Customs administrations around the world face new challenges: an increasing volume of international trade, a revolution in new technologies, and fundamental changes in business models. The benefits of a well-performing customs administration are clear, as is the need to develop efficient, effective, fair, and modern customs administrations. Customs Matters analyzes the many changes and challenges customs administrations face and pro-poses ways to address them.
The rare confluence of geopolitical, economic, and technological forces now confronting the world may reverberate for generations. The war is thrusting us into a fraught period of geopolitical realignment, supply disruptions, food and energy insecurity, and more volatile financial markets. These shocks could shake social and political stability in some countries while weakening the world’s ability to confront its foremost long-term challenge, climate change.
This book introduces a new framework for more candid discussions of governance and corruption issues with its member countries. It points out that sound institutions may be one of sub-Saharan Africa’s foremost milestones in its journey to sustainable development.
Capital flow management measures (CFMs) can be part of the broader policy toolkit to help countries reap the benefits of capital flows while managing the associated risks. The challenges posed by the attributes of crypto assets are compounded by gaps in the legal and regulatory frameworks. This paper aims to discuss how crypto assets could impact the effectiveness of CFMs from a structural and longer-term perspective.
The war in Ukraine is casting a pall on Europe and its economy. Millions of innocent civilians have been displaced and thousands wounded or killed. For Europe’s economy, it has struck at a time when private consumption and investment are still below pre-pandemic trends, and the pandemic itself continues to weigh on activity. Large increases in commodity prices and continued supply-side disruptions are now pushing inflation to higher levels, cutting into household incomes and firm profits. New risks loom from escalating fighting and disruptions to critical energy flows.
The war in Ukraine has triggered a costly humanitarian crisis that demands a peaceful resolution. At the same time, economic damage from the conflict will contribute to a significant slowdown in global growth in 2022 and add to inflation. Fuel and food prices have increased rapidly, hitting vulnerable populations in low-income countries hardest.Global growth is projected to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January.
Financial stability risks have risen as war tests the resilience of the financial system through various channels. Chapter 1 looks at the implications of the war in Ukraine on the financial system. Commodity prices pose challenging trade-offs for central banks. Many emerging and frontier markets are facing especially difficult conditions. Chapter 2 discusses the sovereign-bank nexus in emerging markets. Chapter 3 examines the challenges to financial stability posed by the rapid rise of risky business segments in fintech. Policies that target both fintech firms and incumbent banks proportionately are needed.
As countries strive to promote an inclusive and green recovery from the COVID-19 pandemic—and formulate responses to the immediate impacts of increased energy prices—they face shared challenges to secure tax revenues, address inequalities, and reduce greenhouse gas emissions. National tax policies are under pressure to deal with cross-border spillovers—one country’s action affects other countries.