The global economy is demonstrating "remarkable resilience" despite ongoing challenges, according to Saudi Finance Minister Mohammed Al-Jadaan, who chairs the International Monetary Fund's steering committee. Speaking at the IMF's annual meetings in Bangkok, Al-Jadaan acknowledged the economic pressures from wars, energy and food security threats, high public debt, and risks from artificial intelligence. He warned against complacency, emphasizing the need for continued international cooperation to address global imbalances and trade tensions.
Al-Jadaan's remarks came amid a dramatic walkout by nearly half of the delegates during a speech by Russia's Finance Minister Anton Siluanov. The walkout, which included representatives from Britain, Germany, France, and other European nations, underscored the deep divisions within the IMF over Russia's ongoing war in Ukraine. Bundesbank President Joachim Nagel described the walkout as a "very strong signal" of solidarity against Russia's aggression.
IMF Managing Director Kristalina Georgieva described the meetings as productive but noted heightened anxiety among members about increasing economic divergence. She highlighted concerns from lower-income countries about falling behind in the AI value chain and emphasized the ongoing desire for multilateral dialogue despite geopolitical fragmentation.
The tensions reflect broader geopolitical strains, with the US supporting Russia's presence in international forums like the G20, despite European opposition. Ukrainian President Volodymyr Zelenskyy criticized recent US actions, including a diesel deal with Russia, while EU leaders rallied around Ukraine in response to criticism from former US President Donald Trump.