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Tag Archives: global financial crisis

Europe Needs to Maintain Strong Policy Support to Sustain the Recovery

By Alfred Kammer  Español, Français, Português The pandemic is exacting a heavy toll on Europe. More than 240,000 people have lost their lives. Millions have suffered the illness themselves, the loss of loved ones, or major disruption in their work, their businesses, and their daily lives. The economic impact of the pandemic has been enormous. Our latest Regional Economic Outlook for Europe forecasts a 7 percent decline in Europe’s GDP in 2020. The recovery from this crisis will be uneven...

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A Bridge to Economic Recovery: Be Aware of Financial Stability Risks

By Tobias Adrian عربي, 中文, Español, Français, 日本語, Português, Русский  Despite a global economic crisis comparable only to the Great Depression, near-term financial stability risks have been contained with the help of unprecedented monetary policy easing and massive fiscal support across the globe. But many economies had pre-existing vulnerabilities—which are now intensifying, representing potential headwinds to the recovery. Extraordinary policy measures have stabilized markets, boosted...

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Supporting Migrants and Remittances as COVID-19 Rages On

By Saad Noor Quayyum and Roland Kangni Kpodar Just as COVID-19 has disproportionately impacted some communities more than others, globally, the virus has had an oversized negative impact on migrant workers. Perhaps surprisingly, despite the bleak experience for foreign overseas workers during the pandemic, the effect on remittances—the flow of money they send back home—has, in many cases, proven resilient. But that trend may yet be upended. The predicament of migrant workers over the last few...

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COVID-19 Response in Emerging Market Economies: Conventional Policies and Beyond

By Martin Mühleisen, Tryggvi Gudmundsson, and Hélène Poirson Ward Español, Português The economic impact of the COVID-19 pandemic on emerging market economies far exceeded that of the global financial crisis. Unlike previous crises, the response has been decisive just like in advanced economies. Yet, conventional policies are reaching their limit and unorthodox policies are not without risks. A pandemic still unfolding COVID-19 is still to play out fully in the emerging market universe (see...

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Chart of the WeekUnemployment in Today’s Recession Compared to the Global Financial Crisis

By Ippei Shibata There has been much discussion in recent months about how workers who transitioned to working from home—and those who were deemed “essential”—are less affected by the layoffs and job losses brought on by lockdowns than are workers in “social” jobs that require closer human interaction, like restaurant workers. However, our new IMF staff research suggests that this does not tell the full story. In particular, we find that while teleworkable jobs are indeed more secure than...

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The Next Phase of the Crisis: Further Action Needed for a Resilient Recovery

By Kristalina Georgieva عربي, Español, Français, 日本語, Português, When the Group of Twenty industrialized and emerging market economies (G-20) finance ministers and central bank governors last met in April, the world was in the midst of the Great Lockdown forced by the outbreak of COVID-19. As they meet virtually this week, many countries are gradually reopening, even as the pandemic remains with us. Clearly, we have entered a new phase of the crisis—one that will require further policy...

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Courage under Fire: Policy Responses in Emerging Market and Developing Economies to the COVID-19 Pandemic

Martin Mühleisen, Vladimir Klyuev, Sarah Sanya The coronavirus crisis is a crisis like no other, and for emerging market and developing economies (EMDE), it has triggered a policy response like no other, both in scope and magnitude. Despite their diversity, and in some cases, strained resources, this large group of countries—consisting of emerging markets and low-income countries—have bolstered the provision of health services and extended unprecedented support to households, firms, and...

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COVID-19 Worsens Pre-existing Financial Vulnerabilities

By Tobias Adrian and Fabio Natalucci عربي, 中文, Español, Français, 日本語, Português, Русский Much the same way COVID-19 hits people with pre-existing health conditions more strongly, so is the pandemic-triggered economic crisis exposing and worsening financial vulnerabilities that have built up during a decade of extremely low rates and volatility. Our recently released chapters 2-4 of the  Global Financial Stability Report focus on three potential weak spots: risky segments in global credit...

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A Global Crisis Like No Other Needs a Global Response Like No Other

By Kristalina Georgieva عربي, Português I have been saying for a while that this is a “crisis like no other.” It is: More complex, with interlinked shocks to our health and our economies that have brought our way of life to an almost complete stop; More uncertain, as we are learning only gradually how to treat the novel virus, make containment most effective, and restart our economies; and Truly global. Pandemics don’t respect borders, neither do the economic shocks they...

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COVID-19 Pandemic and the Asia-Pacific Region: Lowest Growth Since the 1960s

By Chang Yong Rhee عربي, 中文, Français, 日本語, Русский This is a crisis like no other. It is worse than the Global Financial Crisis, and Asia is not immune. While there is huge uncertainty about 2020 growth prospects, and even more so about the 2021 outlook, the impact of the coronavirus on the region will—across the board—be severe and unprecedented. This is a real economic shock and requires protecting people, jobs, and industries directly. Growth in Asia is expected to stall at zero percent...

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