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Three decades of increasing global economicintegration have boosted productivity and living standards, tripled the size ofthe global economy, and lifted 1.3 billion people out of extreme poverty. Sincethe global financial crisis, global flows of goods and capital have leveled offand trade restrictions have surged; the COVID-19 pandemic and Russia’s invasionof Ukraine followed, which further tested international relations and increasedskepticism about the benefits of globalization. This Annual Report emphasizesthe work of the IMF’s Executive Board, and highlights the real-time advice,capacity development, and support the Fund has provided to its members. It notesthe work on challenges facing the global economy, including Russia’s war onUkraine, inflation, debt vulnerabilities, inequality, food insecurity,geoeconomic fragmentation, climate change, and digitalization.
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