The Spring Meetings 2025 @ The World Bank Board

So the 2025 #WBGSpringMeetings are a wrap! And after a hectic week, here are a few of my reflections.

• Development prospects were tough before. Now they're tougher. We were already behind on our development and climate goals. Only 17% of the #GlobalGoals are on track. Our collective commitments to reduce emissions take us to 2.6-2.8°C of warming, well beyond the 1.5-2°C limit in the Paris Agreement. Now we must also factor in the impact of tariffs and other imbalances. Last week, the International Monetary Fund released its' World Economic Outlook. They have downgraded the projections for global economic growth from 3.3% for 2025 and 2026 to 2.8% and 3% respectively, with differing regional impacts. And they note the significant downside risks. How to manage this uncertainty was a recurring theme in many of our meetings with client countries. Those not directly impacted were concerned about the second order effects, for example of a wider slowdown, on commodity prices and debt dynamics. So there was strong support for the The World Bank Group focus on creating growth and jobs. It won't be easy but that makes it all the more important to lean in. And for the international institutions to stand ready with further support to clients.
• Jobs can help tackle fragility and conflict. The world is experiencing the highest number of violent conflicts since 1946. And the worst forced displacement crisis ever recorded, with 117.3m forcibly displaced people in 2023 compared to 44m in 2010. 60% of the extreme poor will live in fragile and conflict affected countries by 2030. Addressing this is mission critical for the World Bank. With Zarau Wendeline Kibwe Harold Tavares Nathalie Francken , we hosted an event on job creation in these contexts (pictured). We heard about the challenges but also the success stories, like HSA Group in Yemen and the Caribbean Bottling Company in Haiti. This will be a key theme as we develop the Banks' new Fragility, Conflict and Violence Strategy this year.
• US engagement in the IMF and World Bank. On Wednesday, US Treasury Secretary Scott Bessent set out his priorities for the IMF and World Bank. This included support for growth, poverty reduction, private investment and the Bank's aim to connect 300 million Africans to energy by 2030. Secretary Bessent's message that 'America First' does not mean America alone was a helpful one. As the US is the Bank's largest shareholder we will discuss the substance more in the coming months.
• Reforming the development finance system. As aid levels fall, we will need to overhaul the current landscape of Funds and Agencies. That system has had much success but is arguably no longer sustainable. What that new landscape looks like and how we transition to it was the subject of many side meetings. How do we put countries back in the driving seat? How do we dial up on non-aid issues like regional trade, domestic revenues, private capital, debt, carbon markets etc? How do we make the international system simpler and more efficient? And do the multilateral banks need to do things differently as a result? These were all questions being asked and that we will need to answer in the months ahead.
• Women in leadership. After the Annual Meetings last year, I wrote about the number of inspirational women that I was able to listen to and learn from. The UK has two women as Governors to the World Bank and IMF: Baroness Jenny Chapman and the Rt Hon Rachel Reeves respectively. We also had Melinda Bohannon - our Director-General for Development - and Rachel Kyte - our Special Representative for Climate Change - here. They joined many other women - from different countries and sectors - who are leading us through these challenging times. There still aren't enough women in such leadership positions and it's still too hard for those that do break through. So we must do more, but I do want to recognise these terrific role models.

I'm sure there are many other reflections but I'll leave it there for now!