That is why institutions such as the International Monetary Fund and the World Bank must continue to modernize themselves, to remain relevant in a changing world. While the IMF and the World Bank have evolved somewhat since their creation in 1944, they have changed much less than the global economy they oversee.
So it is encouraging that a strategic review of their mandates and operations has begun. This review is a first step towards a much-needed updating of these institutions. Commodity price adjustments I’ve spent some time outlining some of the structural forces at work in the world economy.