The global economy remains in a precarious state amid the protracted effects of the overlapping crises throughout the past several years. Global economic growth is projected to slow in the coming months; inflation pressures persist and, accordingly, monetary policy is expected to remain tight. Heightened financial risks amid recent bank failures, elevated sovereign debts levels, and persistent geopolitical tensions, among others, further cloud the economic outlook. In this context, global and national policy challenges abound: What are the immediate priorities for policymakers to navigate this multitude of policy changes? Is it possible for the global economy to have a “soft landing”? How can central bankers overcome persistent inflationary pressures without triggering a sharp downturn? How can developing countries successfully weather the sovereign debt situation and spillovers from higher interest rates and slower growth in advanced economies?
On July 31st, the Global Economy and Development program at the Brookings Institution convened a panel of experts for a virtual event to answer these pressing questions among others. The event, a part of the ongoing State of the Global Economy event series, was motivated by a presentation on the findings of the World Bank Group’s latest Global Economic Prospects report. Brahima S. Coulibaly, vice president of the Global Economy and Development program, moderated a discussion among leading experts from both the public and private sectors.