IMF predicts global interest rate drop by mid-2024

by Shura Guseva

The ongoing World Governments Summit 2024 (WGS) witnessed a pivotal plenary session headlined by Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), shedding light on the trajectory of global interest rates. Amidst the distinguished attendees were notable figures including Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, among others, underlining the gravity of the discourse.

IMF predicts global interest rate drop by mid-2024

Moderated by CNN’s Richard Quest, Georgieva lauded the UAE’s pioneering stance in embracing artificial intelligence (AI) technologies, emphasizing the nation’s strategic foresight in establishing an AI ministry in 2017. Georgieva emphasized the profound impact of AI, likening its significance to that of the Industrial Revolution, while calling for a responsible and inclusive approach to its adoption. Georgieva outlined four key criteria to assess AI readiness, emphasizing digital infrastructure, skill development, innovation investment, and regulatory frameworks.

Expressing optimism tempered with caution, Georgieva underscored the imperative of staying adaptable and vigilant in a rapidly evolving global landscape. Georgieva expressed confidence in a forthcoming decline in global interest rates by mid-2024, citing robust economic fundamentals, particularly in the United States.
Attributing the US economy’s resilience to its dynamic nature and strategic advantages, Georgieva underscored its pivotal role in global economic stability.

Under the theme ‘Shaping Future Governments’, the World Governments Summit 2024 continues to convene global leaders and experts in Dubai, offering a platform for vital dialogues on future governance. With a diverse array of attendees and over 110 sessions, WGS 2024 emerges as a nexus for shaping the trajectory of global governance and policy-making.

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