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International Monetary Fund. Secretary's Department

Abstract

The period from May 2013 through April 2014—the IMF’s financial year 20141—saw the world economy reach a critical juncture: emerging from the greatest financial crisis in almost a hundred years. Recovery was taking hold but was too slow and faced many obstacles along the road. In her Global Policy Agenda, the IMF’s Managing Director set out bold policy steps that could overcome these obstacles and take the global economy toward more rapid and sustainable growth. The top priority was to strengthen the coherence of the policies and cooperation among policymakers, both at home and across borders: national prosperity and global prosperity are linked and depend, more than ever before, on countries working together. The IMF is indispensable for this global cooperation.

International Monetary Fund. Asia and Pacific Dept

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.

International Monetary Fund. Secretary's Department

Abstract

As FY2014 drew to an end, the world economy was gradually turning the corner of the Great Recession. The recovery was gaining momentum and global financial stability was improving. Yet growth remained too slow and too weak for comfort, and millions of people were still out of jobs. Rising geopolitical risks had injected new concerns.

International Monetary Fund. Asia and Pacific Dept

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.

International Monetary Fund. Secretary's Department

Abstract

Twice a year, the Managing Director’s Global Policy Agenda pulls together the key findings and policy advice from multilateral reports and defines a future agenda for the Fund and its members. The Managing Director’s Global Policy Agenda is discussed by the Executive Board before the Annual and Spring Meetings, prior to the agenda’s presentation to the International Monetary and Financial Committee.

International Monetary Fund. Asia and Pacific Dept

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.

International Monetary Fund. Secretary's Department

Abstract

In the course of overseeing the international monetary system, underpinning programs in member countries, helping countries strengthen their institutions and capacities, and monitoring member countries’ economies, the IMF provides policy advice to member countries on a variety of issues pertaining to economic stability.

International Monetary Fund. Secretary's Department

Abstract

The current income model for the IMF, endorsed by the Executive Board and approved by the Board of Governors in 2008, includes the establishment of an endowment in the IMF’s Investment Account funded from the profits of the sale of a limited portion of the institution’s gold holdings (see “Gold Sales” later in the chapter). The account’s objective is to invest these resources and generate returns to contribute support to the IMF’s budget while preserving the endowment’s long-term real value. A broadening of the IMF’s investment authority to enhance returns on investments is a key element of the model. In January 2013, the Executive Board adopted new rules and regulations for the Investment Account that provided the legal framework for implementation of the expanded investment authority, authorized under the Fifth Amendment to the Articles of Agreement, which became effective in February 2011.74

Ms. Meral Karasulu and Mr. Sergei Dodzin

Technology is generating a global convergence. A "big bang" of information—and education as well—is improving human lives. And with global interconnectivity growing by leaps and bounds, we are all witness to a rapid spread of information and ideas. But, as we have seen from the prolonged global financial crisis, our interconnectedness carries grave risks as well as benefits. This issue of F&D looks at different aspects of interconnectedness, globally and in Asia. • Brookings VP Kemal Devis presents the three fundamental trends in the global economy affecting the balance between east and west in "World Economy: Convergence, Interdependence, and Divergence." • In "Financial Regionalism," Akihiro Kawai and Domenico Lombardi tell us how regional arrangements are helping global financial stability. • In "Migration Meets Slow Growth," Migration Policy Institute president Demetrios Papademetriou examines how the global movement of workers will change as the economic crisis continues in advanced economies. • "Caught in the Web" explains new ways of looking at financial interconnections in a globalized world. • IMF Managing Director Christine Lagarde provides her take on the benefits of integration and the risks of fragmentation in "Straight Talk." Also in this issue, we take a closer look at interconnectedness across Asia as we explore how trade across the region is affected by China's falling trade surplus, how India and China might learn from each others' success, and what Myanmar's reintegration into the global economy means for its people. F&D's People in Economics series profiles Justin Yifu Lin, first developing country World Bank economist, and the Back to Basics series explains the origins and evolution of money.