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El-Erian: The risk of a new economic non-order

Upcoming meetings offer a critical opportunity to discuss the lose-lose dynamics that have been gaining traction in the global economy

Wednesday, 20 September 2017 at 06:31

World Bank president Jim Yong Kim (L) confers with IMF managing director Christine Lagarde before a meeting of the Development Committee at the World Bank IMF Spring Meetings in April
World Bank president Jim Yong Kim (L) confers with IMF managing director Christine Lagarde before a meeting of the Development Committee at the World Bank IMF Spring Meetings in April Photo: Getty Images

Next month, when finance ministers and central bank governors from more than 180 countries gather in Washington, DC, for the annual meetings of the International Monetary Fund and the World Bank, they will confront a global economic order under increasing strain.

Having failed to deliver the inclusive economic prosperity of which it is capable, that order is subject to growing doubts – and mounting challenges. Barring a course correction, the risks that today’s order will yield to a world economic non-order will only intensify.