Plenary XI: Emerging Leaders Closing Plenary

The COVID-19 pandemic has exposed new vulnerabilities in social, infrastructure, and governance systems. In the first months of the pandemic, there was a genuine concern about the capacity of the Global South to contain the spread of the virus. African cities were particularly vulnerable, with some experts1, including the head of WHO2, predicting a catastrophe for the continent. Despite the structural and chronic challenges that African cities face, including informality, poverty, a ...

This paper provides a preliminary assessment of COVID-19’s impact on Africa, focusing on the sub-Saharan Africa (SSA) countries, based on information available as of October 2020. We first identify the two key long-term issues of the SSA countries before the crisis: resource dependency and slow productivity growth. COVID-19 has hit SSA countries hard, causing human and economic destruction and wiping out economic progress from the last decade. Instead of growing at 2.9% in 2020, as ...

While the economic recovery around the world remains uneven, fragile, and unbalanced across sectors, financial markets are generally doing very well, thanks! In the United States, only half of the unemployment caused by the pandemic last year has been reversed, while stock markets continued to boom. Of course, this largely reflected the extraordinary support given by monetary authorities since March last year. As in the period after the 2007-08 global financial crisis, voices have ...

The new president of the United States has already issued over 40 executive orders, reversing many of Donald Trump’s most contentious policies. Biden’s arrival will likely help heal internal and international divisions. His policies are also likely to boost U.S. economic growth in the short-run and make it more equitable and sustainable. However, numerous obstacles could delay and dilute the impact of the new administration. President Joe Biden has assembled a strong and highly exp ...

This article was originally published on IMF blog.  The road to recovery for the Middle East and Central Asia region will hinge on containment measures, access to and distribution of vaccines, the scope of policies to support growth, and measures to mitigate economic scarring from the pandemic. The virus’s second wave, which began in September, hurt many countries in the region, where infection and death rates far surpassed those seen during the first wave . Most countries resumed ...