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Abstract
The Annual Report of the Executive Board 2022
Abstract
The Annual Report of the Executive Board 2022
Abstract
This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.
Abstract
Global current account balances—the overall size of current account deficits and surpluses—continued to widen in 2021 to 3.5 percent of world GDP, and are expected to widen again this year. The IMF’s multilateral approach suggests that global excess balances narrowed to 0.9 percent of world GDP in 2021 compared with 1.2 percent of world GDP in 2020. The pandemic has continued to affect economies’ current account balances unevenly through the travel and transportation sectors as well as a shift from services to goods consumption. Commodity prices recovered from the COVID-19 shock and started rising in 2021 with opposite effects on the external position of exporters and importers, a trend that the war in Ukraine is exacerbating in 2022. The medium-term outlook for global current account balances is a gradual narrowing as the impact of the pandemic fades away, commodity prices normalize, and fiscal consolidation in current account deficit economies progresses. However, this outlook is highly uncertain and subject to several risks. Policies to promote external rebalancing differ with positions and needs of individual economies.
Abstract
La titubeante recuperación de 2021 ha venido seguida de una evolución cada vez más lúgubre en 2022, a causa de los riesgos que comenzaron a materializarse. Durante el segundo trimestre de este año, el producto mundial se contrajo, debido a la desaceleración de China y Rusia, mientras que el gasto de los hogares en Estados Unidos no alcanzó las expectativas. Varios shocks han sacudido una economía mundial ya debilitada por la pandemia: una inflación superior a lo previsto en todo el mundo—sobre todo en Estados Unidos y las principales economías europeas—que ha provocado el endurecimiento de las condiciones financieras; una desaceleración peor de lo previsto en China, consecuencia de los brotes de la COVID-19 y los confinamientos, y las nuevas repercusiones negativas de la guerra en Ucrania.
Abstract
Une reprise timide en 2021 a été suivie d’épisodes de plus en plus sombres en 2022 alors que des risques commençaient à se matérialiser. La production mondiale s’est contractée au deuxième trimestre de cette année, du fait de ralentissements de l’activité en Chine et en Russie tandis qu’aux états-Unis, les dépenses des ménages étaient inférieures aux attentes. Plusieurs chocs ont frappé une économie mondiale déjà fragilisée par la pandémie : une inflation plus forte que prévu dans le monde entier, en particulier aux états-Unis et dans les pays européens les plus importants économiquement, qui a provoqué un durcissement des conditions de financement ; un ralentissement plus prononcé qu’attendu en Chine des suites de flambées de COVID-19 et de confinements ; enfin de nouvelles répercussions négatives de la guerre en Ukraine.
A tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022 as risks began to materialize. Global output contracted in the second quarter of this year, owing to downturns in China and Russia, while US consumer spending undershot expectations. Several shocks have hit a world economy already weakened by the pandemic: higher-than-expected inflation worldwide—especially in the United States and major European economies—triggering tighter financial conditions; a worse-than-anticipated slowdown in China, reflecting COVID- 19 outbreaks and lockdowns; and further negative spillovers from the war in Ukraine.
Abstract
A tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022 as risks began to materialize. Global output contracted in the second quarter of this year, owing to downturns in China and Russia, while US consumer spending undershot expectations. Several shocks have hit a world economy already weakened by the pandemic: higher-than-expected inflation worldwide—especially in the United States and major European economies—triggering tighter financial conditions; a worse-than-anticipated slowdown in China, reflecting COVID-19 outbreaks and lockdowns; and further negative spillovers from the war in Ukraine.
Abstract
A tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022 as risks began to materialize. Global output contracted in the second quarter of this year, owing to downturns in China and Russia, while US consumer spending undershot expectations. Several shocks have hit a world economy already weakened by the pandemic: higher-than-expected inflation worldwide—especially in the United States and major European economies—triggering tighter financial conditions; a worse-than-anticipated slowdown in China, reflecting COVID-19 outbreaks and lockdowns; and further negative spillovers from the war in Ukraine.