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Tag Archives: G20

Drawing Further Apart: Widening Gaps in the Global Recovery

By Gita Gopinath عربي, 中文, Español, Français, 日本語, Português, Русский The global economic recovery continues, but with a widening gap between advanced economies and many emerging market and developing economies. Our latest global growth forecast of 6 percent for 2021 is unchanged from the previous outlook, but the composition has changed. The recovery is not assured until the pandemic is beaten back globally. Growth prospects for advanced economies this year have improved by 0.5 percentage...

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Urgent Action Needed to Address a Worsening ‘Two-Track’ Recovery

By Kristalina Georgieva عربي, 中文, Español, Français, 日本語, Português, Русский When G-20 finance ministers and central bank governors gather in Venice this week, they can take inspiration from the city’s unbreakable spirit. As the world’s first international financial center, Venice has faced the vagaries of economic fortunes over centuries, while being directly affected by climate change. This extraordinary resilience is needed more than ever as policymakers continue to face extraordinary...

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A Proposal to End the COVID-19 Pandemic

By Kristalina Georgieva, Gita Gopinath, and Ruchir Agarwal Български, Español, Русский Many countries have stepped up in the global fight against the pandemic, as have institutions such as the World Health Organization, the World Bank, Gavi (the Global Alliance for Vaccines and Immunization), the African Union, and others. Yet, more than a year into the COVID-19 crisis, new cases worldwide are higher than ever. Urgent action is needed to arrest the rising human toll and economic strain....

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The Great Divergence: A Fork in the Road for the Global Economy

By Kristalina Georgieva عربي, Español, 日本語, Русский  As G20 finance ministers and central bank governors meet virtually this week, the world continues to climb back from the worst recession in peacetime since the Great Depression. The IMF recently projected global GDP growth at 5.5 per cent this year and 4.2 per cent in 2022. But it is going to be a long and uncertain ascent. Most of the world is facing a slow rollout of vaccines even as new virus mutations are spreading—and the prospects for...

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A Race Between Vaccines and the Virus as Recoveries Diverge

By Gita Gopinath عربي, 中文, Español, Français, 日本語,  Português, Русский  In just three months since we released our last forecast in October, recorded COVID-19 deaths have doubled to over 2 million, as new waves have lifted infections past previous peaks in many countries. In these same three months, multiple vaccines have seen unexpectedly strong success and some countries have started ambitious vaccination drives. Much now depends on the outcome of this race between a mutating virus and...

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Global Policy Responses to Capital Flow Volatility

By Annamaria De Crescenzio, Annamaria Kokenyne, Dennis Reinhart, and Julia Schmidt The COVID-19 health and economic crisis has once again focused attention on the fickleness of capital flows and the need to have an adequate policy toolkit to manage the risks that stem from these flows, while maximizing their benefits. A virtual workshop organized by the Bank of England, Banque de France, International Monetary Fund and the Organization for Economic Co-operation and Development (OECD)...

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How Governments Can Create a Green, Job-rich Global Recovery

By Kristalina Georgieva and Rajiv J. Shah عربي, 中文, Français, 日本語, Português, Русский  Climate change and the COVID-19 crisis have a great deal in common. Both are human tragedies and economic catastrophes: The pandemic has taken more than a million lives, thrown hundreds of millions out of work, and is projected to wipe out $28 trillion in output over the next five years; climate change’s effects, meanwhile, are upending lives and livelihoods. Both crises are most devastating for...

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Chart of the WeekHow a Collective Infrastructure Push Will Boost Global Growth

By IMFBlog عربي, 中文, Español, Français, Português, Русский  With vaccines around the corner, there is increased hope that the pandemic could soon be under better control. That said, the need for cooperative efforts to work toward a better future has never been greater. Priority areas relate to the need to produce and distribute vaccines globally, tackle climate change, and bolster the economic recovery from the crisis. An IMF report published ahead of the G20 leaders meeting argues that a...

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Continued Strong Policy Action to Combat Uncertainty

By Kristalina Georgieva Español, Français, 日本語, Português, Русский  As G20 leaders meet virtually this week, the global economy faces a critical juncture. Countries have started to climb back from the depths of the COVID-19 crisis. But the resurgence in infections in many economies shows just how difficult and uncertain this ascent will be. The good news is the significant progress on vaccine development. While there are many caveats, this raises hopes of vanquishing the virus that has taken...

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A Leap Forward on Cross-Border Payments

By Tobias Adrian and Kristalina Georgieva عربي, Español, Français, 日本語, Português, Русский  When paying for coffee, we swipe, tap, wave, and soon may wink—a quick and painless exchange of coffee for money. But when paying for imports or sending remittances, we often fill-out forms, wait for days, and pay—too much. Progress to improve cross-border payments has been slow, but is just about to take off. That is how history evolves—one small step at a time, until it suddenly leaps forward. The...

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