IMF, World Bank Chiefs Issue Dire Warnings on Recession, Inflation

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In a dialogue kicking off the first in-person meetings of the World Bank and International Monetary Fund (IMF) since the pandemic, the chiefs of the two institutions warned of a series of compounding crises threatening livelihoods, including persistent inflation and a growing risk of a global recession.

In a “curtain raiser” on Oct. 10 leading into a weeklong set of annual meetings between the two institutions in Washington, World Bank President David Malpass and IMF Managing Director Kristalina Georgieva discussed the crises and called for coordinated action in the face of what they described as an “era of volatility.”

“There’s a risk and real danger of a world recession next year,” Malpass said, kicking off the discussion. He cited slowing economic growth in advanced economies and currency depreciation in many developing countries.

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