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Tag Archives: GDP

Coming Together

By Vitor Gaspar and Gita Gopinath عربي, Español, Français, Português, Русский Differences in vaccine access and the ability to deploy policy support are creating a growing divergence between advanced economies from many emerging market and developing economies. Faced with high deficits and historic levels of debt, countries with limited access to financing are walking a fiscal tightrope between providing adequate support and preserving financial stability. IMF support focused most where it...

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How the Pandemic Widened Global Current Account Balances

By Martin Kaufman and Daniel Leigh عربي, 中文, Español, 日本語, Português, Русский 2020 was a year of extremes. Travel all but ceased for a period. Oil prices wildly fluctuated. Trade in medical products reached new heights. Household spending shifted to consumer goods rather than services and savings ballooned as people stayed home amid a global shutdown. If not for the crisis, global current account balances would have continued to decline. Exceptional policy support prevented a global...

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U.S. net exports of technology have fallen since 2011 : How have tech imports and exports changed?

The FRED graph above shows the quarterly evolution of U.S. net exports of technology, from Q1 1967 to Q1 2021. Net exports of technology are measured as royalties and license fees received minus royalties and license fees paid during this period (as a percentage of GDP). The U.S. has always been a net exporter of technology and, hence, a net receiver of royalty payments. And net exports as a share of GDP have steadily increased from 0.12% in Q1 1985 to 0.48% in Q3 2011—an increase of...

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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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Seizing the Opportunity for a Pro-Growth, Post-Pandemic World

By Geoffrey Okamoto عربي, 中文, Español, Français, 日本語, Português, Русский Since March 2020, governments have spent $16 trillion providing fiscal support amid the pandemic, and global central banks have increased their balance sheets by a combined $7.5 trillion. Deficits are the highest they have been since World War II and central banks have provided more liquidity in the past year than in the past 10 years combined. This was absolutely necessary — IMF research indicates that if policymakers...

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The Resilience of Private Balance Sheets in Europe during COVID-19

By Estelle Xue Liu, Karim Foda, and Sebastian Weber Español, Français, Português One of the positive surprises about last year’s recession is how little damage it inflicted on average household and corporate balance sheets in Europe. In the past, deep recessions were followed by protracted weakness as they left households and businesses with significantly higher debt and lower income and capital. So far this has not been the case with the COVID-19 crisis, largely thanks to the extraordinary...

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Chart of the WeekCould Renewed Social Unrest Hinder the Recovery?

By Metodij Hadzi-Vaskov, Samuel Pienknagura, and Luca Ricci Protests driven by the pandemic’s economic fallout are on the rise, with potentially long-lasting economic consequences. Protests can be catalysts for political reform and social change. But what impact do they have on the economy? According to the latest Global Peace Index, the number of riots, general strikes and anti-government demonstrations around the world have increased by a staggering 244 percent in the last decade....

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How to Attract Private Finance to Africa’s Development

By Abebe Aemro Selassie, Luc Eyraud, and Catherine Pattillo 中文, Français African economies are at a pivotal juncture. The COVID-19 pandemic has brought economic activity to a standstill. Africa’s hard-won economic gains of the last two decades, critical in improving living standards, could be reversed. High public debt levels and the uncertain outlook for international aid limit the scope for growth through large public investment programs. The private sector will have to play more of a role...

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The Benefits of Setting a Lower Limit on Corporate Taxation

By Aqib Aslam and Maria Coelho On June 5, 2021, Finance Ministers from the Group of Seven major industrialized nations committed to a global minimum corporate tax rate on multinationals of at least 15 percent. While there are a number of details yet to be hammered out in broader global discussions, this historic agreement heralds an important step forward on the road to international corporate tax reform. It also highlights the role minimum taxes can play at the global level to help reverse...

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Achieving the Sustainable Development Goals Will Require Extraordinary Effort by All

by Abdelhak Senhadji, Dora Benedek, Edward Gemayel, and Alexander Tieman عربي, 中文, Español, Français, 日本語, Português, Русский The pandemic’s impact on the world’s poor has been especially harsh. COVID-19 may have pushed about 100 million people into extreme poverty in 2020 alone, while the UN warns that in some regions poverty could rise to levels not seen in 30 years. The current crisis has derailed progress toward basic development goals, as low-income developing countries must now...

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