New Delhi, Oct. 23 -- As world leaders gathered in Washington for the Annual Meetings of the World Bank and the International Monetary Fund, a slew of reports on the global economy have come out.

A report of particular significance to India is the World Bank's South Asia Development Update, whose theme this year is 'Jobs, AI and Trade.' It highlights the region's growth performance, exudes cautious optimism around AI and productivity and prescribes policy reforms, particularly for trade.

While the report follows the pattern of competently written World Bank documents, it is based on a world that no longer exists. We need a more clear-eyed perspective, one that's embedded in the political economy.

The world has shifted beneath our feet....