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Insight: Managing rising risks to keep the global economy on course
Global growth is still at its highest level since 2011 when economies were rebounding post-crisis.
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Asia-Pacific region remains the main engine of the global economy. Regional growth is expected to remain strong at 5.6 percent in 2018 and 2019. (Shutterstock/File)
O
ur event today is the penultimate leg of what we call our “Voyage to Indonesia”— the final leg being our annual meetings to be held next week in Bali. This is a challenging moment for Indonesia, a country that has transformed itself in recent decades, unleashing its economic dynamism and harnessing the incredible ingenuity and diversity of its people. A country that is so often dealing with the hardship of natural disasters.
Before I get to the challenges, let me present a brief “lay of the land” on the eve of our annual meetings.
First, the good news. Global growth is still at its highest level since 2011 when economies were rebounding post-crisis. Unemployment is still falling in most countries. And the proportion of the global population living in extreme poverty has dropped to a new record-low of less than 10 percent.
But for most countries, it has become more difficult to deliver on the promise of greater prosperity, because the global economic weather is beginning to change. A year ago, I said, “the sun is shining — fix the roof.” Six months ago, I pointed to clouds of risk on the horizon.
