| Foreword |
|
iii | |
| Explanatory notes |
|
iv | |
| Acknowledgements |
|
v | |
| Sustainable Development Goals |
|
vi | |
| Executive summary |
|
vii | |
|
Chapter I Global economic outlook |
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|
1 | (46) |
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|
|
1 | (8) |
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The growth outlook in a pandemic world |
|
|
1 | (2) |
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Inequality between countries is widening |
|
|
3 | (2) |
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The pandemic is far from over |
|
|
5 | (1) |
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Vaccine inequities remain a formidable challenge |
|
|
6 | (2) |
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Rising inflation is emerging as a new risk |
|
|
8 | (1) |
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Employment, poverty and inequality |
|
|
9 | (9) |
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Labour markets are lagging |
|
|
9 | (5) |
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Poverty to remain at a decade high amid rising inequalities |
|
|
14 | (4) |
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International trade, investment and financial markets |
|
|
18 | (15) |
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Demand recovery has buoyed international trade and commodity prices |
|
|
18 | (9) |
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Global investment rebounds but structural challenges lie ahead |
|
|
27 | (2) |
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Global financial conditions remain highly accommodative |
|
|
29 | (4) |
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A changing policy landscape |
|
|
33 | (14) |
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Fiscal asymmetries are shaping recovery and development prospects |
|
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33 | (5) |
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Gearing up labour market policies and social protection |
|
|
38 | (2) |
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Monetary policy: overcoming the addiction to easy money |
|
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40 | (2) |
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Multilateralism in a world of crises |
|
|
42 | (5) |
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Chapter II The monetary policy response to COVID-19: direct impacts and spillovers |
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|
47 | (35) |
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The global monetary response to COVID-19 |
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47 | (4) |
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Interest rate measures and reserve policies |
|
|
48 | (1) |
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Expanded lending and foreign exchange operations |
|
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49 | (1) |
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Forward guidance and asset purchase programmes |
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|
50 | (1) |
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Central banks' large-scale asset purchase programmes |
|
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51 | (5) |
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Mechanism and transmission channels |
|
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51 | (2) |
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Asset purchase programmes in developed economies: the trillion-dollar bazooka |
|
|
53 | (2) |
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Asset purchase programmes in developing countries: a paradigm shift in monetary policy? |
|
|
55 | (1) |
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Have asset purchase programmes met their objectives? |
|
|
56 | (7) |
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Stabilizing markets during financial turmoil |
|
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56 | (3) |
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Fostering economic recovery |
|
|
59 | (1) |
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Providing longer-term support to economic growth |
|
|
60 | (3) |
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Side effects and risks of large-scale asset purchase programmes |
|
|
63 | (15) |
|
|
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64 | (8) |
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Distributional effects: making the rich richer? |
|
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72 | (4) |
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Spillover effects on developing countries |
|
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76 | (2) |
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The bumpy road ahead: looking beyond asset purchase programmes |
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78 | (4) |
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Challenges in unwinding unconventional monetary policies |
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78 | (2) |
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The need for complementary policies |
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|
80 | (2) |
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Chapter III Regional developments and outlook |
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|
82 | |
|
|
|
83 | (12) |
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|
|
83 | (2) |
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|
|
85 | (2) |
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|
|
87 | (1) |
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|
87 | (8) |
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|
|
95 | (8) |
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Commonwealth of Independent States and Georgia |
|
|
95 | (5) |
|
|
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100 | (3) |
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|
|
103 | |
|
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103 | (12) |
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|
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115 | (12) |
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127 | (6) |
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133 | (6) |
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Latin America and the Caribbean |
|
|
139 | |
