The state of the global economy: A conversation with US Treasury Undersecretary Jay Shambaugh

As global growth stagnates at below historical averages and inflation stays elevated well above pre-COVID-19 levels, the global economic outlook and financial stability remain uncertain:  Sovereign debt levels are rising, and international financial institutions and architecture must evolve to not only reduce global poverty and enhance inclusive growth but act on urgent challenges like climate change. To compound these issues, geopolitical dynamics are fraught: Russia continues its invasion of Ukraine, and relations between the U.S. and China are increasingly charged. As policymakers gather in Washington, D.C. for the World Bank/IMF spring meetings in April, there is a lot at stake in the global economy, and the U.S. Treasury Department has a unique role and perspective in helping to manage these challenges.

On the sidelines of the spring meetings, the Global Economy and Development program at the Brookings Institution hosted a fireside chat with Jay Shambaugh, undersecretary for international affairs at the Treasury Department, to discuss, among others, the global economic outlook, financial stability, and geopolitical dynamics coming to the fore this year. After a keynote address from the undersecretary on the state of the global economy and policy priorities, the vice president and director of the Global Economy and Development program, Brahima S. Coulibaly, moderated a discussion with him on how to address some of the pressing global challenges, followed by audience Q&A.

Viewers submitted questions via email to [email protected] or via Twitter at #GlobalEconomy.

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