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Message from the Managing Director

Dear Reader,

The global economy has faced shock upon shock, testing the resilience of people everywhere. Countries struggling to recover from the COVID-19 pandemic were dealt another blow by Russia’s war on Ukraine and the cost-of-living crisis that followed.

Now, growth is weak and inflation is stubbornly high, while debt and financial vulnerabilities remain elevated. And geoeconomic fragmentation is worsening, just as international cooperation is needed to address sovereign debt, climate change, and the risks and opportunities of digitalization and artificial intelligence.

The IMF is collaborating with its members to take on these challenges and build economic resilience. We do this through our core roles of surveillance, capacity development, and lending—and through our ability to bring the world’s top economic policymakers together in a space where they can work through difficult problems in the spirit of cooperation and mutual interest...