At the Annual Meetings of the International Monetary Fund (IMF) and World Bank in Washington, D.C., IMF Managing Director Kristalina Georgieva emphasized the strain high prices are placing on families globally. Speaking at the Global Policy Agenda 2024 briefing, she described the global economy as “stuck in a slow growth and high debt trajectory,” which has left many people feeling uncertain about their economic futures despite positive macroeconomic indicators like reduced inflation.
Georgieva noted that, while central banks’ policies have helped curb inflation, and global supply chains have improved, families worldwide continue to struggle with high costs. The IMF projects global growth at 3.2% for 2024, slowing further to 3.1% annually over the next five years.
The Global Policy Agenda 2024 report highlighted additional risks to economic stability, including record-high public debt levels projected to reach nearly 100% of global GDP by 2030, alongside growing economic fragmentation that could disrupt international economic cooperation. However, emerging opportunities like the green transition, demographic shifts, and digitalization, including artificial intelligence, offer potential growth avenues, provided policies address the underlying challenges.
To foster sustainable growth, the IMF recommends targeted monetary and fiscal policies focused on lowering inflation, rebuilding economic buffers, and ensuring debt sustainability.
