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The chair of the 2026 International Monetary Fund (IMF) and World Bank Group Annual Meetings said that as countries grapple with geopolitical tensions, rising debt and climate-related risks, artificial intelligence (AI) can help drive economic growth, boost productivity and support innovation.
Carlos Carvallo Spalding, governor of the Central Bank of Paraguay and chair of the Annual Meetings, delivered this message on Friday (October 16) at a plenary session held at the Queen Sirikit National Convention Center in Bangkok. He stressed that international financial institutions need to adapt to changing economic conditions and help member countries prepare for future challenges.
"We are all seeking how best to harness artificial intelligence to drive growth, improve work efficiency and expand the frontier of innovation," Carvallo told delegates. He welcomed the increasingly prominent role of AI in the discussions of the IMF and the World Bank Group, noting that both institutions are working to help countries address the technology's impact on economies and labor markets. Their efforts include developing strategies for small-scale AI applications and helping member countries leverage technological advances while managing related risks.
He made these remarks as global uncertainty intensifies, with conflicts, trade disputes, financial stress and environmental threats making economic policymaking more complicated. "We are at a precarious moment. War and geopolitical tensions, global debt, trade frictions, natural disasters and climate risks are exacerbating economic uncertainty," he warned.
Carvallo particularly drew attention to emerging markets and developing economies, where per capita income growth is at its weakest level since the pandemic. Rising debt burdens are also pushing up borrowing costs, placing additional pressure on governments, businesses and households. He emphasized that these interconnected challenges cannot be tackled by any single country alone, making international cooperation and the support of multilateral institutions increasingly important.
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