Europe, like the rest of the world, faces an extended crisis. An element of social distancingmandatory or voluntarywill be with us for as long as this pandemic persists. This, coupled with continued supply chain disruptions and other problems, is prolonging an already difficult situation. overarching policy goals include saving lives now and ensuring Europe emerges with a greener and safer economy for the long run, one where future generations can thrive equitably.
IMF
For the first time in living memory, Asias growth is expected to contract by 1.6 percenta downgrade to the April projection of zero growth. While Asias economic growth in the first quarter of 2020 was better than projected in the partly owing to early stabilization of the virus in somehave been revised down for most of the countries in the region due to weaker global conditions and more protracted containment measures in several emerging economies.
Migration has been the focus of intense political debate in recent years. While most people have positive perceptions about immigrants, there are still misconceptions and concerns. For instance, some think that migrants are a burden on economies. In the s new study, looks at the economic impact of migration on recipient countries and finds that migration generally improves economic growth and productivity in host countries.
The Great Lockdown is expected to play out in three phases, first as countries enter the lockdown, then as they exit, and finally as they escape the lockdown when there is a medical solution to the pandemic. Many countries are now in the second phase, as they reopen, with early signs of recovery, but with risks of second waves of infections and re-imposition of lockdowns. This pandemic has already claimed hundreds of thousands of lives worldwide. The resulting economic crisis is unlike anything the world has seen before.
The coronavirus crisis is a crisis like no other, and for emerging market and developing economies, it has triggered a policy response like no other. This large group of countries have bolstered health services and extended unprecedented support to households, firms, and financial markets. While limited policy space has kept the response at a smaller magnitude than in advanced economies, some even managed to help other countries. The s&紳莉莽梯; summarizes common threads to their COVID-19 responses.
Since the COVID-19 outbreak was first reported in Wuhan, China in late December 2019, the disease has spread to more than 200 countries and territories. In the absence of a vaccine or effective treatment, governments worldwide have responded by implementing unprecedented containment and mitigation measures. This in turn has resulted in large short-term economic losses, and a decline in global economic activity not seen since the Great Depression. Did it work? analysis, based on a global sample, suggests that containment measures, by reducing mobility, have been very effective in flattening the pandemic curve.
In the face of the COVID-19 crisis, the urges policymakers to use the opportunity to make fundamental changes to protect the most vulnerable when future shocks inevitably occur.
Several countries in Asia and Europe, where the COVID-19 outbreak appears to have peaked, are gradually reopening their economies. Without a vaccine or effective treatment, policymakers will be balancing the benefits of resuming economic activity against the potential cost of another increase in infection rates. They face difficult choices, in part, because the costs of erring in either direction could be very large. Given this, authorities are adopting a gradual and sequenced approach to reopening, along with the adoption of further prevention and containment measures.
In times of pandemic, fiscal policy is key to save lives and protect people. Governments have to do whatever it takes. The advises they make sure to keep the receipts.
The economic consequences of the pandemic are already impacting the United States with unprecedented speed and severity. In the last two weeks in March almost 10 million people applied for unemployment benefits. Such a sharp increase has never been seen before, not even at the peak of the crisis 2009 crisis. Disruptions caused by the virus are starting to ripple through emerging markets. To overcome this pandemic, we need a global, coordinated health and economic policy effort.
Unlike other economic downturns, the fall of output in the COVID-19 crisis is not driven by demand. The role of economic policy is hence not to stimulate demand, at least not right away. Rather, proposes policy have three objectives: to guarantee the functioning of essential sectors, to provide enough resources for people hit by the crisis, and to prevent excessive economic disruption. The COVID-19 pandemic is a crisis like no other, calling for an increased role for the public sector.
The (IMF) is making available about $50 billion through its rapid-disbursing emergency financing facilities for low-income and emerging-market countries that could potentially seek support. Of this, $10 billion is available at zero interest for the poorest members through the Rapid Credit Facility. IMF Managing Director Kristalina Georgieva says the Fund is fully committed to supporting it member countries, particularly the most vulnerable.
To create a cyber-secure world, we must be as fast and globally integrated as the criminals. Facing a global threat with local resources will not be enough. Countries need to do more internally and internationally to coordinate their efforts.
Populist leaders and movements are on the rise across the world, but why now? Populism has been around since Ancient Rome.
Global growth this year recorded its weakest pace since the global financial crisis a decade ago, reflecting common influences across countries and country-specific factors. Rising trade barriers and associated uncertainty weighed on business sentiment and activity globally. In some cases, these developments magnified cyclical and structural slowdowns already under way. Further pressures came from country-specific weakness in large emerging market economies. Worsening macroeconomic stress related to tighter financial conditions, geopolitical tensions, and social unrest rounded out the difficult picture.
Yet, there were bright spots. Will they translate into stronger global growth next year? Find out more in the , and when the IMF releases its World Economic Outlook Update on January 20.