Thailand hosts IMF-World Bank Annual Meetings plenary in Bangkok
The International Monetary Fund (IMF) and the World Bank Group convened their Annual Meetings Plenary Session in Bangkok, expressing appreciation to Thailand for serving as the host nation.
Prior to the session, a Thai cultural performance featuring the Royal Barge Suphannahong was presented.
Thai Prime Minister Anutin Charnvirakul delivered opening remarks, linking Thailand's historical role as a global connection hub from the Ayutthaya period to modern Bangkok. He noted that the Queen Sirikit National Convention Center hosted the same joint meetings 35 years ago. Anutin said global geopolitical, climate, and technological challenges require international cooperation to manage financial shifts and support global economic growth.
IMF Managing Director Kristalina Georgieva commended Thailand's arrangements and cited the Suphannahong barge motif, stating that member nations are in the same boat and must work together to navigate economic headwinds. The IMF projects global economic growth at 3.1% this year. Georgieva called on central banks to maintain appropriate interest rate policies to control inflation, urged governments to reduce fiscal debt, and recommended economic rebalancing by major economies, including the United States, China, and Europe.
Addressing technological changes, the IMF chief noted that artificial intelligence could affect up to 40% of jobs globally and suggested deploying "Small AI" alongside human labor to mitigate inequality. She also highlighted new funding initiatives totaling over $100 million to assist vulnerable member nations, citing principles of perseverance and multilateral cooperation among the 191 member countries.
World Bank Group President Ajay Banga outlined a long-term development strategy to address global economic pressures and employment gaps, noting that only 400 million jobs are available for 1.2 billion young people entering the workforce over the coming decade. Banga said the World Bank is prioritizing efficient resource allocation, backed by $138 billion in financing, to support job creation, private investment in emerging markets, risk reduction, small business technology integration, and investments in infrastructure, agriculture, and tourism.
Following the plenary, Anutin met with OECD Secretary-General Mathias Cormann to discuss Thailand's progress toward membership in the organization. Cormann commended Thailand's preparations, with further bilateral discussions scheduled for Nov. 23-24 to align with the country's accession timeline. - 819 (TNA)
