Bangkok:The International Monetary Fund (IMF) and the World Bank Group convened their Annual Meetings Plenary Session in Bangkok, where they expressed gratitude to Thailand for hosting the event.
According to Thai News Agency, the meetings began with a Thai cultural performance featuring the Royal Barge Suphannahong. Thai Prime Minister Anutin Charnvirakul delivered opening remarks, highlighting Thailand's historical role as a global hub, from the Ayutthaya period to modern Bangkok. He emphasized the need for international cooperation to address global geopolitical, climate, and technological challenges.
IMF Managing Director Kristalina Georgieva praised Thailand's arrangements and used the Suphannahong barge as a metaphor, saying that member nations must work together to navigate economic challenges. The IMF forecasts a global economic growth rate of 3.1% this year. Georgieva urged central banks to adopt suitable interest rate policies to manage inflation and called on governments to reduce fiscal debt. She also recommended economic rebalancing by major economies such as the United States, China, and Europe.
Georgieva addressed the impact of technological changes, noting that artificial intelligence could affect up to 40% of jobs worldwide. She suggested integrating "Small AI" with human labor to reduce inequality and announced over $100 million in new funding initiatives to support vulnerable member nations.
World Bank Group President Ajay Banga discussed a long-term development strategy to tackle global economic pressures and employment challenges, pointing out that only 400 million jobs will be available for 1.2 billion young people entering the workforce in the next decade. Banga stated that the World Bank is focusing on efficient resource allocation, supported by $138 billion in financing, to foster job creation, private investment in emerging markets, risk reduction, technology integration for small businesses, and investments in infrastructure, agriculture, and tourism.
After the plenary, Anutin met with OECD Secretary-General Mathias Cormann to discuss Thailand's progress toward membership in the organization. Cormann praised Thailand's preparations, with further bilateral discussions planned for late November to align with Thailand's accession timeline.