Macroeconomic Research in Low-income Countries: Advances Made in Five Key Areas Through a DFID-IMF Collaboration
Departmental Papers, March 24, 2021
Source details
- Canonical URL
- Macroeconomic Research in Low-income Countries: Advances Made in Five Key Areas Through a DFID-IMF Collaboration
Other formats
Bibliographic details
- Authors: Hites Ahir, Hendre Garbers, Mattia Coppo, Giovanni Melina, Futoshi Narita, Filiz D Unsal, Vivian Malta, Xin Tang, Daniel Gurara, Luis-Felipe Zanna, Linda G. Venable, Kangni R Kpodar, Chris Papageorgiou
- Published: March 24, 2021
- Series: Departmental Papers
- DOI: https://doi.org/10.5089/9781513566603.087
Executive summary and context
- LICs recorded 4.5 percent of real GDP growth during 2000 to 2014 despite the deceleration in real GDP growth during the 2008 global financial crisis, making progress in economic convergence toward higher-income countries.
- The commodity price collapse in 2014–15 significantly affected many commodity-exporting LICs and exposed vulnerabilities stemming from limited economic diversification.
- LICs face an acute crisis from 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."
- Other persistent and emerging challenges include climate change, high levels of public debt burdens, and structural issues.
Major findings (high-level)
- Economic growth:
- 4.5 percent of real GDP growth during 2000 to 2014 (average for LICs).
- Progress toward economic convergence with higher-income countries observed pre-COVID-19.
- Vulnerabilities identified:
- Exposure of commodity-exporting LICs to commodity price shocks (notably 2014–15).
- Limited extent of economic diversification in many LICs.
- Current crisis and policy imperative:
- COVID-19 presents an unprecedented shock requiring tailored macroeconomic research and policy responses.
- Policymaking must balance saving lives and preserving livelihoods in LICs.
Thematic areas covered (as presented)
- Debt
- Economic growth
- Expenditure
- Fiscal policy
- Gender and Gender inequality
- Income and Income inequality
- Investment policies
- Low income countries
- Monetary policy and transmission mechanism
- National accounts
- Public investment spending
Keywords and topical focus (as presented)
- credit entry
- DFID-IMF monetary policy agenda
- DP, DPPP
- exchange rate
- Gender inequality
- Global
- IMF country team
- IMF economist
- IMF gender portal
- Income, Income inequality
- interest rate
- Investments
- LIC economy, LICS face, Low-income-countries
- Monetary policy, monetary policy formulation
- Public investment spending
- rate of return
- Sub-Saharan Africa
- transmission mechanism
Publication and metadata
- Authors: Hites Ahir, Hendre Garbers, Mattia Coppo, Giovanni Melina, Futoshi Narita, Filiz D Unsal, Vivian Malta, Xin Tang, Daniel Gurara, Luis-Felipe Zanna, Linda G. Venable, Kangni R Kpodar, Chris Papageorgiou
- Date: March 24, 2021
- Series: Departmental Paper No 2021/006
- Issue: 006
- Volume: 2021
- Pages: 77
- DOI: https://doi.org/10.5089/9781513566603.087
- ISBN: 9781513566603
- ISSN: 2616-5333
- Stock No: MRLICSEA
Macroeconomic Research in Low-income Countries: Advances Made in Five Key Areas Through a DFID-IMF Collaboration, Departmental Papers 2021, 006 (2021), accessed 9/16/2026.