The Managing Director's Global Policy Agenda Annual Meetings 2021: Vaccinate, Calibrate, Accelerate

Policy Papers, October 13, 2021

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Urgent policy action is needed to control the pandemic, limit scarring, and transform the global economy.
The global recovery continues, thanks to unprecedented monetary, fiscal, and financial support over the past year.
Pandemic-induced divergences are persisting, driven by stark differences in access to vaccines and policy space.
The Fund will continue to support the membership deal with these ongoing and new challenges.
Priorities:
- Vaccinate the world population to stem the spread of pandemic.
- Calibrate policies to limit scarring, support the recovery, and counter growing divergences within and between countries.
- Accelerate the transformation of the global economy to achieve a more inclusive, greener, and digital recovery.

Recovery drivers:
- Unprecedented monetary, fiscal, and financial support over the past year have underpinned the global recovery.
Persistent risks:
- Stark differences in access to vaccines are driving pandemic-induced divergences.
- Differences in policy space across countries are contributing to divergent outcomes.
Policy focus areas:
- Controlling the pandemic remains central to limiting long-term economic scarring.
- Calibrated policy responses are needed to support recovery while addressing inflation, monetary policy, and financial stability concerns.
- Acceleration of structural transformation is required to make recovery inclusive, greener, and digital.

Vaccinate:
- Prioritize global vaccination to stem the spread of the pandemic.
Calibrate:
- Adjust fiscal, monetary, and financial policies to limit scarring and support recovery, mindful of divergent country circumstances and policy space.
Accelerate:
- Advance policies that promote digitalization, green investment, and inclusivity to transform the global economy.