Financial officials from around the globe have gathered in Bangkok under the looming threat of an expanding conflict in the Middle East, severe energy supply shocks, and persistently high interest rates. These combined pressures pose daunting risks to an already sluggish global economic recovery, creating deep uncertainties for policymakers worldwide.

The military campaign against Iran involving the US and Israel, now entering its eighth month, is purportedly dominating the agenda at the annual meetings of the International Monetary Fund (IMF) and the World Bank. IMF Managing Director Kristalina Georgieva noted record registration numbers, yet the summit is visibly overshadowed by the conspicuous absence of top-tier American leadership and growing international friction.

Notably, US Treasury Secretary Scott Bessent allegedly opted to skip the high-profile gathering and the G20 proceedings to handle domestic engagements, a decision that has reportedly frustrated international counterparts. This absence, coupled with the aggressive policies and unilateral sanctions pursued by the US regime, highlights deep fractures in global economic cooperation amid ongoing conflicts in Ukraine and the Middle East.

Meanwhile, the IMF warns that global public debt has reached levels unseen since World War II, threatening to surpass 100 percent of GDP before the end of the decade. Developing nations remain particularly vulnerable, facing hundreds of billions in external debt repayments under punishing interest rates dictated by tightening Western monetary policies.

Source: www.aljazeera.com