IMF : The Role Of International Institutions In Economy

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Role of International Institutions in Economy: - IMF The IMF, in its 2010 published report, expects an average global growth rate of three percent. This is due to countries such as China, India and Russia. Thanks to them, the financial crisis in rich countries will not lead to a complete economic collapse, but will only slow down growth, experts say. In industrialized countries, stagnation or even recession will occur - in the best case the IMF expects zero growth. Great Britain, France and Italy will experience serious difficulties, in the United States the growth will be minimal, the Germans can expect a stagnation. (International Monetary Fund, 2017). The development of events since 2014 is not conducive to the Russian economy. All…show more content…
(International Monetary Fund, 2017). The World Bank The World Bank is an international organization affiliated with the United Nations with the purpose of financing projects that improve the economic development of its members. The World Bank is headquartered in Washington D.C and it is the main source of financial assistance to developing nations. The Bank also provides technical support as well as policy advice and oversight on behalf of international creditors in the implementation of free-market reforms in developing countries. Along with the IMF and the WTO, the Bank plays an important role in the establishment of economic reforms in public institutions in the developing world an it also has the function of setting the global economic agenda (Chossudovsky, 2017). The World Bank was created in 1944 as part of the Bretton Woods Agreement which had the purpose to establish a new post World War Two economic system. Its played a central role in the reconstruction of Western Europe as well as financing infrastructural projects in the developing world, some of these projects included building roads, hydroelectric dams, water and sewage facilities and airports (Chossudovsky, 2017). The Bank’s major role in Russia began with the fall of the Soviet Union in the early 90’s. Its main objective was to
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