IMF, World Bank meetings spotlight global crises as ‘worst yet to come’

[superadmin]

When the annual meetings of the IMF and World Bank kicked off on Monday in Washington and last through Saturday, they are expected to spotlight a thorny conflux of crises including the fallout from the prolonged pandemic, escalating geopolitical tensions, soaring inflation and mounting recession fears.

As the US-led Western mentality - being self-centered and tending to shirk their responsibilities - prevails, there is scant hope of genuinely addressing the plight of lower-income economies in particular amid the current gloom, experts said. The nail-biting predicament pits the West's "hypocritical" approach to handling the crises against China's, which is making good on its opening-up and de-carbonization promises, they noted.  

An expanding Chinese economy, albeit at a slower pace, would inject much-needed optimism into the recession-haunted world economy, observers remarked. As they put it, the upcoming 20th National Congress of the Communist Party of China (CPC) is envisioned to anchor the country's economy toward more cohesive growth, setting the Chinese economy apart from those of many of its global peers mired in internal rifts and consolidating the China's role as a stabilizer to global growth.

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