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Mr. Mark Allen, Mr. Tony Killick, Yegor Gaidar, Karl Otto Pöhl, Adrian Wood, Nora Lustig, Ricardo López Murphy, and Dennis T. Yasutomo

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Jeffrey G. Williamson

The Economics of Demographics provides a detailed look at how the biggest demographic upheaval in history is affecting global development. The issue explores demographic change and the effects of population aging from a variety of angles, including pensions, health care, financial markets, and migration, and looks specifically at the impact in Europe and Asia. Picture This looks at global demographic trends, while Back to Basics explains the concept of the demographic dividend. Country Focus spotlights Kazakhstan, while People in Economics profiles Nobel prize winner Robert Mundell. IMF Economic Counsellor Raghuram Rajan argues for further change in India's style of government in his column, Straight Talk.

International Monetary Fund. External Relations Dept.

Although Latin America is growing at its best sustained pace since the 1970s, the apparent dissatisfaction of many voters there “has its roots in real economic problems, especially in growth, which remains too low, and poverty levels, which remain too high in many countries,” IMF Managing Director Rodrigo de Rato told the Latin American Business Association Conference at Columbia University Business School in New York on February 16. The solution, he said, is “to continue with policies that have been shown to work, to refine these policies where necessary to promote further growth and address poverty and inequality, and to do so with sensitivity to both the importance of institutions and the circumstances of individual countries.”

Horst Köhler

On March 4, 2004, Horst Kohler stepped down as IMF Managing Director following his nomination for the office of German president (the election will take place on May 23). In an interview with Laura Wallace in late April, he said that it might be time for Europe to make a bold political gesture, consolidating its own representation on the IMF’s Executive Board to help enhance the voice of developing countries. He also supported other changes in the IMF’s governance structure that would benefit small, low-income countries and emerging market members whose quotas no longer reflect their true weight in the world economy.

International Monetary Fund. Western Hemisphere Dept.

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.

International Monetary Fund. Western Hemisphere Dept.

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.

Pierre van den Boogaerde and Diarietou Gaye

Following a decade of economic stagnation under a centrally planned system in the 1980s, Burkina Faso adopted market principles in 1991, instituting reforms that yielded higher growth and increased competitiveness. But a decade later, poverty remains widespread, and the country is burdened with massive debt. Burkina Faso is tackling these problems through its poverty reduction strategy paper (PRSP), and although the first year’s results are mixed, there are many promising signs.

E. Breuer Luis

The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx

International Monetary Fund. Western Hemisphere Dept.

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.

International Monetary Fund. Western Hemisphere Dept.

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.