Economists believe the U.S. could lose its ranking as the world's leading economy in the 21st century, as measured by gross domestic product. But the U.S. is set to extend its run through the 2020s, on the back of slower-than-expected growth trends in China. Investors are now placing fresh bets on emerging markets as the working-age population booms in the Indo-Pacific.
The IMF’s Managing Director Kristalina Georgieva tells CNBC’s Martin Soong that the World Bank and IMF are complementary but yet have differing expertise. "The world needs institutions to work together," she said in an exclusive CNBC interview on the sidelines of the G20 leaders' summit.
Reza Baqir, managing director at Alvarez & Marsal and former governor of the State Bank of Pakistan, says "there will be pledges, but if history is any guide … the world will not have an adequate mechanism to monitor how those pledges convert to actual inflows for developing countries."
Niels Annen, parliamentary state secretary for economic cooperation and development in Germany, discusses potential World Bank reform to boost its ability to tackle challenges such as the climate crisis.
Recessions may have become an inevitable part of the economic cycle that fluctuates between periods of expansion and contraction. But certain measures can still be taken to make recessions less severe.