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Tag Archives: Climate change

Safeguarding Africa’s Food Security in the Age of COVID-19

By Pritha Mitra and Seung Mo Choi Food security in sub-Saharan Africa is under threat. The ability of many Africans to access sufficient, safe and nutritious food to meet their dietary needs has been disrupted by successive natural disasters and epidemics. Cyclones Idai and Kenneth, locust outbreaks in eastern Africa, and droughts in southern and eastern Africa are some examples. The COVID-19 pandemic is just the latest catastrophe to have swollen the ranks of 240 million people going hungry...

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Equity Investors Must Pay More Attention to Climate Change Physical Risk

By Felix Suntheim and Jérôme Vandenbussche عربي, 中文, Español, Français, 日本語, Русский  The damage from the 2011 floods in Thailand amounted to around 10 percent of Thailand’s GDP, not even considering all the indirect costs through a loss in economic activity in the country and abroad. By some estimates, the total costs of the 2018 wildfires in California were up to $350 billion, or 1.7 percent of U.S. GDP. Every year, climatic disasters cause human suffering as well as large economic and...

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Delivering on Africa’s Dreams

By David Lipton Across sub-Saharan Africa, a visit to a school offers both a vision of hope for the future, and a reminder of the difficulties in attaining that vision. My recent visit to Sierra Leone and Niger brought this duality into sharp focus. In Sierra Leone, classrooms at the Regent Square Municipal School showcase the government’s ambitious Free Quality Education program that aims to build on the country’s most precious resource—its children. There, eager students are attentive and...

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Finding Solid Footing for the Global Economy

By Kristalina Georgieva As the Group of Twenty industrialized and emerging market economies (G-20) finance ministers and central bank governors gather in Riyadh this week, they face an uncertain economic landscape. After disappointing growth in 2019, we began to see signs of stabilization and risk reduction, including the Phase 1 U.S.-China trade deal. In January, the IMF projected growth to strengthen from 2.9 percent in 2019 to 3.3 percent in 2020 and 3.4 percent in 2021. This projected...

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Assessing Climate-Change Risk by Stress Testing for Financial Resilience

By Tobias Adrian, James Morsink, and Liliana Schumacher عربي, Español 日本語, Русский As society braces for the potential havoc a changing climate could induce, it’s vital to gauge the range of shocks that the economy may soon endure. One way to quantify the effects of the potentially systemic shocks that could ripple through the financial system is to administer “stress tests”—a well-designed analytical process that has, for decades, been used by the IMF, World Bank and financial supervisors...

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Top 6 Blogs on Climate Change

By IMFBlog Actions speak louder than words. The longer we wait to act on climate change, the greater the loss of life and damage to the world economy. Faced with the ongoing existential threat posed by changes to our climate, the United Nations conference known as COP25 is happening in Madrid, Spain.  Policymakers with ambition and vision can choose what to do and how to do it, right now, globally and at home. Policymakers with ambition and vision can choose what to do and how to do it,...

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The Adaptive Age

By Kristalina Georgieva عربي, 日本語, Русский No institution or individual can stand on the sidelines in the fight against climate change When I think of the incredible challenges we must confront in the face of a changing climate, my mind focuses on young people. Eventually, they will be the ones either to enjoy the fruits or bear the burdens resulting from actions taken today. I think of my 9-year-old granddaughter. By the time she turns 20, she may be witness to climate change so profound...

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The World Economy: Synchronized Slowdown, Precarious Outlook

By Gita Gopinath عربي, 中文, Español, Français, 日本語, Português, Русский The global economy is in a synchronized slowdown and we are, once again, downgrading growth for 2019 to 3 percent, its slowest pace since the global financial crisis. Growth continues to be weakened by rising trade barriers and increasing geopolitical tensions. We estimate that the US-China trade tensions will cumulatively reduce the level of global GDP by 0.8 percent by 2020. Growth is also being weighed down by...

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Fiscal Policies to Curb Climate Change

By Vitor Gaspar, Paolo Mauro, Ian Parry, and Catherine Pattillo عربي, 中文, Español, Français, 日本語, Português, Русский Global warming has become a clear and present threat. Actions and commitments to date have fallen short. The longer we wait, the greater the loss of life and damage to the world economy. Finance ministers must play a central role to champion and implement fiscal policies to curb climate change. To do so, they should reshape the tax system and fiscal policies to discourage...

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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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