Fiscal Policy for an Unprecedented Crisis

By Vitor Gaspar, Paulo Medas, John Ralyea, and Elif Ture 中文, 日本語 The COVID-19 crisis has devastated people’s lives, jobs, and businesses. Governments have taken forceful measures to cushion the blow, totaling a staggering $12 trillion globally. These lifelines have saved lives and livelihoods. But they are costly and, together with sharp falls in tax […]

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Reform of the International Debt Architecture is Urgently Needed

By Kristalina Georgieva, Ceyla Pazarbasioglu, and Rhoda Weeks-Brown The COVID-19 pandemic has pushed debt levels to new heights. Compared to end-2019, average 2021 debt ratios are projected to rise by 20 percent of GDP in advanced economies, 10 percent of GDP in emerging market economies, and about 7 percent in low-income-countries. These increases come on […]

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Courage under Fire: Policy Responses in Emerging Market and Developing Economies to the COVID-19 Pandemic

Martin Mühleisen, Vladimir Klyuev, Sarah Sanya The coronavirus crisis is a crisis like no other, and for emerging market and developing economies (EMDE), it has triggered a policy response like no other, both in scope and magnitude. Despite their diversity, and in some cases, strained resources, this large group of countries—consisting of emerging markets and […]

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