At the biennial Boao Forum for Asia, which took place on the island of Hainan in China this year, world leaders gave dire warnings about increased geopolitical competition, decoupling and fragmenting supply chains, and cyber-attacks. In a time of high uncertainty and geopolitical tensions, the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, appealed for global cooperation and solidarity in a speech that was delivered on Thursday at the Boao Forum, a major political and economic conference in southern China.
During the opening plenary of the forum, which was held on the island of Hainan in the south of China, Georgieva said, “We should steer the world economy toward a safer future.” “For a considerable amount of time, it has been navigating through turbulent waters, going through shock after shock after shock.” Georgieva asked the international community to work together to boost economic growth. She listed a number of things that could affect GDP, such as the effects of the conflict in Ukraine and problems with supply chains. She explained that “we have learned that supply chains must be made more secure and more resilient.”
Asia is known for its geopolitical competition, and Malaysian Prime Minister Anwar Ibrahim has also called for unrestricted competition to give way to partnership. He made this plea in response to recent events. According to Ibrahim, “the competition to come out on top can go either in a constructive or destructive direction.” “We need to establish certain guardrails in order to prevent the competition from leading to a bifurcation in the technological world, which will both increase costs and impede progress.”
Patrick Achi, the Prime Minister of Ivory Coast, stated that his nation joined China’s Belt and Road plan to encourage development and that he regarded China and other Asian countries as inspiration for the economic progress of his own nation.
“Unity is also crucial to the continent of Africa. In light of this, our nation officially became a participant in the Belt and Road Initiative in the year 2018.” According to what he had to say, “This initiative promotes brotherly ties between Europe, Asia, and Africa in addition to cooperation and free trade.”