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iMFdirect
iMFdirect features views by IMF economists and officials about pressing issues in the global economy. The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board.

iMFdirect

Tailoring Government Support

By Vitor Gaspar, W. Raphael Lam, Paolo Mauro, and Mehdi Raissi عربي, 中文, Español, Français, 日本語, Português, Русский The race to vaccinate against COVID-19 continues, but the pace of inoculation varies widely across countries, with access unavailable to many. Global cooperation must be stepped up to produce and distribute vaccines to all countries at affordable costs. The sooner vaccinations curb the pandemic, the faster economies can return to normal. The sooner vaccinations curb the...

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An Asynchronous and Divergent Recovery May Put Financial Stability at Risk

By Tobias Adrian عربي, 中文, Español, Français, 日本語, Português, Русский After enduring a tumultuous 2020, the global economy is finally emerging from the worst phases of the COVID-19 pandemic, albeit with prospects diverging starkly across regions and countries—and only after a “lost year” spent in suspended animation. The economic trauma would have been much worse if the global economy had not been supported by the unprecedented policy actions taken by central banks and by the fiscal measures...

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Managing Divergent Recoveries

By Gita Gopinath عربي, 中文, Español, Français, 日本語, Português, Русский It is one year into the COVID-19 pandemic and the global community still confronts extreme social and economic strain as the human toll rises and millions remain unemployed. Yet, even with high uncertainty about the path of the pandemic, a way out of this health and economic crisis is increasingly visible. Thanks to the ingenuity of the scientific community hundreds of millions of people are being vaccinated and this is...

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Funding the Recovery of Low-income Countries After COVID

By Guillaume Chabert, Robert Gregory, and Gaelle Pierre عربي, 中文, Français, 日本語, Português, Русский Many of the poorest countries in the world are facing the threat of a weak recovery, and setback in their development path. The needs of the poorest countries over the next five years are acute. But they are not out of reach. In our paper, we estimate that low-income countries will need around $200 billion until 2025 to step up their response to the pandemic, and a further $250 billion to...

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How Rising Interest Rates Could Affect Emerging Markets

  By Philipp Engler, Roberto Piazza and Galen Sher عربي, 中文, Español, Français, 日本語, Português, Русский Rapid vaccine rollout in the United States and passage of its $1.9 trillion fiscal stimulus package have boosted its expected economic recovery. In anticipation, longer-term US interest rates have risen rapidly, with the rate on 10-year Treasury securities going from under 1 percent at the start of the year to over 1.75 percent in mid-March. A similar surge has occurred in the United...

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Taming the Wave of Small and Medium Enterprise Insolvencies

by Federico J. Díez, Romain Duval, Chiara Maggi and Nicola Pierri Español The pandemic has hit small and medium enterprises particularly hard, partly because they are predominant in some contact-intensive sectors like hotels, restaurants, and entertainment. As a result, many advanced economies risk experiencing a wave of liquidations that could destroy millions of jobs, damage the financial system, and weaken an already fragile economic recovery. Policymakers should take novel and swift...

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Giving Everyone a Fair Shot

By David Amaglobeli, Vitor Gaspar, and Paolo Mauro عربي, 中文, Español, Français, 日本語, Português, Русский The COVID-19 pandemic is intensifying the vicious circle of inequality. To break this pattern and give everyone a fair shot at prosperity, governments need to improve access to basic public services—such as health care (including vaccination) and education—and strengthen redistributive policies. For most countries, this would require raising additional revenue and improving the efficiency...

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Economic & Social Transformation: A Cross Regional Perspective

A discussion on how the pandemic can serve as an opportunity for countries in Europe, Latin America, and the MENA region to overhaul their economies, making them smarter, fairer, greener and more conducive to job creation. imf.org/EconomicTransformation With Jihad Azour, Alejandro Werner, Minouche Shafik, Erik Berglöf, Mauricio Cárdenas, and Marwan Muasher and opening remarks by Kristalina Georgieva. #EconomicTransformation #SocialTransformation #Europe #LatinAmerica...

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