World Bank Governor's Statement No. 5 - October 25, 2024 - Statement by the Hon. Andrzej Domański, Governor of the IBRD for the Republic of Poland - Key Policy Priorities

Jul 19, 2026

World Bank Governor’s Statement No. 5 (Oct. 25, 2024) by Andrzej Domański addresses the IMF–World Bank 2024 Annual Meetings and the need for coordinated global action amid persistent economic uncertainty. It reviews risks to growth, high debt and inflation vulnerabilities, and pressures on developing countries from conflict, climate change and tighter financing. The statement outlines priorities such as trade protection, digital and green transitions, debt relief, and food and energy security. It also emphasizes structural reforms, pro-competition regulation, and improved capital market integration to stimulate investment and productivity.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages5

Reading Time13 min

World Bank Governor's Statement No. 5 - October 25, 2024

Context: Global challenges and solidarity

Economic outlook and key risks

Policy priorities at the global and national level

EU competitiveness, regulation, and capital markets

Bretton Woods Institutions cooperation and support

Financing needs and attracting private capital

Public Disclosure Authorized Public Disclosure Authorized World Bank Governor's Statement No. 5 October 25, 2024 Statement by the Hon. ANDRZEJ DOMAŃSKI, Governor of the IBRD for THE REPUBLIC OF POLAND Statement by the Hon. Andrzej Domański, Governor of the IBRD for the Republic of Poland We are gathering at the 2024 Annual Meetings of the International Monetary Fund and the World Bank Group at a time of continuing global challenges that are testing the international community and its ability to act together. Against this backdrop, I do hope that the discussions in various formats in Washington will contribute to our collective response and strengthen global solidarity. It is only through collaboration and the use of our collective wits that we will be able to solve the seemingly intractable problems. The global economic outlook is steadying amid ongoing economic uncertainty. There are reasons for cautious optimism, including easing inflation and signs of resilience in global trade, but the economy is stabilising at its weakest level in decades and many vulnerabilities remain unaddressed. Moreover, the protracted sluggishness of global growth, compounded by heightened political volatility, leaves many countries prone to economic shocks. The ongoing brutal Russian war against Ukraine and rising geopolitical tensions including the developments in the Middle East, coupled with the ongoing supply chain realignments and increasing geo-economic fragmentation, continue to negatively impact the global economy, not least in emerging and developing economies. Decisive global and national policy efforts are, therefore, needed to address these pressing challenges. At the global level, priorities include safeguarding trade, supporting digital and green transitions, providing debt relief and improving food, water and energy security. The persistence of inflation risks underscores the need for monetary policy to remain focused on price stability. High debt levels and high debt servicing costs will require policymakers to find ways to sustainably boost investment while ensuring fiscal sustainability. To achieve development goals and support long-term growth, structural policies are needed to raise productivity, improve the efficiency of public investment, build human capital and close gender gaps in the labour market. Taking this into account, a procompetition regulatory environment is essential. However, according to the OECD, the pace of regulatory reform has slowed in recent years, missing an important opportunity to revive the sluggish productivity growth. In this context, there is an ongoing debate in the EU on the competitiveness gap between the EU and the rest of the world. This debate is focused on stimulating investment and cutting excessive red tape. The European economy is already largely financed by banks rather than capital markets. In the EU, banks account for 90% of household debt and 70% of corporate debt. By comparison, in the US these figures are only 40% and 20% respectively. The overarching problem is over-regulation. Rather than focusing on implementing increasing regulatory requirements, capital market infrastructure should be used to provide capital to the economy. Further integration of capital markets is an opportunity to increase the EU's capital liquidity and market attractiveness, though it also increases the risk of peripheralization of capital. It is, therefore, necessary to adopt a panEuropean perspective. Turning to the Bretton Woods Institutions, let me sincerely thank the heads of the World Bank Group and the International Monetary Fund for their leadership and excellent cooperation in these turbulent times, and for their valuable contribution to helping member countries overcome structural headwinds and multiple challenges. As the world was recovering from the COVID-19 pandemic, Russia's unprovoked military invasion of Ukraine caused a devastating impact on the global economy and led to fu

FAQs

What global challenges does the statement highlight for the 2024 Annual Meetings?

It highlights ongoing economic uncertainty, protracted sluggish global growth, heightened political volatility, and geopolitical tensions including the war against Ukraine and developments in the Middle East, which collectively harm the global economy.

Which policy priorities are proposed to respond to these challenges?

Priorities include safeguarding trade, supporting digital and green transitions, providing debt relief, and improving food, water and energy security, alongside keeping monetary policy focused on price stability and pursuing structural policies to raise productivity.

Why does the statement emphasize the role of private capital and cooperation among institutions?

It argues that attracting private capital is crucial to address investment needs, reduce public debt vulnerabilities, and improve demand, but that private flows require an appropriate business environment and transparent regulations; it also stresses close IFI cooperation to avoid duplication and maximize each institution’s catalytic role.

Jul 19, 2026

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