| Description |
1 online resource (xxi, 212 pages) : color illustrations |
| Series |
A World Bank Group flagship report |
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World Bank Group flagship report.
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| Contents |
Cover -- Half Title -- Title Page -- Copyright Page -- Summary of Contents -- Table of Contents -- Acknowledgments -- Foreword -- Executive Summary -- Abbreviations -- Chapter 1: Global Outlook -- Summary -- Global context -- Pandemic developments -- Global trade -- Commodity markets -- Global inflation and financial developments -- Major economies: Recent developments and outlook -- Advanced economies -- China -- Emerging market and developing economies -- Recent developments -- Outlook -- Per capita income growth, poverty, and inequality -- Global outlook and risks -- Global outlook |
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Risks to the outlook -- Policy challenges -- Key global challenges -- Challenges in advanced economies -- Challenges in emerging market and developing economies -- References -- Special Focus: Resolving High Debt after the Pandemic: Lessons from Past Episodes of Debt Relief -- Introduction -- Lessons from past debt resolutions -- Past debt resolution -- Past umbrella facilities for debt relief -- Commonalities among past umbrella frameworks for debt relief -- Differences among past umbrella frameworks for debt relief -- Changes in debt resolution and the emergence of collective action clauses |
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The Common Framework in historical comparison -- Implications for future debt reduction and resolution -- References -- Chapter 2: Regional Outlooks -- East Asia and Pacific -- Recent developments -- Outlook -- Risks -- Europe and Central Asia -- Recent developments -- Outlook -- Risks -- Latin America and the Caribbean -- Recent developments -- Outlook -- Risks -- Middle East and North Africa -- Recent developments -- Outlook -- Risks -- South Asia -- Recent developments -- Outlook -- Risks -- Sub-Saharan Africa -- Recent developments -- Outlook -- Risks -- References |
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Chapter 3: Commodity Price Cycles: Drivers and Policies -- Introduction -- Main features of commodity cycles -- Empirical approach -- Features of commodity price cycles -- Recent commodity price movements compared with historical experience -- Evolution of commodity cycles -- Crude oil -- Coal -- Aluminum -- Copper -- Coffee -- Drivers of commodity cycles -- Global commodity prices -- Drivers of commodity prices -- Policy options -- Need for policy action -- Macroeconomic and regulatory policies -- Structural policies -- Conclusion -- Annex 3.1 Methodology for dating turning points |
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Annex 3.2 Methodology for estimating concordance -- Annex 3.3 Methodology: Factor-augmented vector autoregression -- Annex 3.4 Additional tables -- References -- Chapter 4: Impact of COVID-19 on Global Income Inequality -- Introduction -- Recent trends in global income inequality -- Distributional impacts of disruptive events -- Transmission channels -- Empirical estimates from the literature -- Event study -- Effects of COVID-19 on income inequality -- COVID-19 pandemic: Aggravating factors -- Policies deployed during the COVID-19 pandemic |
| Summary |
The global recovery is set to decelerate amid diminished policy support, continued COVID-19 flare-ups, and lingering supply bottlenecks. In contrast to that in advanced economies, output in emerging market and developing economies will remain markedly below pre-pandemic trends over the forecast horizon. The outlook is clouded by various downside risks, including new COVID-19 outbreaks, the possibility of de-anchored inflation expectations, and financial stress in a context of record-high debt levels. If some countries eventually require debt restructuring, this will be more difficult to achieve than in the past. Climate change may increase commodity price volatility, creating challenges for the almost two-thirds of emerging market and developing economies that rely heavily on commodity exports and highlighting the need for asset diversification. Social tensions may heighten as a result of the increase in inequality caused by the pandemic. These challenges underscore the importance of strengthened global cooperation to promote a green, resilient, and inclusive recovery path. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies |
| Notes |
"The project was managed by M. Ayhan Kose and Franziska Ohnsorge, under the general guidance of Indermit Gill."--Acknowledgments |
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ISSN: 1564-7021 |
| Bibliography |
Includes bibliographical references |
| In |
Online access: World Bank World Bank Open Knowledge Repository |
| Subject |
Economic forecasting -- Developing countries
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Economic forecasting.
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Economic history -- 1990-
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International economic relations.
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Economic policy.
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International economic relations.
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Economic policy.
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Economic history.
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Economic forecasting.
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| SUBJECT |
Developing countries -- Economic conditions.
http://id.loc.gov/authorities/subjects/sh85037344
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| Subject |
Developing countries.
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| Form |
Electronic book
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| Author |
World Bank Group. Equitable Growth, Finance and Institutions Global Practice Group, issuing body.
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| ISBN |
9781464817601 |
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146481760X |
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