The world’s finance and business leaders — including prominent delegations from the Gulf — are converging on Washington DC this week for the International Monetary Fund and World Bank spring meetings.
While the usual topics are on the agenda, the backdrop is tense, as the Trump administration targets these and other multilateral institutions focused on global cooperation in trade, aid, and development.
The stock market rout and trade tensions have dampened the mood. The IMF downgraded its global growth forecast for the year and may raise inflation projections for several countries. The World Trade Organization now expects goods trade to grow just 0.2% this year, down from its previous estimate of 2.7%. The good news: the global economy is likely to avoid a recession in 2025.
Trade is a top priority for Gulf countries, especially as the region positions itself as a critical transshipment hub. Saudi Arabia and the UAE, combined, ranked among the top five biggest exporters and importers of goods last year, according to the WTO.
Another initiative on the agenda is to boost global cooperation to rebuild Gaza, Lebanon, and Syria. The IMF, World Bank, and several Arab states are expected to hold meetings to build on discussions that began in Saudi Arabia in February.
