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Thursday, July 9, 2020

Making Economies More Resilient to Downturns

By John Bluedorn and Wenjie Chen The world is in the grip of the COVID-19 pandemic, and the ensuing Great Lockdown, has pushed many countries into deep recessions—worse than during the 2008–09 global financial crisis. In response, governments and central banks all over the world have...

Navigating Deglobalization

by Mohamed A. El-Erian Appeals to recommit to globalization are highly unlikely to gain traction in the wake of the COVID-19 pandemic. Those keen to preserve globalization would instead be better advised to focus on minimizing the disruption caused by the coming period of deglobalization...

Is COVID-19 Killing Democracy?

GUY VERHOFSTADT Global media are so consumed by the public-health and economic consequences of COVID-19 that they have failed to pay adequate attention to growing political and institutional risks. In fact, if we are not careful, the biggest casualty of COVID-19 could be democracy. BRUSSELS –...

How global pandemics leave the poor even further behind

The COVID-19 crisis is now widely seen as the greatest economic calamity since the Great Depression. In January, the IMF expected global income to grow 3 percent; it is now forecast to fall 3 percent, much worse than during the Great Recession of 2008-09....

How Pandemics Leave the Poor Even Farther Behind

By Davide Furceri, Prakash Loungani, Jonathan D. Ostry The COVID-19 crisis is now widely seen as the greatest economic calamity since the Great Depression. In January, the IMF expected global income to grow 3 percent; it is now forecast to fall 3 percent, much worse than...

The Case for Deeply Negative Interest Rates

KENNETH ROGOFF Only monetary policy addresses credit throughout the economy. Until inflation and real interest rates rise from the grave, only a policy of effective deep negative interest rates, backed up by measures to prevent cash hoarding by financial firms, can do the job. CAMBRIDGE –...

Tax and fiscal policies central to governments’ responses to Covid-19 crisis

With global economic activity facing a historic drop and government spending rising dramatically, the implications of the Covid-19 crisis on public finances and tax revenues are significant. Drawing on its multi-disciplinary expertise, the OECD is deploying its data gathering and analytical capacities to help...

Fiscal policies for global recovery from Covid-19

By Vitor Gaspar, W. Raphael Lam, and Mehdi Raissi Fiscal policies have provided large emergency lifelines to people and firms during the COVID-19 pandemic. They are also invaluable to increase a country’s readiness to respond to a crisis and to help with the recovery and beyond. When...

Fiscal Policies for the Recovery from COVID-19

Vitor Gaspar, W. Raphael Lam, and Mehdi Raissi Fiscal policies have provided large emergency lifelines to people and firms during the COVID-19 pandemic. They are also invaluable to increase a country’s readiness to respond to a crisis and to help with the recovery and beyond. When the...

A “New Deal” for Informal Workers in Asia

By Era Dabla-Norris and Changyong Rhee عربي, 中文, Español, Français,日本語, Português, Русский Full or partial lockdowns to curb the spread of COVID-19 are having crippling effects on businesses and workers across Asia, as elsewhere. Among the most vulnerable of the workers are the ones working...
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