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IMF Staff Concludes Visit to Serbia
October 22, 2021
Sub-Saharan Africa Outlook: 1 Planet, 2 Worlds, 3 Stories
October 22, 2021
Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance
October 22, 2021
This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Transcript of October 2021 African Sub-Saharan Press Briefing
October 21, 2021
Transcript of October 2021 Western Hemisphere Press Briefing
October 21, 2021
Introductory remarks by the Acting Director of the Western Hemisphere Department, Nigel Chalk
October 21, 2021
Regional Economic Outlook, October 2021, Western Hemisphere: A Long and Winding Road to Recovery
October 21, 2021
An economic recovery is underway in Latin America and the Caribbean (LAC) but the pandemic still casts shadows on much of the region. The recovery was robust in the first quarter of 2021 but lost momentum in some countries in the second quarter, reflecting the rebound in COVID-19 cases. Real GDP is projected to grow by 6.3 percent in 2021, followed by a more moderate growth of 3 percent in 2022, but would not catch up with pre-pandemic trends in the medium term as persistent weakness in labor markets raises risks of scarring. Broadly favorable external conditions, high commodity prices, and pent-up demand support short-term growth, while monetary and fiscal policy reversals work in the other direction. Risks to the outlook are tilted downward. Main downside risks are the emergence of more transmissible and deadlier COVID-19 variants, tightening of global financial conditions, sovereign debt rollover risks, and social unrest as a year with heavy election schedule looms. Fiscal policy should allocate sufficient resources for health spending, including vaccination, and continue to support households and firms in a more targeted fashion while the pandemic persists, backed by credible assurances of medium-term debt sustainability to maintain access to finance. Monetary policy has started to address inflationary pressures but should continue to support economic activity insofar as the dynamics of inflation expectations permit. If rising inflation threatens to de-anchor inflation expectations, central banks should tighten monetary policy to signal a commitment to inflation targets and avoid persistent increases in inflation. Preemptive and decisive action should be accompanied with clear and transparent communication. Financial policy should shift from blanket support to targeted support of viable firms, to ensure that necessary labor and capital reallocations are not hindered. Supply-side policies should foster inclusive growth, including through progressive and growth-friendly tax reforms and measures to intensify climate change adaptation and mitigation.
Blog: Surging Energy Prices May Not Ease Until Next Year
October 21, 2021
By Andrea Pescatori, Martin Stuermer, and Nico Valckx Soaring natural gas prices are rippling through global energy markets—and other economic sectors from factories to utilities. An unprecedented combination of factors is roiling world energy markets, rekindling the memories of the 1970s energy crisis and complicating an already uncertain outlook for inflation and the global economy. [...]
IMF Staff Completes Discussions on the 2021 Article IV Consultations and Reaches a Staff-Level Agreement with Moldova on a New Economic Program
October 21, 2021
Sub-Saharan Africa: One Planet, Two Worlds, Three Stories
October 21, 2021