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Haiti: A Country on the MendReconstruction of buildings in Port-au-Prince, Haiti. Many Haitians have moved out of camps into new houses (Photo:Asael/Corbis) | Two and a half years after the devastating earthquake that struck Haiti, have conditions in the poorest country in the western hemisphere improved? In this podcast, the IMF mission chief for Haiti explains how the country is slowly healing. Boileau Loko, IMF, Mission chief for Haiti |
Fishermen in Malawi. The new IMF loan will help fund social programs to protect the poorest Malawians (Haitao/Newscom) | After a period of high growth between 2007 and 2010 , Malawi's economic situation took a turn for the worst. Between 2010 and 2011, growth fell two percent from 6 and a half percent. But since April this year, when a new administration took office, the country has been enjoying renewed stability and revitalized relations with partners. Tsidi Tsikata, IMF, Mission chief for Malawi |
Selling washing machines in China. Savings need to come down, and the Chinese need to spend more, says Rodlauer (photo: Ryan Pyle/Corbis) | China's growth is moderating, but it's not all bad. The IMF's most recent thinking on the world's second largest economy Markus Rodlauer, IMF, Mission chief for China |
Cape Town at night (South Africa). Higher investment in public infrastructure is one key of economic development, says Tanoh ( photo: Corbis/Rieger) | Sub-Saharan Africa has come a long way. Ten years ago, it was labeled the "hopeless continent" by one leading publication, but today, Africa is considered by many as a rising power. In this podcast, Thierry Tanoh, who has just left as Vice president of the International Finance Corporation, shares his insights on the prospects for Africa's development. Thierry Tanoh, ex-Vice President for sub-Saharan African and Latin American region, International Finance Corporation |
Graduation ceremony in New York, U.S. Increasing access to a good education is one way to lessen inequality, says Rajan (Photo: Elder/Corbis) | As the trend towards increasing inequality continues, most attention is focused at the extremes: those who are paid at the top of the pay scale, and others who only manage to scrape by. But a former IMF Chief Economist says we should really be worried about "the missing middle." Raghuram Rajan, Professor of Finance at the University of Chicago's Booth School of Business |
A Chinese restaurant in San Francisco. Cowen encourages readers to be more adventurous about trying new foods (Photo: Karnow/Corbis) | How to find the best tortillas while traveling in Mexico? Why is American food so bad today? Is agribusiness good for the global economy? Prolific author, blogger and economist Tyler Cowen takes on these questions--and many more--in his new book, "An Economist Gets Lunch," reviewed in June's F&D magazine. Tyler Cowen, economist and author of "An Economist Gets Lunch" |
A cocoa bean. Reform of Côte d'Ivoire's cocoa industry was one precondition of debt relief (Photo: Zhao Yingquan/Xinhua Press/Corbis) | Côte d'Ivoire has been granted over seven billion dollars in debt relief. This represents more than 60 percent of the country's external debt, and will help create a more sustainable future. Doris Ross, IMF mission chief for Côte d'Ivoire |
Security Line at Reagan National airport, U.S. Money makes it possible to jump queues. But is this desirable? (photo: (Xinhua/Zhang Jun/Corbis) | In California, a prisoner can pay to upgrade his cell, women are paid to carry a pregnancy, businesses pay to advertise on people's bodies. Is this moral? Sandal believes we need to prevent market values from reaching spheres of life where they don't belong. Michael Sandel, Harvard professor and author of "What Money Can't Buy" |
A test burn at an exploratory oil well in the North Sea. Energy conservation should be a global priority, says Yergin (Photo: George Steimetz/Corbis) | From the jammed streets of Beijing, China, to the conflicts in the Mideast and on Capitol Hill, the quest to secure energy supplies has shaped global politics and economics, says one of the world's leading energy experts. Daniel Yergin, author and energy expert |
Buildings in London's financial district. Financial bubbles are created by perverse incentives, says Wolf (Photo: Image Source/Corbis) | Martin Wolf, columnist for the Financial Times and contributor to the Occupy Handbook, explains the challenges to reforming the economic system. Martin Wolf, contributor to the "Occupy Handbook" |
Occupy protesters in Chicago, U.S. The occupy movement is part of a proud tradition of protests in the U.S., says Robinson (Photo: REUTERS/ Young/Newscom) | Why are some countries rich and others poor? James Robinson argues that the wealth of a country is most closely tied to how far the average person is able to share in its overall economic growth. But he warns that there is always a tendency for a small minority to try and concentrate power and wealth in its hands. James Robinson, co-author of "Why Nations Fail" |
Pumping oil in California, United States. Over the last decade, the world has been using oil more efficiently (photo: Lowell Georgia/Corbis) | Over the past decade, oil prices have increased fourfold, reaching levels only seen in the 1970s. But the global economy has been resilient in the face of these spikes. Jorg Decressin of the IMF Research Department explains. Jorg Decressin, IMF Research Department |
Occupy Wall Street protest in New York. "Occupiers" have denounced the rise in inequality over recent years (photo Houston/Newscom) | In the June issue of Finance & Development we review "The Occupy Handbook". In this podcast, one of the contributors to the book explains why inequality is at the heart of the global crisis. Robin Wells, economist and author of "Principles of Economics" |
Oil pipelines in Nigeria. One of the chapters of the new report is about how to successfully manage natural resources (photo: George Steinmetz/Corbis) | Despite the weaker global economic environment, sub-Saharan Africa is expected to continue growing strongly in 2012, according to the IMF. In its latest Regional Economic Outlook for Africa, the IMF says the region's robust growth is because it is relatively isolated from negative factors pulling down many other countries. Antoinette Sayeh, Director, IMF Africa Department |
Chinese shoe factory in Nigeria. FDI now makes up an average 5-6 percent of low-income countries' GDP (photo: Qiu Jun/Xinhua Press/Corbis) | Foreign direct investment has been booming globally. In 2007 it reached a peak of $2 trillion. Money from Brazil, Russia, India and China to low-income countries-especially those in sub-Saharan Africa-is flowing especially quickly, fueling growth and development. Montfort Mlachila, IMF African Department |
Africa showed great unity by backing her bid for the World Bank presidency, says Okonjo-Iweala (Photo: Ramin Talaie/EPA/Newscom) | Nigeria's charismatic finance minister talks about Nigeria's vigorous growth, the reforms Africa needs to continue powering ahead, and that failed bid for the World Bank presidency.
Ngozi Okonjo-Iweala, Finance Minister,
Nigeria |
Coffee beans in Nicaragua. Falling prices could threaten the economies of commodity-exporting countries, says the IMF (Janet Jarman/Corbis) |
We look beyond the headlines of the IMF's World
Economic Outlook, and analyze how a potential
increase in oil prices, large household debt, or
volatile commodity prices could derail the
fragile recovery. Rebecca Kaufman reports. Olivier Blanchard, Chief Economist,
IMF |
The euro crisis, alongside unemployment, are seem as common threats by reporters from around the world (photo: Orhan Tsolak/Corbis) | Earlier this week, we heard from IMF experts about their expectations for the world economy. Now, with the IMF-World Bank Spring Meetings in full gear, we asked journalists from around the world for views. What does the state of the global economy look like, and what do they see are the biggest risks out there? |
Collective action is needed to keep crisis at bay, said Lagarde. All countries have to address their issues. (photo: IMF) | The global economy has entered a "timid" recovery but still faces high risks, with some dark clouds on the horizon, IMF Managing Director Christine Lagarde said at the IMF/World Bank Spring Meetings in Washington DC. Christine Lagarde, IMF Managing Director |
Worker holds a handful of oil in Azerbaijan. Rising oil prices could wreak havoc on the global recovery(photo: Remi Benali/Corbis) | Prospects for the global economy are slowly improving, but another crisis in Europe, or a spike in oil prices could undermine the fragile global recovery, warns Olivier Blanchard, Chief Economist of the International Monetary Fund, in this interview to mark the release of IMF's latest World Economic Outlook. Olivier Blanchard, Chief Economist, IMF |
Foreign engineers on a Chinese oil rig near Port Harcourt (Nigeria). Africa's natural resources are attracting growing Chinese investment (photo: Kratochvil/ Corbis) | Chinese investment in Sub-Saharan Africa has been on the rise in recent years, peaking in 2008 at more than $5 billion dollars. Although not without some controversy, the increasing investment is having a mojor impact on African growth. But will it continue? Antoinette Sayeh, Director, IMF
Africa Dept |
Blue mosque in Istanbul, Turkey. Whether to build a hospital or a mosque, we need financing, says Shiller (photo: Tetra images/Corbis) |
Many blame the financial sector for the current
economic downturn, but in his new book, Robert
Shiller aims to change our way of thinking about the
much maligned industry. Robert Shiller, author of "Finance and the Good Society" |
Counting Philippine pesos and U.S. dollars. To maximize the benefit of remittances transaction costs should be cut (photo: Corbis) | Remittances have become an increasingly important source of financing in the developing world. So how can money sent home by migrant workers best be used in the fight against global poverty? Kangni Kpodar, IMF, Fiscal Affairs Dept |
Ivoirian woman selling shea butter in the capital, Abidjan. Cote d'Ivoire is the main motor of growth for the WAEMU (photo: Gouegnon/Corbis) | Despite struggling with the effects of the European debt crisis, political turmoil in Cote d'Ivoire and a severe drought in the Sahel, the West African Economic and Monetary Union (WAEMU) promises to prove its resilience in the coming year. After growing less that 1% in 2011, the IMF estimates growth to rebound to 7% this year. Herve Joly, IMF, African Dept |
Min Zhu, Deputy Managing Director, IMF | Ahead of a conference jointly hosted by IMF and the government of Samoa in Apia on March 23, IMF Deputy Managing Director Min Zhu talks about how the Pacific region can promote inclusive growth and build resilience to shocks.
Min Zhu, Deputy Managing Director, IMF |
Copper bracelets. Natural resources wealth can help growth but it can also reduce competitiveness, says Nord (Photo: Reed/Corbis) | Over the last few years, many countries in Sub-Saharan Africa have benefited from the rise in commodity prices. But being wealthy in natural resources brings its own problems. The IMF is to host a conference in Kinshasa to discuss how these problems might be overcome. Roger Nord,IMF, African Dept. |
A young nomad squats by his calf in the nomad desert. The people of the Sahel region suffer from chronic food shortages (Photo: Baldizzione/Corbis) | Hunger is a chronic problem in the Sahel. But now a widespread drought has wiped out crops and made the food situation worse. Millions are at risk. Is the international community taking enough notice? Eric Munoz, Oxfam America |
Historically, the foremost creditor nation has shaped the global economy. In the future this role will fall to China, says Coggan | To coincide with the release of March's Finance & Development, we interview one of the contributors to this quarter's magazine, Philip Coggan. In a new book, Coggan argues that the extraordinary rise in debt levels in recent years will reshape our world order.
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Any move toward monetary union would need to be carefully planned, says Shinohara (photo: IMF) | As the East African Community considers an ever closer union, the EAC and the Fund co-host a conference to discuss benefits of regional integration and future macroeconomic challenges faced by the region. Naoyuki Shinohara, IMF, Deputy Managing Director |
Workers near Mamba, Tanzania. The EAC needs to upgrade its infrastructure if it is to sustain growth in the future (Photo: Brecher/Corbis) | Over the last decade, the East African Community has enjoyed some of the fastest growth rates in the world. To continue on its growth path, IMF economists suggest the region can learn lessons from other countries which have enjoyed rapid development. Catherine McAuliffe, IMF, African Dept. |
Millet fields, Niger. A drought has caused crop failure in the Sahel and a widespread food crisis could be next (Photo: Houtryve/VII Network/Corbis) | A drought is threatening to bring hunger to millions of people in the Sahel-a belt of grassland and savanna running across Africa under the Sahara desert. We look at how one country, Mali, is coping with a looming food emergency. Christian Josz, IMF, Africa Dept. |
Highway construction in Kenya. New sources of funding for infrastructure in Africa can bring their own problems (photo: Corbis/Xinhua/Zhao Yingquan) |
Africans suffer some of the weakest infrastructure in
the world-a reality holding the continent back from
further growth and prosperity. For decades,
governments in the region had few options for funding
major infrastructure projects. It's all different
now. But that's not necessarily a good thing. Andrew Berg, IMF Research dept. |
A woman cycles past the Warsaw stock exchange: Poland's stable banking system and high growth are the envy of its neighbors (photo: Newscom) | Poland was granted a precautionary loan under the IMF's Flexible Credit Line in 2010 but hasn't needed to draw on the funds. How did Poland manage to weather the global crisis with some of the highest growth rates in Europe? Mark Allen, IMF representative for eastern and central Europe |
Without strong growth it is difficult to address unemployment. "High growth is the only way," says Blanchard (photo: IMF) | The International Monetary Fund has sharply cut its forecast for world growth this year. In an interview to mark the publication of an update to its World Economic Outlook, the Chief Economist to the IMF, Olivier Blanchard, said the euro area is likely to fall into a mild recession affecting the rest of the world. Jennifer Beckman reports. Olivier Blanchard, Chief Economist, IMF |
Rally during Tunisia's first free elections in Oct 2011 following years of corruption and authoritarianism (photo: Giuliano Koren/Corbis) | Corruption exists the world over, but it affects developing countries disproportionately. One economist points to the role played by the political order. He says some systems of government are better able to fend off corruption. Rabah Arezki, economist, IMF |
A reserve guide talks on his mobile. The IT revolution has created new opportunities says Gathitu (photo: Richard T. Nowitz/Corbis) | Kenya, one of Africa's most dynamic economies, has been powered by a boom in the Information Technology sector. Kariuku Gathitu is a young Kenyan entrepreneur and founder of a software company specializing in mobile money transfers. In this podcast, he shares his insights about doing business in one of the fastest growing economies in Africa. Kariuki Gathitu, Zege Technologies, Kenya |
Gold bar in Ghana. Primary products remain Africa's main exports but price volatility could reduce profits, says Nord (photo: Max Milligan/Corbis) | Most African countries are expected to continue growing in 2012. But grim economic prospects in many parts of the world threaten this positive outlook. Roger Nord of the IMF's African Department identifies the challenges facing Africa this year. Roger Nord, IMF, Africa department |
Celebrating the new year in Berlin in 1990. The fall of the Berlin wall ushered in an era of economic reforms in Eastern Europe (Corbis/Wolfgang Kumm) | The 1990s was a momentous time for the IMF. The organization oversaw the transition of many former Eastern bloc countries into market economies, played an important role in the aftermath of major capital account crises, all the while, introducing historic reforms back at headquarters. The IMF's official historian talks about this tumultuous era James Boughton, IMF, historian |
"I am going [to Africa] to listen, and to appreciate what is expected of us," says Lagarde ahead of her visit to the continent(IMF/Michael Spilotro) | Christine Lagarde is set to visit Africa for the first time since her appointment as Managing Director of the IMF. In this podcast, she explains the purpose of her trip to Nigeria and Niger and the deep partnership between the IMF and the continent. Christine Lagarde, IMF Managing Director |
Young Somali woman holding her malnourished child. The famine has affected thousands in the region (Stuart Price/UN/handout) | After the dire food shortages almost 25 years ago in Ethiopia, American aid helped implement an early warning system aimed at forecasting likely food emergencies. So why wasn't the disaster in the Horn of Africa foreseen? Mwangi Kimenyi, Brookings Institute |
Food lines during the Great Depression (1930). Kumhof sees similarities between the great depression and the current crisis. (Bettman/CORBIS) | For the last three decades, in many countries, the rich have become ever richer, while the vast majority have seen their incomes stagnate. This increasing income inequality has been coupled with ever greater debt burdens. How did we get to this point? IMF economists believe they have some answers, drawing a link between higher inequality and increased debt. Michael Kumhof, IMF Research Dept |
A microcredit client on the phone. Access to microcredit is an important part of inclusive growth, says economist Francois Bourguignon (Phillipe Lissac/Corbis) | Does economic growth improve life for all? Many economists are coming to the conclusion that rather than simply growing the economic pie, we need to consider how the economic pie is shared. So how to ensure that we all grow together? François Bourguignon : Paris School of
Economics |
Sunrise over Pudong (Shanghai). China could be the world's next economic superpower, says Subramanian (Paul Hardy/Corbis) | China is swiftly closing in on the United States as the world's largest economy. The Asian nation's growth rate is several times that of the US, and China's economy could be the world's largest within a decade, according to Arvind Subramanian. In a new book, he envisages a world dominated by China's overwhelming economic power. Arvind Subramanian, Senior Fellow, Peterson Institute for International Economics |
Protester in New York. One of the leading issues fuelling the Occupy Wall Street movement is rising inequality (Julie Dermansky/Corbis) | Over the last three decades, in many parts of the world, the rich have got much richer, while just about everyone else has had very modest income growth. In this podcast, two IMF economists warn that inequality undermines growth. Jonathan Ostry and Andrew Berg, IMF, Research Dept. |
Keynes-photographed here in 1938-spearheaded a revolution in economic thinking (Hulton-Deutsch Collection/CORBIS) | To coincide with the release of her new book, "Grand Pursuit: the Story of Economic Genius", reviewed in this December's "Finance and Development" magazine, we interview author Sylvia Nasar and historian Robert Skidelsky on a key figure of modern economics, John Maynard Keynes. Sylvia Nasar, author |
Rice farming in Senegal. Poor countries should diversify their economy away from agriculture to achieve higher growth, says Banerjee (Philippe Lissac/Godong/Corbis) | In recent months, the cost of basic staples has increased sharply, leaving many low-income countries struggling to buy food for their populations. What can poor countries can do to protect their people from surging food prices? Abhijit Banerjee, Massachusetts Institute of Technology |
Young men selling snacks in the market. A lack of skills traps many young Africans in low productivity jobs (Yannick Tylle/Corbis) | Worldwide, the rate of unemployment among people aged 15-24 years old, stands at over 13 percent, according to the International Labor Organization. Mwase Nkunde: IMF |
Farmer in Ethiopia. Agricultural investment would help reduce poverty, promote growth-for-all, says Thomas (Michael Hanson/Corbis) | Over the last decade, many countries in sub-Saharan Africa have experienced much higher growth than in the past. But have those gains been shared equally by all? Two Fund economists discuss how far economic growth in Africa has improved the lives of the poor. Rodrigo Garcia-Verdu and Alun Thomas, IMF, African Dept. |
Crane loads cocoa shipment in Abidjan, Cote d'Ivoire: strong commodity prices are helping to support growth in sub-Saharan Africa (photo: Luc Gnago/Reuters) | The IMF is optimistic about the prospects for Sub-Saharan Africa, and expects regional growth to be around 5 percent in the coming year. But commodity price swings, inflation and the risk of a global downturn threaten this outlook. The Director of the IMF's Africa Department identifies the latest key economic trends in the region and how they will affect its people. Antoinette Sayeh, Director, IMF African Dept |
Coconut palm in Mauritius. This island nation, off the southeast coast of Africa, will host the IMF's new training center (Ocean/Corbis) | The IMF has opened a new technical assistance center in Mauritius which will allow member countries in southern Africa to leverage IMF know-how. The opening of the African Regional Technical Assistance Center South (Afritac) is in response to growing demand for IMF expertise. Antoinette Sayeh, Director, IMF African Dept |
Presidential palace, Senegal. Governments determine whether their people benefit from their resource wealth, says Ross (Bernard Desjeux/CORBIS) | There are many economic pitfalls associated with being a resource-rich country: high inflation, Dutch disease, and volatile commodity prices, to name a few. But there are also political dangers. A top political scientist explains why political factors are as important as the economic. Michael Ross, University of California, Los Angeles (UCLA) |
Ghanaian president, John Atta Mills turns valve to allow the first barrel of crude oil to flow from its offshore oil field (AFP photo /Pius Utomi Ekpei) | The discovery of oil off the coast of Ghana back in 2007 was met with joy in the country. But Ghana was also determined not to fall victim to the corruption and conflict which has bedeviled other oil-rich countries. So, four years on, how much progress has this west African country made? Mohammed Amin Adam, "Publish What You Pay, Ghana" |
Growth without inclusiveness can lead to instability, says Stiglitz who argues for a more holistic view of growth (Orjan F. Ellingvag/Corbis) | For over half a century, gross domestic product has been used as the single most important measure of a country's progress. But, according to Joseph Stiglitz, GDP fails to reflect a nation's overall well-being. The Nobel laureate argues for more inclusive growth. Joseph Stiglitz, Economist, Columbia University |
Men queue for food aid in Somalia. Sheeran met famine victims who had walked for days to access aid. (Boris Roessler/dpa/Corbis) | Severe droughts, combined with an increase in the global prices for basic staples, have led to desperate food shortages in the Horn of Africa. In this podcast, Josette Sheeran, the head of the United Nations World Food Program describes the conditions she witnessed during her recent visit to the region. Josette Sheeran, United Nations World Food Program |
A copper mine in DRC. Commodity wealth needs to be saved and invested to smooth consumption and global shocks, says Collier (Olivier Polet/Corbis) | Low-income countries rich in natural resources have performed worse economically than might be expected, falling prey to conflict, corruption, or overdependence on that resource. Paul Collier, a leading academic in the field of development, believes countries can learn from the past to successfully ride "the commodity tiger." Paul Collier, University of Oxford |
School feeding programs are one way to protect the most vulnerable from the effects of commodity price volatility (Anthony Asael/Art in All of Us/Corbis) | In recent years, commodity prices have surged and fallen dramatically. To try and help low-income countries who have been hit hard by this volatility, the IMF has developed a new tool to anticipate the impact of price fluctuations. Further infomation Hugh BredenkampIMF, Strategy, Policy and Review Dept |
Protests in Ireland against budget cuts. The need to cut deficits must be set against the cost to the most vulnerable(photo: Douglas O'Connor/Demotix) | After years of falling tax revenues and increasing spending, governments are now facing the prospect of having to slash, often record, deficits. In this podcast, to coincide with an article in the latest issue of Finance & Development magazine, the IMF's Prakash Loungani explains who's hit hardest in the face of government cutbacks. Prakash Loungani, Advisor, IMF Research Dept |
Money sent by Africans living abroad aids spending and investment when it is sent back home (photo: Philippe Lissac/Godong/Corbis) | For the September issue of Finance & Development magazine, Dilip Ratha, a leading economist on migration, looks at the contribution made by overseas Africans, and presents a strategy to harness the wealth and skills of this powerful group. Dilip Ratha, Economist, Migration and Remittances Unit, World Bank |
A young Somali victim of the drought in the Horn of Africa. The disaster has already claimed tens of thousands of lives (photo: EPA/Abukar Albadri/Corbis) | Severe droughts are gripping the Horn of Africa, leaving millions needing emergency assistance. Antoinette Sayeh, director of the Africa Department at the IMF, speaks about the Fund's response to the crisis. Antoinette Sayeh, Director, IMF, African Dept |
Japanese woman passes a homeless man in Tokyo, Japan. Inequality has increased around the world (photo:Haruyoshi Yamaguchi/Corbis) | Inequality is on the rise. Globally, the gap between the rich and the rest has been growing. This September's Finance and Development magazine takes up the theme of inequality. It includes an article by economist and author of a history of global inequality, Branko Milanovic. He explains some of the reasons for the increasing gap between the haves and the have-nots. Branko Milanovic, Author of "The Haves and Have-Nots" |
Christine Lagarde, the IMF's first-ever female MD, faces the press at the beginning of her five-year tenure as the Fund's new chief (photo:IMF) | During her first ever news conference as the IMF's new Managing Director, Christiane Lagarde said that the challenges facing the global economy prompted her to take up her duties immediately. Speaking to journalists, she explained what she saw as the priorities confronting the Fund. Christine Lagarde, IMF Managing Director |
Diamond valuing in Botswana. Countries such as Ghana and Botswana have institutions that manage their natural wealth (photo: Juda Ngwenya/Reuters/Corbis) | Natural resource wealth can be a double-edged sword. So how can countries avoid the "curse" which may accompany their natural wealth? In the second of this two-part series, we explore the conditions, which contribute to the successful management of natural resources, and can lead to economic growth. Jeffrey Frankel, Harvard University |
Mining for sapphires. Resource wealth can be a huge boon for a country, or a cause of war and conflict (photo: Frantz Lanting/Corbis) | Historically, countries rich in natural resources have had slower growth than resource-poor countries. This paradox has often been attributed to the "natural resource curse." In the first of this two-part series, we look at the reasons behind this "curse," and investigate why natural resources often fail to create prosperity. Jeffrey Frankel, Harvard University |
Bus destroyed in 2005 UK bomb attacks. Terrorists abuse the financial system to achieve their destructive ends (photo: Peter Macdiarmid/epa/Corbis) | Each year billions of dollars in proceeds from criminal activity are "laundered." It is estimated that the amounts involved could be as much as two to five percent of the world's GDP. In this podcast, a member of the IMF explains how the Fund is contributing to the international fight against money laundering and terrorism financing. Jody Myers, IMF Legal Dept |
Mozambican woman harvests rice. Greater agricultural productivity could mean more shared wealth (photo: Adrian Arbib/CORBIS) | Mozambique has had one of highest growth rates in Sub-Saharan Africa over the past two decades. But the increased riches aren't being enjoyed by all. The government is now aiming for "inclusive growth"-something which the IMF is increasingly pursuing in ITS work in Sub-Saharan Africa. But what is "inclusive growth", and how to achieve it? Johannes Mueller, IMF African Dept |
Japan is a major supplier of microcontrollers used in cars. The quake hit the global supply of vehicles (photo: Koichi Kamoshida/ZUMA Press/Corbis) | Japan's earthquake and tsunami earlier this year sent economic reverberations around the globe. As the Japanese begin the long process of rebuilding, and to coincide with an article to be published in June's Finance and Development magazine, one IMF economist offers his thoughts on how the world's third largest economy might use this opportunity to secure its long-term fiscal future. Kenneth Kang, IMF Asia Dept |
Traders on the Sao Paulo futures market during the recent financial crash. "Failure is not an option in the financial sector" Harford (photo: Sebastiao Moreira/epa/Corbis) | Failure is not necessarily a bad thing, according to Tim Harford. In his new book, Adapt, reviewed in the IMF's F&D magazine, Harford argues the world is so complex that only through trial and error can we find solutions to the problems confronting us. In conversation with Simon Johnson, Harford says we need to allow more room for failure in the financial sector. Tim Harford, Financial Times economics
correspondent |
Elderly Chinese woman takes photo with her mobile phone. The picture of China's population will, in future, look very different (photo: Tim Graham/Corbis) | China has a swelling elderly population. People over the age of 60 now account for 13.3% of the population, up nearly 3% since 2000-a trend fueled, in part, by the one-child policy. To mark the "Costs of Aging" theme in the June issue of Finance & Development magazine, we look at the implications of growing numbers of elderly in the world's most populous nation. Philip O'Keefe , Lead Economist for
China, World Bank |
Why might this cattle herder turn down a microcredit loan? Duflo says we need to better understand the motivations of the poor (photo: Atlantide Phototravel/Corbis) | Policies designed to pull the poor out of poverty can end up being, at worst, ineffective, at best, actively harmful. Developmental economist, Esther Duflo believes that just as one would test a new drug, social policy ideas should be subject to randomized control trials. Esther Duflo, Poverty Action Lab, MIT |
Children on a merry-go-round which pumps water underground. Playpumps illustrate the need to experiment says Harford (photo: Gideon Mendel/Corbis) | "Success always starts with failure" suggests Tim Harford, author of a new book entitled "Adapt". In this conversation with former IMF Chief Economist, Simon Johnson, Harford explains why the path to success often involves failure, experimentation, and adaptation. Tim Harford, Financial Times economics
correspondent |
Woman picking corn. Surge in global food, fuel prices is nudging up inflation rates across sub-Saharan Africa (photo: Gideon Mendel/Corbis) | Another year of strong growth is predicted for most of the 29 low-income countries in sub-Saharan Africa. The IMF's latest Regional Economic Outlook projects that these countries' output will expand on average by 6 percent in 2011, compared with last year's 5½ percent pace. But risks remain from rising oil prices and lingering uncertainties in the global outlook. Antoinette Sayeh, IMF head of African
Dept |
Protester wrapped rolled in a Tunisian flag during uprisings. The country's high unemployment rate played a role in the unrest (photo: Lucas Dolega/epa/Corbis) | The Middle East and North Africa have the highest youth unemployment rates in the world - around 23 percent in 2009, according to the International Labor Organization. The region also has some of the world's highest percentage of young within their populations. As Jacob Fenston reports, addressing joblessness in the region will require major structural changes. Narrator: Jacob Fenston |
Some countries are providing support to smallholder farmers, to buffer the impact of food price spikes (photo: Hoberman Collection/Corbis) | Food prices were up over forty percent in early 2011 compared to the same time last year, according to the IMF. They are at about the same level as during the 2008 crisis when price increases led to food riots around the world. The IMF's Jacob Fenston investigates the impact of price rises and measures that countries are taking to cushion their people and farmers. Narrator: Jacob Fenston |
A worker in a Zambian copper refinery. The country remains heavily dependent on this metal for its economic growth (photo: Construction Photography/Corbis) | Zambia weathered the global financial crisis strongly, but the central African nation faces major challenges in the future. These include ensuring a steady stream of tax revenues from its mining industry, and compensating for diminishing funds from traditional donors. But the Zambian finance minister says he is optimistic about his country's future and is welcoming new investors. Situmbeko Musokotwane, Zambian Finance
Minister |
Small-scale farmers don't benefit from rising food prices because they can't produce a surplus (photo: Atlantide Phototravel/Corbis) | Food prices are near record highs worldwide. In parts of sub-Saharan Africa for example, maize prices have increased by up to 20 to 30 percent in the past three months alone, according to World Bank figures. One NGO representative says these price spikes not only hurt the most vulnerable in society, they also foment unrest. Peter Jeranyama, president of the Association
of African Agricultural Professionals in the
Diaspora |
A patchwork of water and raised beds of bananas in Rwanda. Agricultural investment has led to increased yields (photo: George Steinmetz/Corbis) | More than 40 million additional people have been pushed into poverty by recent food price rises, say the World Bank. But amid the bleakness, Rwanda is proving a shining example of good agricultural practices. The country's agriculture Minister, Agnes Kalibata, says her country is helping its small-scale farmers, and so insulating the tiny African republic from price spikes. Agnes Kalibata, Rwanda's Agriculture
Minister |
Mezghanni, on the verge of graduating and facing a bleak job market, says women have even fewer options than male counterparts (photo: IMF) | Even before the unrest which swept through north Africa and the Middle East, the IMF was warning that Tunisia needed to undertake major structural reforms to address high rates of joblessness. The unemployment rate in this north African state is estimated at over 13 percent, but as one youth activist explains, the situation is even worse for the young. Samar Samir Mezghanni, writer and youth
activist |
High rates of unemployment fuelled "Arab spring" with many young protestors hitting the streets to express their anger (photo: Antoine Gyori/AGP/Corbis) | Despite recent economic growth, unemployment and underemployment rates in north Africa and the Middle East are among the highest in the world. Young people, who make up much of the population, are the hardest hit. One former IMF economist says the lack of job prospects contributed to the recent unrest in the region. Mounir Rached, former IMF economist,
Vice-president of the Lebanese Economic
Association |
Dominique Strauss-Kahn has said the world is recovering from the global economic downturn but "it was not the recovery we want." At the start of the annual IMF-World Bank Spring Meetings, he called for urgent action on the challenges confronting future growth, including rising food and fuel prices and high unemployment. Dominique Strauss Kahn, IMF Managing Director |
High rates of unemployment fuelled "Arab spring" with many young protestors hitting the streets to express their anger (photo: Antoine Gyori/AGP/Corbis) | A successful private sector is essential for economic takeoff but in Sub-Saharan Africa private businessmen and women face particular constraints. These include the lack of basic infrastructure, burdensome bureaucracy, and the absence of supportative business networks. Vijaya Ramachandran, Ctr for Global Development |
Since the global economic crisis, the kingdom of Swaziland has seen the amount of revenue into its state coffers fall by a third. With one of the highest public wage bills in Africa, the authorities in the country have now requested a "staff-monitored program" with the Fund to help the country return to financial health. Joannes Mongardini, IMF African Dept. |
West Africa's economic recovery from the global financial crisis is now being threatened by the prolonged political crisis in Côte d'Ivoire. The economic impact of disputed national elections is being felt most keenly the WAEMU whose members face the financial fallout and are bearing the strain of fleeing refugees. Norbert Funke, IMF African Dept |
The only two things that are certain in life are death and taxes, according to Benjamin Franklin, one of America's founding fathers. True or not, many developing countries are still finding it a challenge to set up an efficient, effective tax system. Mark Plant, IMF African Dept. |
A group of eminent experts has proposed reforms to the international monetary and financial system, to avoid a repeat of the financial crisis which triggered the worst slump in over half a century. Michel Camdessus, Former Head of the IMF |
With double-digit growth over recent years, Islamic finance has generated increasing interest around the world. It is serving previously underbanked populations. Governments in Sub-Saharan Africa, are now looking at Islamic finance as a new source of funding. Amadou Sy, IMF Monetary and Capital Markets Dept |
What happens when a money loses its value? the author recounts the chaos in Germany in the inter-war years when a currency died, a national economy perished and the population suffered. Fergusson says "there are parallels with events taking place today". Adam Fergusson, Author |
Global food prices hit record high last month, according to the UN's Food & Agriculture Organization. They have surpassed the levels during the 2007-08 food crisis when surging prices sparked unrest in many countries. What is behind this upward pressure for Sub-Saharan Africa? Shaun Roache, IMF African Dept. |
Most Sub-Saharan countries have recovered rapidly from the global financial crisis, with a projected grow of 5½ % this year. The Fund warns in its World Economic Outlook update that rising world food prices could undermine the sense of recovery, specially the urban poor. Abebe Selassie, IMF African Dept |
The global economy will grow by about 4½% this year, says the IMF. In an update of the " World Economic Outlook", action is still needed to address key issues which threaten global growth including high unemployment and banking issues in advanced economies. Olivier Blanchard, IMF chief economist |
Guinea Bissau is on the brink of a "new beginning," according to the IMF. This West African country has recently had 87 percent of its external debt cancelled. That means less money spent on servicing debt and more money available for health, education, and investment. Paulo Drummond, IMF / Guinea Bissau |
Asia is expected to post an average of 7 percent growth in 2011. But this year, the region will need to continue managing its exit from stimulus programs and the large capital inflows pouring into the area, says one of the IMF's leading economists. Anoop Singh, IMF Asia and Pacific Dept |
Togo has qualified for over $1.8 billion of debt relief-equivalent to 80 percent of its external debt. The IMF created the "HIPC" Initiative, designed to release the poorest nations from the cycle of endless interest payments on unsustainable debt. Roger Nord, IMF African Dept. |
Surging property prices in China have raised fears that the country is in the grip of a growing property bubble. With China acting as a key engine of world recovery, any real estate slump would have global implications. Ashvin Ahuja, IMF Asia Pacific Dept |
A new book "Emerging Africa" identifies five key factors that are powering the continent's rise. Steve Radelet, author of "Emerging Africa" |
The IMF is set to double the amount of training to member states in the Middle East, with the opening of a new center to train officials from Arab League countries. Abdelhadi Yousef, IMF Institute |
The IMF has come out with its regular assessment of the economic outlook for Sub-Saharan Africa, with predictions that the region can expect to return to precrisis levels of growth. Christopher Lane, IMF deputy division chief |
The IMF is optimistic about the economic prospects for Sub-Saharan Africa, with expectations of growth across many different sectors. Antoinette Sayeh, IMF Head of African Dept. |
Over the last decade and a half, Africa has seen a surge in exports, with new trading relations being formed with different parts of the world. Nagwa Riad, IMF Strategy, Policy, & Review
Dept. |
After teetering on the verge of economic collapse, over the last year and a half Mongolia has witnessed a remarkable recovery. Steve Barnett, IMF Mongolia Mission Chief |
What, if any, are the benefits of foreign aid? Two economists pit their radically different views against eachother. Andrew Berg, IMF Research |
Former IMF Chief economist Raghuram Rajan introduces his new book: an analysis of what he sees as the underlying causes of the global crisis. Raghuram Rajan, University of Chicago |
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