Policy Backgrounders

IMF-World Bank Meetings and Belt and Road Summit

October 20, 2023

The World Bank and International Monetary Fund (IMF) completed their annual meetings in Marrakech, Morocco only a few weeks after a devastating earthquake struck the country. Shortly thereafter, a number of developing world leaders gathered in Beijing for the Belt and Road Initiative (BRI) Global Forum marking the tenth anniversary of the Initiative.

• The IMF projects slower growth next year than in previous forecasts, with the world economy “limping along.” But the outlook is now more uncertain because of the impact of the Israel-Hamas War and the continued impact of war in Ukraine.
• However, the IMF raised its growth forecast for the US—to 2.1 percent for this year and 1.5 percent for 2024.
• The Belt and Road Initiative meeting is another sign of China promoting a Chinese-led alternative to the current world order, including the international financial institutions.