Posted on October 8, 2014 by iMFdirect
by Vitor Gaspar
(version in Español, Français, 中文, Русский, and 日本語)
Unemployment remains unacceptably high in many countries. It increased dramatically during the Great Recession. Global unemployment currently exceeds 200 million people. An additional 13 million people are expected to be unemployed by 2018.
The most worrisome is youth unemployment. There are examples of advanced economies in Europe where youth unemployment surged above 50 percent. In several developing economies, job creation does not absorb the large number of young workers entering the labor force every year.
Filed under: Advanced Economies, Asia, Debt Relief, Economic outlook, Economic research, Emerging Markets, Employment, Europe, Finance, Fiscal, growth, IMF, International Monetary Fund, Reform, unemployment | Tagged: bond markets, economic reform, Fiscal Monitor, fiscal policy, Great Recession, inflation, interest rates, labor market, public investment, structural policies, unemployment, youth unemployment | 2 Comments »
Posted on March 10, 2014 by iMFdirect
By Stijn Claessens
Those who cannot remember the past are condemned to repeat it.
The world has been littered with many financial crises over the centuries, yet many a time these lessons are ignored, and crises recur. Indeed, there are many clear lessons on the causes of past crises, the severity of their consequences, and how future crises can be prevented or better managed when they occur.
This applies to the 2007-09 global financial crisis that brought colossal disruptions in asset and credit markets, massive erosions of wealth, and unprecedented numbers of bankruptcies. Six years after the crisis began, its lingering effects are still visible in advanced and emerging markets alike. It is, therefore, a good time to take stock.
Filed under: Advanced Economies, Economic research, Financial Crisis, Fiscal policy, IMF, International Monetary Fund, Politics | Tagged: banking, book launch, economic reform, financial crises, macroeconomics | 2 Comments »
Posted on January 23, 2014 by iMFdirect
By José Viñals
Brisbane and Basel may be 10,000 miles apart, but when it comes to financial regulation the two cities will be standing cheek by jowl.
At the next summit of the Group of Twenty advanced and emerging economies, to be held in Brisbane in November, political leaders will take the pulse of the global financial regulatory reform agenda, launched five years ago. The explicit goal of the Australian G-20 presidency is to finally complete these essential reforms. As Prime Minister Tony Abbott said today in Davos, “Financial regulation is always a work-in-progress, but these reforms now need to be finalized in ways that promote confidence without eliminating risk.”
I strongly support this extra push to create a safer financial system that can better support the needs of the real economy, and better protect taxpayers. For far too long, critics have been able to portray the G-20 reform agenda as a regulatory supertanker stuck in the shallow waters of technical complexity, financial industry pushback, and diverging national views. This image is increasingly off the mark.
Filed under: Economic Crisis, Economic outlook, Employment, Europe, Financial Crisis, Fiscal policy, G-20, growth, IMF, International Monetary Fund, Politics | Tagged: Basel III, Ben Bernanke, Davos, economic reform, European Union, Financial Stability Board, G-20, global financial system, Japan, José Viñals, U.S. Fed, United Kingdom, United States, United States Federal Reserve | 3 Comments »
Posted on January 28, 2013 by iMFdirect
by David Moore
Latvia’s economy has attracted international attention out of all proportion to its size. Many observers know that Latvia returned to strong economic growth after a severe downturn in 2008 and 2009 and a tough austerity program. In late 2012, Latvia even repaid the IMF in full, several years early.
But the international consensus ends there. Critics of Latvia’s economic strategy point to continuing high rates of unemployment and poverty; advocates point to the benefits of frontloading spending cuts and tax increases to lay the foundations for recovery.
Filed under: Economic Crisis, Employment, Europe, Fiscal policy, Fiscal Stimulus, growth, IMF, International Monetary Fund | Tagged: credit, economic policy, economic reform, Economics, euro, growth, IMF, iMFdirect, International Monetary Fund, Latvia, poverty, unemployment, wages | 2 Comments »