2024 Global Economy & Financial Stability Conference

•  

  The Ministry of Economy and Finance and Korea Development Institute (KDI) hosted the "2024 Global Economy & Financial Stability Conference" on September 3rd and 4th at the Plaza Hotel in Seoul. Since its inception in 2013, this conference has been co-organized by KDI and the Ministry of Economy and Finance, providing a crucial forum for analyzing the challenges confronting the global economy and international financial markets and discussing comprehensive policy responses. This year's conference, featured active participation from the Bank of Korea and the Bretton Woods Committee, underscoring its significance in shaping global economic governance discourse.
  
  In his opening address, Beom-seok Kim, the 1st Vice Minister of the Ministry of Economy and Finance, emphasized the pressing need to address critical global challenges, such as geoeconomic fragmentation, declining growth potential, climate change, technological shifts, and evolving global policy frameworks. He proposed a three-pronged approach to restore global economic growth and tackle emerging crises: enhancing growth potential, redefining the global order and norms, and strengthening international policy coordination.
  
  Dongchul Cho, President of KDI, highlighted that the global economy is undergoing profound transformations driven by the fragmentation of international finance and trade, as well as shifts in the monetary policies of major economies. He emphasized the importance of the conference in assessing key risks to global economic and financial stability and its role in guiding future strategies for international cooperation.
   

The first day of the conference, led by the Bank of Korea, focused on discussions around economic policies to mitigate global shocks and strategies for trade and investment cooperation amidst global supply chain disruptions. The second day, led by the Ministry of Economy and Finance and KDI, featured sessions on the uncertainties surrounding monetary policy, global financial stability, the implications of digital finance and AI for financial stability, and the prospects for a new Bretton Woods system. The conference reaffirmed the critical need for coordinated global economic recovery strategies and reinforced the imperative of enhanced international cooperation.

• Written by:
  Office of Global and North Korean Economic Studies