Every year, the International Finance Forum (IFF) assembles and releases consequential reports that examine the most important and pressing economic and financial issues that the world is currently facing. This year, the IFF is set to release three significant reports at its 2024 annual conference that will provide valuable insights for the global financial community. The hope is that by doing so, the world will be able to focus its attention on the current financial issues that matter most, better equipping it to formulate relevant strategies for ensuring continued stability and growth in global economics and finance and identifying challenges as early as possible.

First, the IFF 2024 Global Finance and Development Report offers a comprehensive analysis of global and Chinese economic trends, addressing urgent challenges like inflation, debt, and geopolitical issues while also providing policy recommendations. Within China, the main task is to boost the country’s economy following a slower-than-expected post-pandemic recovery and to support employment and consumption while staving off deflationary pressure. In other major economies such as the United States, the European Union, and Japan, inflation is a much greater concern, as is keeping debt spending under control to ensure financial stability, especially in bond markets. For all countries and regions, it is imperative that ongoing conflicts and geopolitical tensions be managed responsibly, which includes negotiating and reaching agreements acceptable to all parties involved wherever possible.

Second, the IFF Report on the Development of Global Digital Currencies examines the evolution, impact, risks, and regulatory frameworks of digital currencies, offering guidance for policymakers and industry participants. As the influence of artificial intelligence (AI) and the digital revolution continues to impact the financial sector, the rise of central bank-issued digital currencies and their impact on the banking sector and people’s consumption habits will continue to be a major trend, while existing private digital currencies will remain important. Blockchain technology and its ability to enhance online banking - including cross-border transfers and transactions - is also poised to transform the future of global finance, while regulatory frameworks will need to be updated and made more robust in response to AI’s increasingly significant role in finance and financial innovation.

Finally, the IFF Global Artificial Intelligence Competitiveness Index Report evaluates and compares the levels of AI development and competitiveness in different nations. This report aims to provide a systematic assessment of global AI capabilities and potential, which is crucial for understanding AI dynamics and formulating relevant policies. While China and the US continue to outpace other countries in this regard, their respective ecosystems, systems of governance, and regulatory frameworks differ significantly, each holding different lessons for others to learn from. Other nations, such as India, the world’s most populous country and a rising AI power, as well as more established innovative powerhouses - such as the United Kingdom, the EU, Japan, South Korea, the United Arab Emirates, and Singapore - should also not be overlooked as they are also making huge contributions to the development and deployment of AI. This report will lay out each country or region’s areas of relative strength and weakness while also providing insights and advice for how to maintain these strengths while also improving on weaknesses. Such improvements encourage competition and innovation from which the whole world will benefit.

As 2024 draws to a close and the world looks ahead to 2025, it would do well to heed the challenges and insights described in these three reports. Doing so would ensure that policymaking is as effective as possible, ensuring a better future for finance. With this information available, members of the global financial community will also be better informed and able to share knowledge with one another for mutual benefit.