The 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF)
Multiple forces are shaping the global economy. Commodity prices have come down, but Russia’s war in Ukraine grinds on, and geopolitical tensions mount. COVID-19 continues to cause widespread outbreaks, but many economies are gradually recovering. Inflation rates are down but remain elevated, raising the cost of living in many countries. High debt levels limit governments’ ability to address climate change and digitalization and push some closer to default.
At these crossroads, 190 member countries will convene at the 2023 World Bank Group – IMF Spring Meetings to find ways to act decisively and act together to build a more resilient world
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💱 Africa Joins China’s Push to End Dollar Dominance
The global balance of financial power is shifting—and Africa is right at the heart of it. By joining China’s Cross-border Interbank Payment System (CIPS), 53 African nations can now settle trade directly in yuan, bypassing the U.S. dollar and Western clearing banks. This move not only shields economies from dollar volatility and sanctions but also gives Africa new leverage in global trade. The question is no longer if the dollar’s dominance will fade, but how Africa will shape the next era of global finance.