Browse
You are looking at 1 - 9 of 9 items for :
- Flagships x
- Financial and monetary sector x
- International institutions x
- Business and Economics x
- Health economics x
- Communicable diseases x
- Labor Economics: General x
- Finance: General x
- Regional Economic Outlook x
- Society and Social Sciences x
- Health Behavior x
Abstract
The COVID-19 pandemic plunged the world into a sharp recession in the first half of 2020. Service sector activity, which relies on person-to-person contact, took a big hit. Manufacturing also weakened substantially, and global trade plummeted. Global growth is projected at –4.4 percent in 2020, 0.6 percentage points above the June 2020 World Economic Outlook Update forecast. The upgrade reflects a better second quarter outturn in major countries that eased lockdowns earlier than expected. The recovery is projected to be more gradual than previously forecast. In 2021 global growth is projected at 5.2 percent, 0.3 percentage point lower than projected in June 2020, reflecting the persistence of social distancing into 2021.
Abstract
This chapter uses new data and novel modeling techniques to examine the effect of containment and policy measures in affecting the health and economic consequences of the COVID-19 pandemic.
Abstract
This chapter shows, based on high-frequency labor surveys, that inequality is increasing further during the COVID-19 pandemic because job losses have been concentrated among low-income workers. Moreover, the experience from past pandemics suggests that the adverse distributional effects could be even larger in the medium term—including, looking ahead, through the displacement of low-skilled workers by robots—and that the resulting higher levels of inequality could undermine social cohesion. This is especially salient for countries with already high inequality going into this crisis. Information from the IMF Policy Tracker shows that many Asian governments have implemented significant fiscal policy measures to mitigate the pandemic’s effect on the most vulnerable, with the impact depending on the initial coverage of safety nets, fiscal space, and degree of informality and digitalization. Although there is no one-size-fits-all solution, the model-based analysis shows that policies targeted to where needs are greatest are effective in mitigating adverse distributional consequences and underpinning overall economic activity and virus containment.
Abstract
The pandemic continues to spread in Latin America and the Caribbean (LAC), but economic activity is picking up. After a deep contraction in April, activity started recovering in May, as lockdowns were gradually eased, consumers and firms adapted to social distancing, some countries introduced sizable policy support, and global activity strengthened. Real GDP is projected to contract by 8.1 percent in 2020, followed by a mild recovery in 2021 reflecting persistent spread of the virus and associated social distancing and scarring. Risks to the outlook remain tilted to the downside, and uncertainty about the pandemic’s evolution is a key source of risk. Containing the spread of the virus and addressing the health crisis remain the key policy priorities. In countries where lockdowns still hamper activity, policies should focus on ensuring that firms have sufficient liquidity, and on protecting employment and income, while developing medium-term fiscal consolidation plans to safeguard debt sustainability. In countries that are easing lockdowns, efforts should focus on supporting the recovery, including through structural reforms. Once the pandemic is under control, and the recovery is on a strong footing, fiscal policy will need to focus on rebuilding buffers. Monetary policy should remain accommodative as long as inflation stays within the target range and inflation expectations are well anchored.
Abstract
The coronavirus disease (COVID-19) pandemic is still unfolding around the globe. In Asia, as elsewhere, the virus has ebbed in some countries but surged in others. The global economy is beginning to recover after a sharp contraction in the second quarter of 2020, as nationwide lockdowns are lifted and replaced with more targeted containment measures.
Abstract
The pandemic continues to spread in Latin America and the Caribbean (LAC), but economic activity is picking up. After a deep contraction in April, activity started recovering in May, as lockdowns were gradually eased, consumers and firms adapted to social distancing, some countries introduced sizable policy support, and global activity strengthened.
Abstract
The pandemic continues to spread in Latin America and the Caribbean (LAC), but economic activity is picking up. After a deep contraction in April, activity started recovering in May, as lockdowns were gradually eased, consumers and firms adapted to social distancing, some countries introduced sizable policy support, and global activity strengthened.
Abstract
The pandemic continues to spread in Latin America and the Caribbean (LAC), but economic activity is picking up. After a deep contraction in April, activity started recovering in May, as lockdowns were gradually eased, consumers and firms adapted to social distancing, some countries introduced sizable policy support, and global activity strengthened.