The last time the World Bank and International Monetary Fund held their landmark conference in April, speakers placed great emphasis on each institution’s role in helping the world’s poorest people get a leg up. Not an easy task by any measure — particularly with geopolitics interfering — so just ahead of the release of their latest World Economic Outlook for this week’s Annual Meetings, how have things gone?
Soft landing for rich countries, rocky shores for poor ones. The topline number for global economic growth is deceptive: At 2.6%, the projection seems pretty meh — not great but hardly a catastrophe, particularly if inflation stays under control. Scratch the surface, though, and you’ll find that the world’s 26 poorest countries are deeper in debt than at any time since 2006 while development aid from rich countries has fallen to its lowest level since 2003. The World Bank, in particular, will need to find creative ways to help these most vulnerable economies climb the development ladder.
Electrifying Africa. The flagship program launched at the Spring Meetings in April, a $90 billion effort to bring electricity to some 300 million people across the continent, will also be discussed. “Mission 300” is off to a promising start: The World Bank has allocated $750 million to building rooftop solar and mini-grids in Nigeria, which could bring electricity to nearly 18 million people in Africa’s most populous nation. They’ve also launched 15 smaller projects across 11 other countries in a similar vein, and a summit on the next steps is planned for January in Dar es Salaam.
Bailouts make progress. As the lender of last resort, the International Monetary Fund has to tackle the toughest cases of financial collapse, which was heavily exacerbated by the pandemic. Fortunately, their five largest bailout programs (Argentina, Egypt, Ukraine, Pakistan, and Ecuador) are all on relatively stable fiscal footing, though geopolitical risks remain threats, particularly for Kyiv and Islamabad.
America’s new National Security Strategy confirms what Europeans have feared for months: Washington now sees a strong, unified European Union as a problem to be solved, not an ally to be supported.
In this episode of Tools and Weapons, Microsoft Vice Chair and President Brad Smith sits down with Ed Policy, President and CEO of the Green Bay Packers, to discuss how purpose-driven leadership and innovation are shaping the future of one of the world’s most iconic sports franchises. Ed shares how technology and community-focused initiatives, from Titletown Tech to health and safety innovations on the field, are transforming not just the game of football, but the economy and culture of Green Bay itself. He explains how combining strategic vision with investment in local startups is keeping talent in the Midwest and creating opportunities that extend far beyond Lambeau Field.
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More than a week after Hondurans cast their ballots in a presidential election, the country is still stuck in a potentially-dangerous post-election fog.