Sweden entered the pandemic with substantial buffers and suffered a relatively shallow recession in 2020. The decline in output was moderated by substantial income and liquidity support as well as structural features of the economy. Sweden’s initial less stringent containment strategy seems to have altered the timing of the economic fallout, which intensified towards the middle of the year. This fallout has particularly impacted the youth and foreign-born. Economic recovery is projected over the next two years, but uncertainty has increased due to the new strains of the virus and slow vaccination.
The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.
International Monetary Fund. External Relations Dept.
The paper discusses development of smallholder tea cultivation and a new breed of planters in Kenya. As the work of land consolidation and registration progressed in Kenya, tea planting in areas that were ecologically suitable became increasingly popular. The paper highlights that with the help of some US$3 million from the International Development Association, about 900 miles of tea collection and factory access roads are being constructed in the various tea-growing areas of Kenya, and some 15 small road maintenance units are being established and equipped.
Thank you for joining us at these Annual Meetings. I want to express my particular thanks to our Chairman, Zoran Stavreski, and, once again, to Agustín Carstens for his leadership of the Development Committee and his partnership as a friend. I cannot imagine a better Chair to work with during my first year.