Accra:The leaders of the International Monetary Fund (IMF) have praised the teachings of King Bhumibol Adulyadej, also known as King Rama IX, during this year's General Assembly hosted in Thailand. They underscored his royal remarks as a reminder of the importance of determination and teamwork, emphasizing that everyone must collaborate to navigate challenging economic conditions.
According to Thai News Agency, Kristalina Georgieva, Managing Director of the IMF, officially commended Thailand for hosting the assembly. She noted that the venue's decorations, featuring the Royal Barge Suphannahong, symbolized the need for everyone to work together through turbulent economic times.
The IMF has projected a global economic growth rate of 3.1% for this year. While the recovery appears robust, the organization warned about fragile foundations and potential energy crises in the upcoming winter. The IMF expressed support for major central banks in the US, Europe, and Japan in maintaining high interest rates to control inflation, while urging governments to improve their fiscal positions and reduce public debt. Although these actions may increase borrowing costs for emerging markets, the IMF considers them necessary to address the global inflation crisis.
In terms of innovation and labor, the IMF raised concerns about artificial intelligence affecting up to 40% of global jobs, especially for recent graduates. It suggested adopting Small AI technologies to assist in tasks such as community disease screening, to lessen inequality. A secure legal framework is also recommended to restore public trust amid geopolitical tensions.
The report further advised major powers on economic strategies the United States should increase savings and reduce its budget deficit; China should boost domestic consumption; and Europe should enhance investment to improve productivity and competitiveness.
At the meeting, the IMF successfully raised over $100 million in new funds, about a quarter of its annual budget, to develop financial systems in member countries worldwide. Kristalina Georgieva concluded by quoting King Bhumibol, stating that positive outcomes must be cultivated and strengthened over time, achieved best through collective effort, uniting the 191 member nations for a common goal.