Macroeconomic Research in Low-income Countries: Advances Made in Five Key Areas Through a DFID-IMF Collaboration

Author: Hites Ahir, Hendre Garbers, Mattia Coppo, Mr. Giovanni Melina, Mr. Futoshi Narita, Ms. Filiz D Unsal, Vivian Malta, Xin Tang, Daniel Gurara, Luis-Felipe Zanna, Linda G. Venable, Mr. Kangni R Kpodar, and Mr. Chris Papageorgiou

Macroeconomic Research in Low-Income Countries Advances Made in Five Key Areas Through a DFID-IMF Collaboration

Volume/Issue: Volume 2021 Issue 006

Publication date: March 2021

ISBN: 9781513566603

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Public Finance , Gender Studies , Low-income-countries , Investments , Monetary policy , DPPP , DP , transmission mechanism , exchange rate , IMF economist , interest rate , LIC economy , rate of return , credit entry , IMF country team , IMF gender portal , monetary policy formulation , DFID-IMF monetary policy agenda , LICS face , Public investment spending , Income inequality , Gender inequality , Income , Global , Sub-Saharan Africa

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Summary

Despite strong economic growth since 2000, many low-income countries (LICs) still face numerous macroeconomic challenges, even prior to the COVID-19 pandemic. Despite the deceleration in real GDP growth during the 2008 global financial crisis, LICs on average saw 4.5 percent of real GDP growth during 2000 to 2014, making progress in economic convergence toward higher-income countries. However, the commodity price collapse in 2014–15 hit many commodity-exporting LICs and highlighted their vulnerabilities due to the limited extent of economic diversification. Furthermore, LICs are currently facing a crisis like no other—COVID-19, which requires careful policymaking to save lives and livelihoods in LICs, informed by policy debate and thoughtful research tailored to the COVID-19 situation. There are also other challenges beyond COVID-19, such as climate change, high levels of public debt burdens, and persistent structural issues.