Asleep at the Wheel at the IMF

Asleep at the Wheel at the IMF

Over the past 20 years, the IMF has not distinguished itself by its ability to predict major world economic turning points. It was caught flat footed by the 2008–2009 Great Economic Recession, it failed to anticipate the 2010 Eurozone sovereign debt crisis, and it was surprised by the US inflation surge to a multi-decade high of 9.1 percent in 2022. Its forecasting record has also been tarnished by the poor results of its two largest lending arr…