Opening Remarks by IMF Managing Director Kristalina Georgieva at the Asia in 2050 Conference in Bangkok, Thailand

A very good morning to all.

Governor Vitai, thank you for co-hosting this conference in the run-up to our Annual Meetings here in Bangkok later in the year.

Having just seen the amazing location for the meetings and knowing the hospitality of the Thai people, I am very excited about coming back in October with all the delegations of our 191 member countries.

At the outset of our proceedings, I also would like to express my gratitude to the government of South Korea for its financial support for this conference.

We gather at a time of global transformations in technology, demographics, trade, and geopolitics; a time of shocks and uncertainty.

This week, global economic resilience is tested yet again by the new conflict in the Middle East. As in all conflicts, I mourn the human suffering and loss of life.

Let me stress that the IMF, as guardian of international economic and financial stability, is watching the events unfold very carefully. We are assessing and quantifying the regional and global economic ramifications, and you will find this reflected in our World Economic Outlook to be published next month.

This conflict, if it proves to be more prolonged, has obvious potential to affect global energy prices, market sentiment, growth, and inflation, placing new demands on policymakers.

For most of Asia, what is at stake is energy security and, through that, confidence. Stock markets are already reacting.

But today let me not discuss this latest shock any further—it is still too soon. Let me simply note that it is emblematic of our new world. For some time now I have been warning our global membership that uncertainty is the new normal. We have not entered some neat global transition from State A to State B; we are in a potentially prolonged period of flux.

In this new world, policymakers and private sector players alike need to have not only robust strategies and financial strength but—importantly—agility. New shocks in different shapes and sizes will keep coming. Most of the time we cannot predict them, but all of the time we must strive to be ready for them.

For Asia, it means building on past successes, asking the right questions,........

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