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Europe > Ireland

You are looking at 1 - 10 of 48 items for :

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Cover IMF Staff Country Reports
Euro Area Policies: 2020 Consultation on Common Euro Area Policies-Press Release; Staff Report; and Statement by the Executive Director for Member Countries
International Monetary Fund. European Dept.
The COVID-19 pandemic has led to severe socio-economic dislocations and hardship. Supported by an unprecedented policy response and by the easing of lockdown measures as the infection rate moderated, the euro area economy initially recovered strongly from the pandemic’s first wave. However, a large second wave and reimposition of containment measures suggest much slower growth momentum in the near term. The outlook is for a subdued economic recovery and low inflation, with a significant permanent output loss relative to the pre-crisis trajectory. Uncertainty remains extremely high, mainly due to different pandemic scenarios, including regarding the availability and effectiveness of potential vaccines and therapies and behavioral changes. Output growth is expected to be much lower through 2021Q1 than projected in 2020 October World Economic Outlook (WEO) but may rebound beyond then in light of recent promising news on vaccine development. The key policy challenge is to continue countering the pandemic while facilitating a robust and inclusive recovery, including by addressing the health crisis, containing economic scarring, supporting resource reallocation and transformation to greener and more digital economies, and limiting the crisis’s impact on inequality and poverty. In a downside scenario, sizable further stimulus would be needed.
Keywords:
ISCR; CR; EU leader; recovery package; EU emission reduction goal; EU budget; increase private
Cover IMF Staff Country Reports
United Kingdom: 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom
International Monetary Fund. European Dept.
The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth. Growth and investment had been weak since the 2016 referendum, and the current account deficit elevated, but unemployment was low, inflation on target, and balance sheets strong. The global pandemic hit the UK hard in March, and the country now faces a second wave. The economic impact has been severe, but helped by an aggressive policy response, jobs have been preserved, businesses kept afloat, and banking sector losses contained. Still, the outlook for the near term is weak, as the economy works through the second wave, Brexit, rising unemployment, and corporate distress. Risks are overall to the downside, centering on the degree of balance sheet damage sustained by households and small and medium enterprises. The pace at which vaccines are able to bring the pandemic under control could be an important mitigating factor.
Keywords:
ISCR; CR; NI Protocol; draft UK; bank dividend payment; welfare provision; withdrawal agreement; activity data; COVID-19; Inflation; Global; Europe
Cover IMF Research Perspectives
IMF Research Perspectives: Spring-Summer 2020
IMF Research Perspectives Spring-Summer 2020
Keywords:
IRB; worker; view IMF research; MARTINEZ PERIA interview
Cover IMF Working Papers
Distributional Implications of Labor Market Reforms: Learning from Spain's Experience
Ara Stepanyan
and
Jorge Salas
Spain’s structural reforms, implemented around 2012, have arguably contributed to a faster and stronger economic recovery. In particular, there is strong evidence that the 2012 labor market reforms increased wage flexibility, which helped the Spanish economy to regain competitiveness and create jobs. But the impact of these labor reforms on income inequality and social inclusion has not been analyzed much. This paper aims to shed light on this issue by employing an econometric decomposition procedure combined with the synthetic control method. The results indicate that the 2012 labor reforms have helped improve employment and income equality outcomes with no substantial impact on the overall risk of poverty. Nevertheless, the reforms appear to have induced a deterioration of average hours worked, in-work poverty, and possibly also of involuntary part-time employment.
Keywords:
WP; income; employment growth; Spain; employment outcome; employment protection regulation; part-time employment; reform date; structural reforms; labor market reforms; income inequality; social inclusion; synthetic control method; employment protection reform; product market reform; labor market inclusiveness; Employment; Income distribution; Global
Cover Finance & Development
Finance & Development, December 2018
International Monetary Fund. Communications Department
Finance and Development
Keywords:
FD; F&D; income; worker; remittances migrant; population aging; economy
Cover IMF Working Papers
The Structural Determinants of the Labor Share in Europe
Dilyana Dimova
The labor share in Europe has been on a downward trend. This paper finds that the decline is concentrated in manufacture and among low- to mid-skilled workers. The shifting nature of employment away from full-time jobs and a rollback of employment protection, unemployment benefits and unemployment benefits have been the main contributors. Technology and globalization hurt sectors where jobs are routinizable but helped others that require specialized skills. High-skilled professionals gained labor share driven by productivity aided by flexible work environments, while low- and mid-skilled workers lost labor share owing to globalization and the erosion of labor market safety nets.
Keywords:
WP; skilled worker; import penetration; employment share; further labor share erosion; labor market; labor share erosion; labor share shrinkage; labor share stagnation; share data; share decline; wage share; labor share; technology; employment policies; globalization; shift share analysis; labor share contraction; labor share growth; labor share shrink; labor share stem; self-employment share; labor share come; labor share tend; labor share fluctuation; Employment; Employment protection; Unemployment benefits; Global; Baltics; Europe
Cover Finance & Development
Finance & Development, December 2018
International Monetary Fund. Communications Department
Finance and Development
Keywords:
FD; F&D; income; worker; remittances migrant; population aging; economy
Cover Finance & Development
Finance & Development, December 2018
International Monetary Fund. Communications Department
Finance and Development
Keywords:
FD; F&D; income; worker; remittances migrant; population aging; economy
Cover Finance & Development
Finance & Development, December 2018
International Monetary Fund. Communications Department
Finance and Development
Keywords:
FD; F&D; income; worker; remittances migrant; population aging; economy
Cover Finance & Development
Finance & Development, December 2018
International Monetary Fund. Communications Department
Finance and Development
Keywords:
FD; F&D; income; worker; remittances migrant; population aging; economy