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Tag Archives: recovery

Top 10 Blogs of 2020

By IMFBlog Welcome to 2021. Before we step too far into the new year, the editors at IMFBlog invite you to reflect on what the world went through in 2020. As much as we would like to turn the page on 2020, navigating a course forward through still uncertain times entails using all we’ve learned up to now. Our list of your top reads from the past year tracks the COVID-19 pandemic—from the early days of uncertainty and fear through to the tepid and uneven reopening of economies. Naturally, our...

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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 WeekThe Crisis is Not Over, Keep Spending (Wisely)

By Oya Celasun, Lone Christiansen, and Margaux MacDonald The pandemic-induced economic crisis is set to leave deep scars. Human capital erosion from prolonged high unemployment and school closures, value destruction from bankruptcies, and constraints on future fiscal policy from elevated public debt top the list. Groups that were already poor and vulnerable are set to see the largest setbacks. Swift and unprecedented action by policymakers, including among the Group of Twenty (G20) advanced...

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Pandemic Persistence Clouds Latin America and Caribbean Recovery

By Samuel Pienknagura, Jorge Roldós, and Alejandro Werner Español, Français COVID-19 has hit Latin America and the Caribbean harder than other parts of the world, both in human and economic terms. The relatively large human toll is evident: with only 8.2 percent of the world population, the region had 28 percent of cases and 34 percent of deaths, by end-September. Our new Regional Economic Outlook: Western Hemisphere projects a real GDP contraction of 8.1 percent in 2020. Unlike in previous...

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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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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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Charting a Path for a Resilient Recovery in Sub Saharan Africa

By Kristalina Georgieva and Abebe Aemro Selassie Perhaps first among the many lessons of 2020 is that the notion of so‑called black swan events is not some remote worry. These purportedly once‑in‑a‑generation events are occurring with increasing frequency. Take climate‑related shocks, especially in sub‑Saharan Africa. More than any other region, it is vulnerable to these events because of its heavy dependence on rain‑fed agriculture and its limited ability to adapt to shocks. Every year, the...

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Guilt, Gender, and an Inclusive Recovery: A Lesson from Japan

By Chie Aoyagi Japan’s voluntary month-and-a-half shutdown of the economy in April due to COVID-19 has had a higher cost for women than men. A key reason: a “guilt gap” between women and men, where women often feel compelled to take on more professional sacrifices. Close to one million women—the majority of whom worked in temporary and part-time positions—left the labor force between December and April. Amid massive disruptions to childcare and schools, research in an IMF Working Paper has...

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How Strong Infrastructure Governance Can End Waste in Public Investment

By Gerd Schwartz, Manal Fouad, Torben Hansen, and Geneviève Verdier عربي, 中文, Español, Français, 日本語, Português, Русский  COVID-19 has had a profound impact on people, firms, and economies all over the world. While countries have ramped up public lifelines to individuals and firms they will face enormous challenges to recover from the pandemic, amidst low economic activity and unprecedented levels of debt. Public infrastructure investment will play a key role in the recovery. But with...

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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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