The International Monetary Fund (IMF) and World Bank will hold their semi‑annual gathering of finance ministers and central bank governors in Washington amid escalating trade tensions between the United States and China. Last week China imposed new export restrictions on critical minerals, prompting U.S. President Donald Trump to announce plans for 100 percent tariffs on Beijing. The announcement sent U.S. stock markets plunging after hours as investors weighed the prospect of a renewed trade war.
IMF Managing Director Kristalina Georgieva said the global economy is performing “better than feared, but worse than we need.” The Fund now expects global growth to slow only slightly this year and next, thanks to better‑than‑expected conditions in the United States, other advanced economies, emerging markets, and developing countries. At the annual meetings in Washington, the IMF will hold press conferences on its reports covering the global economy, fiscal policy, and financial stability.
World Bank President Ajay Banga will take part in events aimed at boosting labor‑market participation in countries facing rapid population growth, while the meetings will also address the ongoing conflict in Ukraine through a round‑table discussion on the nation’s needs for continued support and reconstruction. Finance ministers from the G7 and G20 will convene to discuss broader global economic issues, including the trade tensions that have raised concerns about the impact of tariffs on worldwide trade and growth.
Despite these challenges, Georgieva noted that the world economy has withstood multiple shocks and avoided a full‑blown trade war. Nevertheless, the U.S.–China dispute is expected to dominate discussions at the IMF and World Bank gatherings. The meetings will give finance ministers and central bank governors a platform to assess the current state of the global economy and tackle pressing matters such as trade tensions, job creation, and economic stability, with the outcomes likely to shape the future of the world economy.
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