World economy looks gloomy: World Bank and IMF

The conclusion of the recent meeting between International Monetary Fund and World Bank painted a gloomy picture of the world economy. The feeling of shock was quite apparent throughout without any trace of optimism. 

Ineffective world governance, especially among developed countries, could be one of the reasons for failures. US economic conditions keep forcing Federal Reserve to hike up rates causing US dollar to rise above expected levels. Other economies walk on the footsteps of their big brothers, lest their currency may crash. 

Some of the middle-to-lower income nations, are buried under heavy loans, unable to clear their debts. Can IMF and World Bank rescue the world from such crisis, if they had more power and resources? Will the "Superpowers" pay heed to what is being expected from them, or will they continue with their rhythm on which their existence depends? 

Geopolitical  issues are taking a brisk walk, with US warning OPEC for cutting oil production, while choking the supply of semiconductors to China. War between Russia and Ukraine has further divided the whole world. 

There is no one factor that can be singled out as a main reason for doomsday. Banks and governments should have learnt some serious lessons from the past crises such as avoidable wars that could not be avoided, economic meltdowns like one in 2008, and many unprecedented natural calamities in the past.  

Interdependence was designed to help each, but is now being used against each other. The powerful nations are taking pride in their ability to stop supplies of essential resources, required for survival and business continuity. The result is a weak and ailing global economy.

Western world is stubborn as hell to sabotage Russia through its sanctions, even at the cost of its citizens survival. There is a tug of war between what to grab and what to sell. The arms industry is taking a different shape now, as the leaders of this trade are oscillating between making more profits and proving their power over others.  

There are two wars going on simultaneously - one, among nations for supremacy and two, between humans and the climate. No one knows, who will win.

With ever growing inflation and rising prices of oil, gas and other commodities and without any immediate solution for a permanent fix, what is the chance of revival? 

Globalization seems to be shrinking in these turbulent times, while still hoping to survive, no matter how brutal the fight. Will the bubble of world guardianship assumed by "Big Bros" burst soon leaving the world in a dire need of New World Order?

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