Back

Macroeconomic Policies in times of COVID-19 in Emerging Markets: Early Lessons

December 9, 2020
Related topics: 
Economy
Macroeconomics and regulation

Moderator: Andrés Schipani, East and Central Africa Correspondent, Financial Times Speakers: - Otaviano Canuto, Senior Fellow, Policy Center for the New South - Karim El Aynaoui, President, Policy Center for the New South, Dean, Faculty of Governance, Economics and Social Sciences, Mohammed VI Polytechnic University - Célestin Monga, Professor of Public Policy, Harvard Kennedy School

Speakers
Karim El Aynaoui
Executive President
Karim El Aynaoui is Executive President of the Policy Center for the New South. He is also Executive Vice-President of Mohammed VI Polytechnic University and Dean of its Humanities, Economics and Social Sciences Cluster.   Karim El Aynaoui is an economist. From 2005 to 2012, he worked at the Central Bank of Morocco where he held the position of Director of Economics, Statistics, and International Relations. At the Central Bank of Morocco, he was in charge of the Research Department and equally a member of the Governor’s Cabinet. Previously, he worked for eight years at the World Bank as an Economist for its regional units of the Middle East and North Africa and Africa.   Karim El Aynaoui has published books and journal articles on macroeconomic issues in developing countr ...
Otaviano Canuto
Senior Fellow
Senior Fellow at the Policy Center for the New South, Affiliate Professor at Mohammed VI Polytechnic University and Non-Resident Senior Fellow at Brookings Institute. Former Vice President and Executive Director at the World Bank, Executive Director at the International Monetary Fund (IMF) and Vice President at the Inter-American Development Bank. ...

RELATED CONTENT

  • Global Recovery May Not Be Enough for Latin America: Three risks threaten another economic and social lost decade for the region
    Authors
    Otaviano Canuto
    Pepe Zhang
    Otaviano Canuto
    June 7, 2021
    First appeared at AMERICAS QUARTERLY A growing global imbalance threatens to further weaken already vulnerable emerging markets. The massive vaccine disparities between advanced and developing economies may exacerbate what the IMF has dubbed “divergent recoveries”—with dire consequences for Latin America. Despite being home to only 8% of the world’s population, the region has already suffered nearly 30% of all global COVID-19 deaths. The pandemic has also hit GDP and employment ha ...
  • Download PDF
    Is China a Developing Country?
    Authors
    Uri Dadush
    May 31, 2021
    China is the world's largest exporter of goods. It is also, by any plausible criterion, a developing country. China's dual status needs to be better reflected in Chinese policies - recognizing its global responsibilities -- and in those of the Western powers - recognizing China's limitations. Across three important agendas - macroeconomics, development assistance, and climate - important differences between China and the West remain, yet none of these issues appears intractable. ...
  • Are We on the Verge of a New Commodity Super-Cycle?
    Authors
    Otaviano Canuto
    Otaviano Canuto
    May 24, 2021
    Commodity prices have recovered their 2020 losses and, in most cases, are now above pre-pandemic levels (Figure 1). The pace of Chinese growth since 2020 and the economic recovery that has accompanied vaccine rollouts in advanced companies are seen as driving demand upward, while supply restrictions for some items—oil, copper, and some food products—have favored their upward adjustment. Some analysts have started to speak of the possibility of a new commodity price ‘super-cycle’ aft ...
  • Otaviano Canuto on Global Current Account Imbalances
    April 20, 2021
    Otaviano Canuto, Policy Center for the New South After peaking in 2007 at around 6% of world GDP, global current-account imbalances declined to 3% of world GDP in the last few years. But they have never left entirely the spotlight, albeit acquiring a different configuration from that wh...
  • Otaviano Canuto on Secular Stagnation and the Big Balance Sheet Economy
    April 5, 2021
    Private balance sheets have risen relative to GDP in advanced economies in the last decades, in tandem with a trend of decline in long-term real interest rates. Asset-driven macroeconomic cycles, along with a structural trend of rising influence of finance on income growth and distribut...
  • Otaviano Canuto on Globalization and Technological Learning
    March 29, 2021
    Cross-border technological diffusion has contributed to rising domestic productivity levels in advanced and emerging economies and facilitated a partial reshaping of the global innovation landscape. However, there are local requisites to escalate the ladder of innovation capabilities. ...
  • A Possible Tug-of-war Between the Fed and the Markets
    Authors
    Otaviano Canuto
    Otaviano Canuto
    March 25, 2021
    The projections for United States GDP released by the Federal Reserve on March 17, pointed to a growth rate of 6.5% in 2021, well above December’s 4.2% forecast. Congressional approval of the Biden administration’s $1.9 trillion fiscal package and the vaccination march against COVID-19 explain the rise in the estimate. However, it should not be forgotten that growth in 2021 will follow a fall in GDP of 3.5% last year. While the expected unemployment rate at the end of 2021 is now 4 ...
  • Otaviano Canuto on China’s Economic Rebalancing
    March 15, 2021
    China’s growth trajectory in the second decade of the century has been one of a rebalancing toward a new growth pattern, one in which domestic consumption is to rise relative to investments and exports, while a drive toward consolidating local insertion up the ladder of value added in g...
  • Otaviano Canuto on Trade Globalization
    March 9, 2021
    In the 1990s and 2000s, the world manufacturing production partially moved from advanced countries to some developing countries, especially in Asia. This was the result of the combination of an increase of the labor supply in the global market economy, trade opening, and technological i...