Distinguished researchers and policymakers
Good morning.
It is my great pleasure to welcome you to the IMF Economic Review Conference, jointly hosted by the International Monetary Fund, the Puey Ungphakorn Institute for Economic Research, and the Bank of Thailand.
We are honored to host leading global economists and experts. Your presence highlights the strength of this research community and the critical questions we will discuss over the next two days.
The theme of this conference, “Power, Markets, and Strategy in a Changing Global Order,” is highly timely. For decades, trade openness, integrated global finance, and regional cooperation have driven growth and opportunities across Asia and the world. But today, that order is changing.
The global economy is facing deep structural shifts and heightened uncertainty. Global political tensions have intensified. The line between geopolitics and the economy is increasingly blurring. Conflicts around the world affect international trade and investment, production, inflation, and in the end the well-being of people.
When power realigns and markets are restructured, strategies must be reconsidered. From a policy perspective, these headwinds require both short- and long-term responses. In the near-term, macro policies must safeguard stability against shocks. Well-anchored inflation expectations give many economies, including Thailand, some policy space, but we must remain cautious.
Over the longer term, structural transformation is necessary for strengthening economic growth and improving resilience. For developing economies in Asia and elsewhere, openness and international cooperation remain essential, especially in an increasingly fragmented and uncertain world.
This is where policymakers need support from rigorous economic research. It helps us organize facts, test ideas, and understand mechanisms that are not immediately visible.
This conference also marks a key milestone on the ‘Road to Thailand’ leading to the IMF–World Bank Group Annual Meetings in Bangkok later this year. The global dynamics we are discussing today – power, markets, and strategy – directly lay the groundwork for our host theme, “Thailand’s New Horizons: Empowering People, Building Resilience,” where we seek to ignite a global dialogue on strengthening resilience and empowering people and businesses to adapt and thrive.
Finally, I want to welcome our keynote speaker, panelists, and all contributors. My sincere thanks go to Pierre-Olivier Gourinchas, the IMF Economic Review team, and the organizing committees from all institutions involved.
Welcome to Bangkok, and I wish you a highly successful conference.
Thank you.