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Tag Archives: IMF

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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Sub-Saharan Africa’s Difficult Road to Recovery

By Abebe Aemro Selassie Français, Português The COVID-19 pandemic represents an unprecedented health and economic crisis for sub-Saharan Africa. Within months, the spread of the virus has jeopardized years of development and decades-long gains against poverty in the region while threatening the lives and livelihoods of millions of people. Policymakers in sub-Saharan Africa now face the added challenge of rekindling their economies with fewer resources and more difficult choices. In our...

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Engines Not Yet in Sync: A Multispeed Recovery in Asia

by Jonathan D. Ostry 中文, 日本語 The Asia-Pacific region is recovering from its worst recession in living memory. Our latest Regional Economic Outlook shows that a recovery started in the third quarter, but growth engines are not all firing with the same power across countries, leading to a multispeed recovery. To enable structural change, Asia’s economic policies should be focused on the world of tomorrow, not yesterday. Reflecting worse-than-expected outturns in the second quarter in a few...

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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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Fiscal Policy for an Unprecedented Crisis

By Vitor Gaspar, Paulo Medas, John Ralyea, and Elif Ture عربي, 中文, Español, Français, 日本語, Português, Русский  The COVID-19 crisis has devastated people’s lives, jobs, and businesses. Governments have taken forceful measures to cushion the blow, totaling a staggering $12 trillion globally. These lifelines have saved lives and livelihoods. But they are costly and, together with sharp falls in tax revenues owing to the recession, they have pushed global public debt to an all-time high of close...

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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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A Long, Uneven and Uncertain Ascent

By Gita Gopinath عربي, 中文, Español, Français, 日本語, Português, Русский  The COVID-19 pandemic continues to spread with over 1 million lives tragically lost so far. Living with the novel coronavirus has been a challenge like no other, but the world is adapting. As a result of eased lockdowns and the rapid deployment of policy support at an unprecedented scale by central banks and governments around the world, the global economy is coming back from the depths of its collapse in the first half of...

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COVID’s Impact in Real Time: Finding Balance Amid the Crisis

By Francesco Grigoli and Damiano Sandri عربي, 中文, Español, Français, 日本語, Português, Русский  One enduring lesson from the COVID-19 pandemic is that any lasting economic recovery will depend on resolving the health crisis. Our research in the latest World Economic Outlook shows that government lockdowns—while succeeding in their intended goal of lowering infections—contributed considerably to the recession and had disproportional effects on vulnerable groups, such as women and young people....

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Public Investment for the Recovery

By Vitor Gaspar, Paolo Mauro, Catherine Pattillo, and Raphael Espinoza عربي, Español, Français, 日本語, Português, Русский   Governments around the world are taking extraordinary measures to respond to the COVID-19 crisis. While maintaining the focus on addressing the health emergency and providing lifelines for households and businesses, governments need to prepare economies for the transition to the post-COVID-19 world—including by helping people get back to work. Public investment has a...

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Reform of the International Debt Architecture is Urgently Needed

By Kristalina Georgieva, Ceyla Pazarbasioglu, and Rhoda Weeks-Brown Español The COVID-19 pandemic has pushed debt levels to new heights. Compared to end-2019, average 2021 debt ratios are projected to rise by 20 percent of GDP in advanced economies, 10 percent of GDP in emerging market economies, and about 7 percent in low-income-countries. These increases come on top of debt levels that were already historically high. While many advanced economies still have the capacity to borrow, emerging...

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