As the global economy faces mounting debts, climate shocks, and funding cuts for developing nations, all eyes turn to Asia this week.
World leaders from the finance and development sectors have started arriving in Thailand’s capital, Bangkok, for the International Monetary Fund (IMF) and the World Bank Annual Meetings.
It’s a meeting that will test whether rich and developing nations can agree on a path forward, at a moment when trust in multilateral cooperation is under strain.
From October 12 to 18, over 15,000 delegates from 191 countries, including finance ministers, central bank governors and development leaders, will gather to debate the future of the global economy.
Talks are expected to focus on rising debts, climate finance and jobs, inequalities and how to address them.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, as well as other government officials are expected at the meeting.
The meetings come nearly a month after Nigeria called for an urgent overhaul of global governance structures and international financial institutions at the 2026 BRICS Summit in India.
President Bola Tinubu, represented by Vice President Kashim Shettima, called for a more representative, equitable and responsive global governance architecture and international financial system.
Restating Nigeria’s support for institutions that reflect contemporary economic and demographic realities, Tinubu said the transformation championed by BRICS must also extend to the international system.
In July, the IMF cut its 2026 growth projection for the world economy again, saying an AI boom has not fully offset the fallout from war in the Middle East.
It said global economic growth was estimated at 3.0 per cent this year, down from 3.1 per cent in its April forecast.
The estimate was made before fresh exchanges of fire between the United States in the month.
It was the second time this year that the fund had lowered its overall growth expectations, the latest estimate marking a cooling from the 2025 growth rate as well.
Meanwhile, global inflation was anticipated to accelerate to 4.7 per cent this year, a higher level than earlier projected.
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