International Monetary Fund (IMF)/World Bank (WBG) Annual Meeting 2024. Yujin Park, Incheon National University

The World Bank Group (WBG) plays a key role in the global effort to end extreme poverty and boost shared prosperity by engaging citizens worldwide in collaboration on poverty reduction, international economic development, finance, human capital building, and resilience strengthening. A primary avenue for raising awareness and advancing key issues is through the Spring and Annual Meetings. In addition to the meetings of the Boards of Governors, the Development Committee and the International Monetary and Financial Committee (IMFC) convene to advise on global issues such as the world economic outlook, poverty eradication, economic development, and aid effectiveness. This year, Bank of Korea, The Export Import Bank of Korea, Korea Institute of Finance and many pivotal economic institutions attended this event. The 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) are scheduled from Monday, October 21, to Saturday, October 26.

I had the opportunity to participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank (WB) through my internship at Creative Investment Research. As a female Korean student majoring in economics, I attended a total of ten sessions over the course of the week-long event. I participated in events covering topics such as Central Bank Digital Currencies (CBDC), AI, inequality, global warming, and global economic growth. Through these, I learned how these issues are viewed from a global perspective. This experience allowed me to analyze and understand global economic issues from various viewpoints. While my focus has primarily been on the Korean economy, this event provided valuable insights into how the world addresses these pressing challenges.  

One session that particularly interested me as an Asian woman was titled "Asia's Revenue Challenge." This session focused on how countries in the Asia-Pacific region can address the development challenges they face. Public debt in Asian countries has significantly increased as they needed financial support to cope with various shocks. At the same time, these countries are grappling with the financial pressures of an aging population, climate change, and achieving development goals. The proposed solutions highlighted the importance of increasing tax revenues and improving revenue administration in the Asia-Pacific region.

I also found the "Exploring GovTech and AI in Public Finance" session quite interesting. It was my first time learning that the Australian Taxation Office actively uses AI to identify unpaid taxes and prevent around $2.5 billion in fraudulent claims. It was fascinating to learn about how other countries are utilizing technology.

Lastly, this event provided the opportunity to expand my network in the field of economics. The receptions following each session allowed me to connect with economists working worldwide. It was an honor to be there as an intern because the IMF/WBG was something I had only read about in textbooks or newspapers while in South Korea. This event allowed me to broaden my perspective through its enriching sessions, which offered diverse views on various global economic issues.