2021 World Bank Group/International Monetary Fund Spring Meetings Report

Executive Summary
 

The 2021 World Bank Group (WBG)/International Monetary Fund (IMF) Spring Meetings were held between April 5-11. The Meetings were held virtually due to the COVID-19 pandemic.

While the Spring Meetings covered a wide variety of subjects, the primary themes were related to:

• The socio-economic effects of the pandemic

• Vaccine procurement/distribution and its importance for economic recovery

• Divergent recovery between industrialized and low-income countries

• Financial assistance in light of the pandemic, via support of Special Drawing Rights (SDRs)

• accessibility for select low and middle-income countries

• Climate change, environmental resilience, and shifting to a low-carbon economy through

• leveraging measures like carbon pricing

• Digitization of government services

• Using technology to increase the transparency of loans and loan conditions.

One of the key takeaways from the sessions was that the pandemic did not create new inequalities - rather, it highlighted and exacerbated existing inequalities. This dynamic can be observed between established and emerging economies, within countries, between men and women in the workforce, young and ageing populations, low and high-income earners, and between various industries. These inequalities have resulted in a "K-shaped" recovery instead of the ideal "V -shaped" recovery. In the former, different segments of the economy recover at different rates, times, or magnitudes; in the latter, we observe a uniform recovery across sectors, industries, or groups of people. A divergent recovery is a threat to global stability and puts low-income countries at risk of failing to meet their loan obligations while also limiting their ability to engage in necessary social spending. Such programs are needed to prevent more citizens falling into poverty.

As part of the conference, the WBG/IMF Young Diplomats of Canada (YDC) delegates had the opportunity to meet with stakeholders from various government departments, international development banks, and international organizations, embassies, and non-profit organizations. This allowed for further discussion of the key themes of the conference. Several future-facing policy areas emerged through these consultations that the Canadian government may want to focus on in the long-term. Lastly, the delegates surveyed Canadian youth on their knowledge and awareness of topics aligned with the conference themes. The results demonstrated that Canadian youth are concerned not only about recovery within Canadian borders, but also ensuring recovery around the world.