Mohammed Bin Rashid Engages With IMF Managing Director On Global Economic Growth And AI Impact At WGS 2025
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, attended a significant session at the World Governments Summit 2025. The session, titled ‘A Conversation with the Managing Director of IMF,’ was hosted by Kristalina Georgieva, IMF Managing Director. It focused on global economic growth, AI's impact on jobs, and international cooperation in a complex economic environment.
The event saw participation from notable UAE leaders including His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister of the UAE; H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi; H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai; H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai; H.H. Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah; and H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah. CNN’s Richard Quest moderated the discussion.
Kristalina Georgieva highlighted uncertainties in trade policies due to recent tariff measures. She noted that many policy aspects like tax reforms, public spending, immigration, deregulation, AI, and crypto are still unfolding. The reactions from consumers and businesses remain unpredictable.
Despite these uncertainties, the IMF forecasts a 3.3% global growth rate for this year. This projection reflects resilience despite recent shocks. However, Georgieva pointed out concerns such as differing economic conditions across regions and integrating new technologies into national policies.
Georgieva described AI as a "tsunami hitting labour markets." In advanced economies, 60% of jobs will be affected by AI through enhancement or transformation. Emerging and low-income countries will see similar changes at lower rates of 40% or less.
She stressed the need for proactive policies to ensure AI benefits all societal sectors rather than increasing inequalities. Addressing these challenges requires strategic policymaking to harness AI's potential while mitigating its disruptive effects.
International Cooperation in a Multipolar World
Georgieva acknowledged evolving global cooperation dynamics in a multipolar world where no single economy leads. She emphasized emerging markets as future growth drivers and highlighted the importance of cross-regional collaboration.
The IMF is actively promoting inter-regional cooperation to drive shared progress. Countries like the UAE exemplify this approach by partnering with diverse nations to achieve common goals.
Principles for Economic Success
As economies transform globally, Georgieva outlined three principles for success: deregulate, digitalise, and diversify. These principles involve creating space for private initiatives and embracing technological changes while relying on various sectors for future growth.
Flexible economic structures are crucial for adapting swiftly to rapid changes in today's dynamic environment. Ensuring reliance on multiple sectors can drive sustainable growth amid ongoing transformations.
The Role of IMF in Stabilising Economies
Richard Quest raised concerns about countries struggling with global transformations. Georgieva underscored the IMF’s role in stabilising economies facing crises or weak governance institutions.
"I actually wake up in the middle of the night worrying about countries in conflict or emerging from conflict," she admitted. Her statement highlights the IMF's commitment to supporting vulnerable economies during challenging times.
The World Governments Summit 2025
The World Governments Summit 2025 gathered over 30 heads of state and government along with more than 80 international organisations in Dubai. Its agenda includes 21 forums exploring future trends and transformations through over 200 sessions featuring prominent speakers like presidents and ministers.
The summit also involves over 30 ministerial meetings attended by more than 400 ministers worldwide. Additionally, it will publish 30 strategic reports with global knowledge partners to address major global issues effectively.
Georgieva’s insights at this summit underscore adaptability's urgency alongside strategic policymaking amid unprecedented challenges globally today—yet opportunities remain within reach if approached correctly through collaboration internationally among nations worldwide now more than ever before needed urgently indeed truly so importantly too!
With inputs from WAM
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