While there are signs of a recovery in advanced economies, sub-Saharan Africa is still in the throes of an unprecedented health and economic crisis. The second wave of COVID-19 infections was worse than the first and countries are bracing for more, while access to vaccines is scant at best. Most African countries will be struggling to vaccinate essential frontline workers this year, let alone the broader population. The latest Regional Economic Outlook for sub-Saharan Africa lays out the challenges that the region is facing and comes up with some policy recommendations to deal with critical issues like debt management and the financing of vaccine procurement. Papa N’Diaye leads the team that produces the biannual report. In this podcast, he says sub-Saharan Africa will be the world’s slowest growing region in 2021.
Read the report at IMF.org
S'il existe des signes de reprise dans les économies avancées, l'Afrique subsaharienne est toujours en proie à une crise sanitaire et économique sans précédent. La deuxième vague d'infections au COVID-19 était pire que la première et les pays se préparent à plus, alors que l'accès aux vaccins est au mieux limité. La plupart des pays africains auront du mal à vacciner les travailleurs de première ligne essentiels cette année, sans parler de la population en général. Les dernières Perspectives économiques régionales de l'Afrique subsaharienne présentent les défis auxquels la région est confrontée et formule des recommandations politiques pour faire face à des problèmes critiques tels que la gestion de la dette et le financement de l'achat de vaccins. Papa N’Diaye dirige l’équipe qui produit le rapport semestriel. Dans ce podcast, il dit que l’Afrique subsaharienne sera la région du monde qui affiche la plus faible croissance en 2021.
Le papier intégral peut être consulté sur imf.org.
Debt levels in many countries were high when the pandemic hit. But today, global public debt is reaching 100 percent of GDP. In this podcast, we hear a panel discussion about the very real danger for some countries of falling into a debt trap. The seminar was held during the 2021 IMF-World Bank Spring Meetings and featured IMF Managing Director, Kristalina Georgieva, Mohamed El-Erian, President of Queens’ College, Cambridge, and Vera Songwe, Under-Secretary-General at the United Nations. The Panel was moderated by Martin Wolf, Chief Economics Commentator at the Financial Times.
Go to IMF.org to watch the webcast.
Global prospects are looking better one year into the pandemic, albeit highly uncertain. The latest World Economic Outlook (WEO) places growth at 6% for 2021, compared to 2020's unprecedented contraction of -3.3%. But recovery is by and large vaccine-dependent and the lack of access to vaccines is making recovery hard to imagine for some countries, while others are well on their way. Malhar Nabar is Division Chief in the IMF Research Department and heads the WEO. In this podcast, he says these divergent recoveries are a big concern. Transcript
Read the WEO and the blog at IMF.org
While emerging markets suffered huge portfolio outflows at the beginning of the pandemic, the latest Global Financial Stability Report (GFSR) shows capital flows have returned and the outlook continues to improve, partly because of low interest rates in countries such as the United States. The new report takes a close look at the possibility of rising interest rates and what that would mean for emerging market economies trying to recover from the pandemic. Fabio Natalucci is Deputy Director of the Monetary and Capital Markets Department and heads the GFSR. In this podcast, he says a lagging recovery in emerging markets is a risk to global financial stability. Transcript
Read the report: https://www.imf.org/en/Publications/GFSR
Read the blog: https://blogs.imf.org/
More than a year into the COVID-19 crisis, signs of a recovery for some countries are slowly beginning to emerge. But in her customary curtain-raiser speech ahead of next week's virtual IMF-World Bank Spring Meetings, IMF Managing Director Kristalina Georgieva said high uncertainty is one of the greatest dangers facing the global economy.
Go to IMF.org to follow the Spring Meetings and find all the IMF flagship reports, including the World Economic Outlook, the Global Financial Stability Report, and the Fiscal Monitor.