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Jump to Content Jump to Main Navigation This site uses cookies, tags, and tracking settings to store information that help give you the very best browsing experience. Dismiss this warning Sign in IMF Sites Browse Topics Countries Series Resources About Search Previous ON THE PATH TO POLICY NORMALIZATION The report discusses how public finances have fluctuated with multiple shocks since the pandemic, characterized by atypical growth, inflation dynamics, and fiscal support to mitigate the shocks. The recent financial turmoil aggravated an already uncertain and complex outlook with tight financing conditions and mounting concerns for debt vulnerabilities. READ MORE TRADE INTEGRATION IN AFRICA: UNLEASHING THE CONTINENT'S POTENTIAL IN A CHANGING WORLD Trade integration through the African Continental Free Trade Area could increase real GDP per capita, reduce poverty, and raise living standards. But unlocking these benefits will require investment in physical and human capital, a robust private sector, and social safety nets that support vulnerable communities. Greater regional trade integration and policy reforms are required in this changing world. READ MORE SAFEGUARDING MACROECONOMIC STABILITY AMID CONTINUED UNCERTAINTY The economies of the Middle East and Central Asia proved resilient in 2022, despite a series of global shocks. However, this year—and potentially next—growth is expected to slow in the Middle East and North Africa as tight policies to fight inflation, reduce vulnerabilities, and rebuild buffers start to dent economic activity in many countries, and agreed oil production cuts curb growth in oil exporters. Inflation is projected to remain persistent. READ MORE RECOVERY UNABATED AMID UNCERTAINTY Economic growth has tumbled across Europe, inflation remains too high, and financial sector risks have materialized. Taming sticky inflation while avoiding financial stress and a recession will require tighter macroeconomic policies—tailored to changing financial conditions, stronger financial regulation and supervision, and bolder supply-side reforms that heal scars from the COVID-19 and energy crises. READ MORE EUROPE'S BALANCING ACT: TAMING INFLATION WITHOUT A RECESSION Economic growth has tumbled across Europe, inflation remains too high, and financial sector risks have materialized. Taming sticky inflation while avoiding financial stress and a recession will require tighter macroeconomic policies—tailored to changing financial conditions, stronger financial regulation and supervision, and bolder supply-side reforms that heal scars from the COVID-19 and energy crises. READ MORE A FUNDING SQUEEZE HAS HIT THE REGION HARD Persistent global inflation and tighter monetary policies have led to higher borrowing costs for sub-Saharan African countries and have placed greater pressure on exchange rates. Indeed, no country has been able to issue a Eurobond since spring 2022. The interest burden on public debt is rising, owing to a greater reliance on expensive market-based funding combined with a long-term decline in aid budgets. READ MORE A ROCKY RECOVERY The baseline forecast is for growth to fall from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3.0 percent in 2024. Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 percent in 2022 to 1.3 percent in 2023. In a plausible alternative scenario with further financial sector stress, global growth declines to about 2.5 percent in 2023 with advanced economy growth falling below 1 percent. READ MORE SAFEGUARD ECONOMIC STABILITY, SUPPORT VULNERABLE COUNTRIES, SUSTAIN OUR FUTURE PROSPERITY The Managing Director’s latest Global Policy Agenda states the global economy is at another highly uncertain moment. Tentative signs of stabilization earlier this year have receded, and the outlook is increasingly risky and uncertain. READ MORE SAFEGUARDING FINANCIAL STABILITY AMID HIGH INFLATION AND GEOPOLITICAL RISKS Financial stability risks have increased rapidly as the resilience of the global financial system has been tested by higher inflation and fragmentation risks. Chapter 1 analyzes the recent turmoil in the banking sector and the challenges posed by the interaction between tighter monetary and financial conditions and the buildup in vulnerabilities since the global financial crisis. Chapter 2 examines nonbank financial intermediaries (NBFIs) and the vulnerabilities that can emerge from elevated leverage, liquidity mismatches, and high levels of interconnectedness. READ MORE ON THE PATH TO POLICY NORMALIZATION The report discusses how public finances have fluctuated with multiple shocks since the pandemic, characterized by atypical growth, inflation dynamics, and fiscal support to mitigate the shocks. The recent financial turmoil aggravated an already uncertain and complex outlook with tight financing conditions and mounting concerns for debt vulnerabilities. READ MORE TRADE INTEGRATION IN AFRICA: UNLEASHING THE CONTINENT'S POTENTIAL IN A CHANGING WORLD Trade integration through the African Continental Free Trade Area could increase real GDP per capita, reduce poverty, and raise living standards. But unlocking these benefits will require investment in physical and human capital, a robust private sector, and social safety nets that support vulnerable communities. Greater regional trade integration and policy reforms are required in this changing world. READ MORE Next * 1 * 2 * 3 * 4 * 5 * 6 * 7 * 8 * 9 Latest Publications Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience Union Des Comoros: Deuxième Revue Au Titre Du Programme De Référence— Communiqué De Presse; Rapport Des Services Du Fmi Pour L’union Des Comores; Analyse De Viabilité De La Dette; Lettre D’intention; Et Memorandum De Politiques Economiques Et Financières Solomon Islands: 2023 Article IV Consultation-Press Release; and Staff Report Countering the Financing of Terrorism Show All IMF Regions Asia and the Pacific Europe Middle East Sub-Saharan Africa Western Hemisphere Most Popular Show All Hide All Show All Hide All ESSENTIAL READING APRIL 14, 2023 MARRAKECH 2023 Take a look at the new Marrakech 2023 Essential Reading Guide! Find important publications relating to the region and themes of the upcoming Annual Meetings in Marrakech in October 2023. OCTOBER 3, 2022 CLIMATE CHANGE New updates to the Climate Change Essential Reading Guide! One-click access to selected publications on trends and analysis of Climate Change. DECEMBER 8, 2020 FINTECH AND DIGITAL CURRENCIES The expanded Fintech and Digital Currencies Essential Reading Guide provides key research on the latest trends in digital currencies, mobile payments, CBDCs and the financial system. RSS Feed More news » <NEWSSTYLES-DONOTDELETE> International Monetary Fund Copyright © 2010-2021. All Rights Reserved. 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