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International Monetary Fund. Asia and Pacific Dept

1. Hong Kong SAR is a services-oriented small open economy that relies heavily on the free flow of capital, goods, and people.1 About 90 percent of GDP and employment come from the services sector. Financial services, trade and logistics, and hospitality services, which are underpinned mainly by the free flow of capital, goods, and people, respectively, account for about half of output and employment. Other services, including professional, real estate, IT/telecommunications, and public services, account for the remaining 40 percent of GDP.2

International Monetary Fund. European Dept.
Ireland entered the COVID pandemic with reduced vulnerabilities and high growth, especially in multinational enterprises (MNEs)-dominated sectors. The pandemic has had a highly asymmetric impact on the economy. The domestic sectors contracted by about 10 percent in 2020 and unemployment reached 30 percent at the peak of the first wave, while MNEs continued to grow strongly, driving overall GDP growth to 3.4 percent. A swift policy response has been effective in mitigating the crisis impact and protecting households and firms. The domestic sectors are expected to partially recover in 2021, with GDP growth projected at 4.6 percent. Downside risks stem from uncertainties surrounding new COVID variants, post-Brexit trade arrangements, and likely changes in international taxation.
Ms. Dora Benedek, Mr. Edward R Gemayel, Mr. Abdelhak S Senhadji, and Alexander F. Tieman
The COVID-19 pandemic hit countries’ development agendas hard. The ensuing recession has pushed millions into extreme poverty and has shrunk government resources available for spending on achieving the United Nations Sustainable Development Goals (SDGs). This Staff Discussion Note assesses the current state of play on funding SDGs in five key development areas: education, health, roads, electricity, and water and sanitation, using a newly developed dynamic macroeconomic framework.