Economic experts and global finance chiefs are gathered in Washington this week to discuss the future of global trade, finance and related climate actions.
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Around the avenue, a small inscription announces some ongoing renovation efforts, ahead of the change of baton at the White House next year. The discussions hold amid uncertainty surrounding the wars in the Middle East and Europe, the Chinese economy and a crucial U.S. presidential election that could generate new trade battles and potentially weaken multilateral cooperation.Last Thursday, the Managing Director of the International Monetary Fund Managing, Kristalina Georgieva, said that she expected U.S. presidential candidates Donald Trump and Kamala Harris to take a “very pragmatic” approach to the IMF and the World Bank.
The U.S. is the largest shareholder in both the IMF and the World Bank, putting it in a strategic position when it comes to decision-making. It holds effective veto power over major decisions.Another major concern of experts at the IMF and World Bank annual meetings is the growing trade tension over a major flood of Chinese exports.
In the absence of domestic demand in China, manufacturing output has been diverted to exports, leading the U.S., Europe and others to raise tariff barriers to protect workers and industries. Last week, World Bank President Ajay Banga credited Mr Trump for increasing investment in the International Bank for Reconstruction and Development during his presidency, which offers loans to middle-income developing countries.
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