Divergent Recoveries in Asia: History is not Destiny

by Davide Furceri, Jonathan D. Ostry, and Anthony C.K. Tan Asian economies are performing better than expected. In the IMF’s latest World Economic Outlook Update, we upgraded our growth estimate for 2020 by 0.7 percentage point from our previous forecast in October, to a contraction of 1.5 percent—in regional terms, a better outcome than other […]

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Financial Perils in Check for Now, Eyes Turn to Risk of Market Correction

By Tobias Adrian and Fabio Natalucci “The vaccines are here!”—the cry heard and welcomed the world over—has boosted hopes of a global economic recovery in 2021. Yet until vaccines are widely available, the market rally and the economic recovery rest on continued monetary and fiscal policy support. While there is for now no alternative to […]

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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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