Emerging Economies Must Prepare for Fed Policy Tightening
Policymakers may need to react by pulling multiple policy levers, depending on Fed actions and their own challenges at home.
Chart of the WeekHigher Shipping Costs May Lift Asia’s Low Inflation
New analysis shows how increases in shipping rates have a persistent impact on consumer prices.
A Proposal to End the COVID-19 Pandemic
By Kristalina Georgieva, Gita Gopinath, and Ruchir Agarwal
عربي, 中文, Български, Español, Français, 日本語, Русский
Many countries have stepped up in the global fight against the pandemic, as have institutions such as the World Health Organization, the World Bank, Gavi (the Global Alliance for Vaccines and Immunization), the African Union, and others. […]
A COVID-19 Recovery Contribution
By Vitor Gaspar, Michael Keen, Alexander Klemm, and Paolo Mauro
The economic costs of the pandemic have fallen most heavily on those least able to bear them. Governments have taken steps to support people and firms through wage subsidies, unemployment benefits, and other fiscal measures. […]
A Bridge to Economic Recovery: Be Aware of Financial Stability Risks
COVID’s Impact in Real Time: Finding Balance Amid the Crisis
By Francesco Grigoli and Damiano Sandri
عربي, 中文, Español, Français, 日本語, Português, Русский
One enduring lesson from the COVID-19 pandemic is that any lasting economic recovery will depend on resolving the health crisis. […]
Chart of the WeekTracking Trade During the COVID-19 Pandemic
By Diego Cerdeiro, Andras Komaromi, Yang Liu, and Mamoon Saeed
With the current fast-changing developments, policy makers need to know what is happening to the economy in real time, but they often must settle for data telling them what happened many weeks ago. […]
Fiscal Policies for the Recovery from COVID-19
Vitor Gaspar, W. Raphael Lam, and Mehdi Raissi
عربي, 中文, Español, Français, 日本語, Português, Русский
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. […]
Tentative Stabilization, Sluggish Recovery?
عربي, 中文, Español, Français, 日本語, Português, Русский
In the October World Economic Outlook, we described the global economy as in a synchronized slowdown, with escalating downside risks that could further derail growth. Since then, some risks have partially receded with the announcement of a US-China Phase I trade deal and lower likelihood of a no-deal Brexit. […]
The Economic Scars of Crises and Recessions
By Valerie Cerra and Sweta C. Saxena
March 21, 2018
Version in 日本語 (Japanese), Português (Portuguese)
New study finds that all types of recessions lead to permanent losses in output and welfare (photo: Peshkov/iStock by GettyImages).
Economic recessions are typically described as short-term periods of negative economic growth. According to the traditional business cycle view, output moves up and down around its long-term upward trend and after a recession, it recovers to its pre-recession trend. Our new study casts doubt on this traditional view and shows that all types of recessions—including those arising from external shocks and small domestic macroeconomic policy mistakes—lead to permanent losses in output and welfare. […]