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Tag Archives: Climate change

A Role for Financial and Monetary Policies in Climate Change Mitigation

By William Oman Español July 2019 was the hottest month ever recorded on earth, with countries across the world experiencing record-breaking temperatures. A prolonged drought is affecting millions of people in East Africa, and in August 2019 Greenland lost 12.5 billion tons of ice in one day. A review of the literature by IMF staff aims to spur discussion of what policies to mitigate climate change could or should include. The review suggests that, while fiscal tools are first in line,...

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chart of the weekFuel for Thought: Ditch the Subsidies

By IMFBlog Pensions, education, healthcare, better infrastructure, technology, and climate change: fiscal policymakers have their work cut out for them on many fronts.  Whether you live in a rapidly aging advanced economy,  or a low-income or emerging market economy with a young, booming population, all these issues matter for you.  As the Fiscal Monitor in April 2019 shows, government policies on taxes and spending have to adapt and should shift to growth-enhancing investment.  This means,...

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Outlook for Latin America and the Caribbean: A Stalling Recovery

By Alejandro Werner Español Economic activity in Latin America and the Caribbean remains sluggish. Real GDP is expected to grow by 0.6 percent in 2019—the slowest rate since 2016—before rising to 2.3 percent in 2020. The weak momentum reflects negative surprises in the first half of 2019, elevated domestic policy uncertainty in some large economies, heightened US-China trade tensions, and somewhat lower global growth. Elevated policy uncertainty in some large economies of the region has...

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Sluggish Global Growth Calls for Supportive Policies

By Gita Gopinath عربي, 中文, Español, Français, 日本語, Português, Русский In our July update of the World Economic Outlook we are revising downward our projection for global growth to 3.2 percent in 2019 and 3.5 percent in 2020. While this is a modest revision of 0.1 percentage points for both years relative to our projections in April, it comes on top of previous significant downward revisions. The revision for 2019 reflects negative surprises for growth in emerging market and developing...

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When Disaster Strikes: Preparing for Climate Change

By Seán Nolan and Krishna Srinivasan Earlier this year, Cyclone Idai devastated Mozambique, Malawi, and Zimbabwe by leaving more than 1,000 people dead, thousands more missing, and damages in the billions. These storms were among the recent reminders of how natural disasters can cause severe and catastrophic damage. Natural disasters destroy lives and property and have large and lasting effects on economies by reducing production and increasing debt burdens. They also tend to...

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Keynes, the IMF, and the Future

By Gita Bhatt If Lord Keynes, who helped usher in the post–World War II economic order at the Bretton Woods conference, visited the IMF today, he would be astonished at the institution’s evolution. He would find a modern IMF able to help countries with new tools for analyzing financial risks and external imbalances and take on income inequality, corruption, and climate change. He would marvel at our universal membership, diverse staff, and female head. He would also find a world transformed...

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Getting Real on Meeting Paris Climate Change Commitments

By Christine Lagarde and Vitor Gaspar Español, Português Climate change is the great existential challenge of our times. It is a challenge that spans all regions, with especially severe consequences for low-income countries. Without mitigating actions, global temperatures are projected to rise by 4oC above pre-industrial levels by the end of the century—with increasing and irreversible risks of collapsing ice sheets, inundation of low-lying island states, extreme weather events, and...

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Building Defenses Against the Next Economic Downturn

By David Lipton عربي, Français,  日本語, Русский The global economy faces a number of complex challenges from technological change and globalization, and the lingering effects of the 2008-9 financial crisis. At the same time, we are witnessing lower levels of trust in the core institutions that have helped to deliver tremendous growth and prosperity over the past 40 years. These developments threaten to fragment the international order that has governed the global economy. History suggests...

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Top 5 Blogs on Climate Change

By IMFBlog December 12, 2018 An arctic fox: climate change means Arctic ice has declined by 95 percent, according to recent science (photo: National Geographic/Newscom) Mother Nature is trying to tell us something.  As the heat literally rises in so many ways, people have gathered in Poland for the United Nation’s latest Climate Summit, known as the COP24.  As human behavior and choices destabilize the Earth’s climate and biosphere, policymakers will need to do more. The shared nature...

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A Planet at Risk Requires Multilateral Action

Signe Krogstrup and Maurice Obstfeld  December 3, 2018 Español, Português A wolf in the snow: the planet isn’t crying wolf as man’s economic activities reach a scale where the global climate is at risk (photo: ImageBroker/ David MichaSheldon/Newscom) The COP-21 Paris Agreement limiting greenhouse gas emissions was a major achievement on the road to meeting the threat of climate change. But as the evidence becomes increasingly unambiguous that human activity is destabilizing the...

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