Thought Leaders Tackle Global Challenges at 2015 Lima Meetings

IMF-World Bank Annual Meetings brought together over 13,000 participants

High-level panel discussions tackled pressing issues of the day

Given collective nature of many issues, international cooperation is key

The Meetings brought together around 13,000 participants, ranging from finance ministers,

central bank governors and officials from the IMF’s 188 member countries,

to financial sector participants, parliamentarians, civil society organizations

and journalists. Against the backdrop of a more uncertain global outlook, the wide-ranging

program of seminars—featured here—discussed the major economic transitions

in the world economy and the biggest risks to global growth.

Youth Dialogue: Bridging the Unemployment Gap through Education and Inclusion | Join

the conversation via #imfyouth

Unemployment remains high in many countries, with youth making up about 40 percent

of the world’s unemployed. The session brought in youth leaders from

around the globe to share their views and personal experience on the role education

plays in addressing youth unemployment. The panelists agreed that governments can

play a key role towards finding global solutions through greater investment in education

and infrastructure adding, “it is not about making it easier for young people,

it is about making opportunities accessible,” said João Felipe Scarpelini,

Youth Advisor for UN Somalia. The IMF can support reducing youth unemployment through

its work with governments in the provision of sound institutions and by continuing

to provide forums for people to connect globally.

Read more in the IMF Survey Story and watch the Youth Dialogue 2015 Seminar.

Stronger Institutions, Stronger Growth: Capacity Development in Latin America and

the Caribbean and the Way Forward

Panelists discussed the role of institutional and capacity development—including

through training and technical assistance—in fostering growth-friendly economic

policies in Latin America and the Caribbean. They agreed that having stronger economic

institutions is essential for macroeconomic stability and sustainable growth. Countries

can then seize opportunities and become more resilient to shocks, especially when

dealing with external challenges such as a downturn in commodity prices, stagnant

global growth, volatile financial flows, climate change, and lack of technical training.

Going forward, panelists emphasized the importance of tailoring capacity development

programs to country needs. For the Caribbean, Brian Wynter, Jamaica’s Central

Bank Governor, suggested exploring different backstopping mechanisms, such as promoting

financial inclusion and addressing money laundering. For Laura Alfaro—Warren

Alpert Professor at Harvard Business School—a strong education system is key.

Luis Miguel Castilla, Peru’s Ambassador to the U.S., suggested focusing more

on “investing in the quality of our economic institutions,” and having

“more civil service reforms to train human capital globally.” The panelists

also agreed on the importance of expanding training beyond finance ministries and

central banks. Watch the discussion.

Bridging the Pacific: Harnessing the Benefits of Rising Trade and Financial Integration

between Asia and Latin America

Focusing on the present and future pattern of trade between Asia and Latin America,

the panel discussed the impact of the decline of commodity demand from China; the

role of trade agreements; diversification of Latin American production; and policies

needed to promote innovation and greater dynamism. “This discussion comes

at a very good moment,” said First Deputy Managing Director of the IMF, David

Lipton. “Emerging markets will need to be the engine of growth in the future;

and this is the moment for Latin America to diversify,” he added. Greater

trade and financial integration can provide a framework for structural reforms.

“Integration requires a country to open its markets, and adopt international

best practices,” said Yi Gang, Deputy Governor of the People’s Bank

of China.

On the potential benefits of the recently ratified Trans-Pacific Partnership (TPP),

Caroline Atkinson, U.S. Deputy National Security Advisor for International Economics,

said that the agreement provided a template going beyond providing tariff breaks

to setting new international standards. “This agreement sets up high 21st

century standards in 30 sectors beyond market access, including labor standards,

environmental protection, intellectual property, and regulation of state-owned enterprises,”

she said. Watch the webcast.

Climate Change: Low oil prices create historic opportunity #Voices4Climate

Panelists participating in a seminar on the challenges of climate change noted that

the sharp drop in energy prices offered a window of opportunity for measures, to

help generate revenue that can be used to mitigate the effects of climate change.

“Fossil fuel energy is cheap, so it is just the right moment to introduce

a carbon tax and just the right time to eliminate energy subsidies,” Christine

Lagarde, IMF Managing Director, said. In view of the different starting points and

specific circumstances, panelists agreed that each country needs a unique...