, and said that the world, which is already suffering from high levels of debt, is heading towards slow growth in the medium term, and that the future will be difficult.
The meetings were held last year in Morocco shortly after the start of the escalation in Gaza.
The economic damage is still largely limited to the economies of the states parties to the conflict or those neighboring them, including Gaza, the West Bank, Israel, Lebanon, andEgypt And Jordan.
“If there is an escalation that puts oil and gas supplies at risk, it could have a much greater impact on the global economy,” Georgieva said in an interview with Reuters.