1) The document discusses asymmetries between developed and developing countries in their economic response to COVID-19, with advanced economies projected to recover sooner.
2) Fiscal stimulus measures have been much larger in advanced economies who have more fiscal space, while emerging markets face a less favorable external environment.
3) Unequal access to COVID vaccines has led to varying vaccination rates between countries in Latin America and the Caribbean.
Global and-spanish economic perspectives Q3 2021 Quarterly Report December 2021JoseLuisSanz9
Global economic situation
The world economys recovery continues although its sustainability isn tassured in a context of pandemic outbreaks and uncertainty about its future evolution, disruptions in supply chains and inflationary pressures on raw materials and energy. The differing vaccination rates and the support policies applied in each country to lessen the pandemic s impact have deepened divergences in growth, mainly between advanced economies and low income countries.
A positive performance is expected in all world regions in 2021, although growth in sub Saharan Africa and the Middle East will be lower than in the rest of the regions. Inadequate access to vaccines and regional political instability are two of the causes of this worse performance.
2020 ends with a world economic contraction above 4%, the biggest GDP decrease since World War 2. Among developed nations, growth comes to a standstill after the renewal of activity in Q3 as a result of the surge in cases and the movement restrictions. Services, especially those related to the hotel and leisure industry, experience the biggest losses. On the other hand, industry is advancing at a steady rhythm as international trade is reactivated.
In the US, the perspectives appear to indicate that the economy will register positive growth in Q4 2020, in spite of the recent surge in Covid-19 cases. In this context, the Fed has improved its growth forecasts and has announced that it will maintain its stimulus policy until there are improvements in employment and inflation reaches the target levels in the medium- to long-term (most likely at the end of 2022).
In the Eurozone, where restrictions have been tighter, a new contraction in GDP in Q4 is expected. Also, the outlook for Q1 2021 indicates that economic activity will not experience any significant growth, in spite of the vaccination campaigns in place by a variety of governments in member states.
In emerging economies, although a slight recovery is expected due to the reactivation of trade and the increase in prices for raw materials, different levels of performance can be observed. China, with the spread of the virus under control, is the country with the best economic data among the main powers. Other Asian economies such as Taiwan or Vietnam forecast annual growth rates close to 2% for 2020. On the other hand, India’s economy has slumped, with a decrease of -7.4%. In South America, the lack of control caused by the pandemic has added to several structural issues that are dragging down some economies (high levels of debt and unemployment), all of which is conditioning future recovery.
Summary The global economic situation
The pandemic caused by Covid 19 and the subsequent health and economic impact led to a 3 3 fall in global GDP in 2020 with China being the only major economy to register positive growth 2 3 After a year of the pandemic, a high level of uncertainty remains about how the future will pan out in both pidemiological and economic terms With good progress in the vaccination
programs and the stimulus measures, a return of confidence is expected, as well as the disappearance of any mobility and activity restrictions This, in turn, should lead to an upturn in growth which, according to the IMF, will reach 6 provided that any virus variants and doubts on the efficiency and safety of the vaccines do not dampen these expectations Recovery will be uneven among countries and in good measure it will depend on their productive structures Those with economies dependent on tourism and
sectors that require greater social contact will feel the negative effects of the crisis for longer
OECD: The impact of the Covid-19 outbreak on economic (Presentation)chaganomics
The impact of the Covid-19 outbreak on economic prospects is severe Growth was weak but stabilising until the coronavirus Covid-19 hit. Restrictions on movement of people, goods and services, and containment measures such as factory closures have cut manufacturing and domestic demand sharply in China. The impact on the rest of the world through business travel and tourism, supply chains, commodities and lower confidence is growing.
Global and-spanish economic perspectives Q3 2021 Quarterly Report December 2021JoseLuisSanz9
Global economic situation
The world economys recovery continues although its sustainability isn tassured in a context of pandemic outbreaks and uncertainty about its future evolution, disruptions in supply chains and inflationary pressures on raw materials and energy. The differing vaccination rates and the support policies applied in each country to lessen the pandemic s impact have deepened divergences in growth, mainly between advanced economies and low income countries.
A positive performance is expected in all world regions in 2021, although growth in sub Saharan Africa and the Middle East will be lower than in the rest of the regions. Inadequate access to vaccines and regional political instability are two of the causes of this worse performance.
2020 ends with a world economic contraction above 4%, the biggest GDP decrease since World War 2. Among developed nations, growth comes to a standstill after the renewal of activity in Q3 as a result of the surge in cases and the movement restrictions. Services, especially those related to the hotel and leisure industry, experience the biggest losses. On the other hand, industry is advancing at a steady rhythm as international trade is reactivated.
In the US, the perspectives appear to indicate that the economy will register positive growth in Q4 2020, in spite of the recent surge in Covid-19 cases. In this context, the Fed has improved its growth forecasts and has announced that it will maintain its stimulus policy until there are improvements in employment and inflation reaches the target levels in the medium- to long-term (most likely at the end of 2022).
In the Eurozone, where restrictions have been tighter, a new contraction in GDP in Q4 is expected. Also, the outlook for Q1 2021 indicates that economic activity will not experience any significant growth, in spite of the vaccination campaigns in place by a variety of governments in member states.
In emerging economies, although a slight recovery is expected due to the reactivation of trade and the increase in prices for raw materials, different levels of performance can be observed. China, with the spread of the virus under control, is the country with the best economic data among the main powers. Other Asian economies such as Taiwan or Vietnam forecast annual growth rates close to 2% for 2020. On the other hand, India’s economy has slumped, with a decrease of -7.4%. In South America, the lack of control caused by the pandemic has added to several structural issues that are dragging down some economies (high levels of debt and unemployment), all of which is conditioning future recovery.
Summary The global economic situation
The pandemic caused by Covid 19 and the subsequent health and economic impact led to a 3 3 fall in global GDP in 2020 with China being the only major economy to register positive growth 2 3 After a year of the pandemic, a high level of uncertainty remains about how the future will pan out in both pidemiological and economic terms With good progress in the vaccination
programs and the stimulus measures, a return of confidence is expected, as well as the disappearance of any mobility and activity restrictions This, in turn, should lead to an upturn in growth which, according to the IMF, will reach 6 provided that any virus variants and doubts on the efficiency and safety of the vaccines do not dampen these expectations Recovery will be uneven among countries and in good measure it will depend on their productive structures Those with economies dependent on tourism and
sectors that require greater social contact will feel the negative effects of the crisis for longer
OECD: The impact of the Covid-19 outbreak on economic (Presentation)chaganomics
The impact of the Covid-19 outbreak on economic prospects is severe Growth was weak but stabilising until the coronavirus Covid-19 hit. Restrictions on movement of people, goods and services, and containment measures such as factory closures have cut manufacturing and domestic demand sharply in China. The impact on the rest of the world through business travel and tourism, supply chains, commodities and lower confidence is growing.
Annual Equity Outlook 2022 | ICICI Prudential Mutual Fundiciciprumf
The current market scenario reminisces one of Shifting Sands wherein volatility may prevail due to dynamically changing macros. This warrants the need for active management. Hence, we recommend schemes that have flexibility to invest across different asset classes, Marketcap & Themes
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks. Find out more at www.oecd.org/finance
Asset Outlook and Economic View in the Current Market ScenarioQuantum Mutual Fund
Fund managers of Quantum Mutual Fund give their perspective on the asset outlook for the mid-year 2021 for the three assets of equity, debt and gold. Find answers to questions like how is the performance post-Covid 2nd wave? What are the underlying macroeconomic indicators that could determine future prospects? How do you allocate across different assets to mitigate downside risk?
www.Quantumamc.com
Economy in the shadow of geopolitics-Quarterly-Report-February-2024-Circulo-d...Círculo de Empresarios
Summary
Global economic situation
Global economic activity has maintained some dynamism in recent quarters in a regionally asymmetric manner, despite the impact of tight monetary policies, the fragmentation of trading blocs, the withdrawal of fiscal support in a high debt environment, low productivity and geopolitical uncertainties.
Against this background, the IMF forecasts moderate global GDP growth of 3.1% in 2024* and 3.2% in 2025*, lower than the average of 3.8% between 2000-19. It also expects consumer prices to continue to moderate to 5.8% in 2024*, down one percentage point year-on-year.
Global economic situation
The global recovery after the pandemic and the Russian invasion of Ukraine is slowing down with significant
asymmetries between economic sectors and regions.
The IMF forecasts a slowdown in global growth from an estimated 3.5% in 2022 to 3.0% in 2023 and 2024, 8
tenths of a percentage point lower than the annual average for the period 2000-19. The tightening of monetary
policy to control inflationary pressures is already having an effect on economic dynamism, although the
restoration of pre-pandemic conditions in supply chains and the good performance of the services sector are
acting as positive factors for growth.
Inflation remains high and is eroding household purchasing power. The IMF estimates that it will fall from 8.7%
in 2022 to 6.8% in 2023 and 5.2% in 2024. The correction of core inflation will be more gradual.
Against this backdrop, downside risks to global growth persist. These include renewed inflationary pressures,
renewed turbulence in the financial markets in the face of a possible tightening of monetary policies and credit
scarcity, a slowdown in the recovery of the Chinese economy, a slowdown in activity in the Eurozone, high levels
of sovereign debt, the continuation of the war in Ukraine and geo-economic and strategic uncertainty.
Throughout
2022 , the global economy lost momentum with the onset of adverse shocks and as
downside risks materialized, affecting households, businesses and financial markets. The
health and economic impact of the war in Ukraine was compounded by high inflationary
pressures, the tightening of monetary policy by the major Central Banks, the energy and food
crises and the slowdown in the Chinese economy. All this in a context of high uncertainty and
deteriorating confidence among economic agents. Despite all this, the labour markets have
shown relative resilience in recent months, partly favored by expansionary fiscal policies to
mitigate the negative impact of the energy crisis and inflationary pressures on the real incomes
of economic agents.
Looking ahead to
2023 , the environment of uncertainty and volatility continues in both the
economic and geopolitical spheres. A certain correction in inflation is expected due to the
moderation of growth and energy prices, as well as a return to normality in global supply chains.
In addition, the reopening of the Chinese economy will favor the recovery of activity. The IMF
expects that after slowing from 3.4 % in 2022 to 2.9 % in 2023 , global growth will rebound to
3.1 % in 2024
CRFB_Fiscal Policy in High Inflation.pptxCRFBGraphics
This slide deck was used by Marc Goldwein, Senior Vice President and Senior Policy Director for the Committee for a Responsible Federal Budget, during a recent presentation on inflation and fiscal policy
Romain Duval. IMF Regional Economic Outlook for EuropeEesti Pank
31. oktoobril 2022 toimus Eesti Panga avatud seminar, kus Rahvusvahelise Valuutafondi esindaja Romain A. Duval tutvustas IMFi Euroopa osakonnas vastvalminud regionaalset majandusväljavaadet.
Learn all about the economic outlook from Sage Policy Group, Inc.'s presentation for Citrin Cooperman's October 19 event, Economic Summit: Planning Your Business for Tomorrow's Economy.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Annual Equity Outlook 2022 | ICICI Prudential Mutual Fundiciciprumf
The current market scenario reminisces one of Shifting Sands wherein volatility may prevail due to dynamically changing macros. This warrants the need for active management. Hence, we recommend schemes that have flexibility to invest across different asset classes, Marketcap & Themes
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks. Find out more at www.oecd.org/finance
Asset Outlook and Economic View in the Current Market ScenarioQuantum Mutual Fund
Fund managers of Quantum Mutual Fund give their perspective on the asset outlook for the mid-year 2021 for the three assets of equity, debt and gold. Find answers to questions like how is the performance post-Covid 2nd wave? What are the underlying macroeconomic indicators that could determine future prospects? How do you allocate across different assets to mitigate downside risk?
www.Quantumamc.com
Economy in the shadow of geopolitics-Quarterly-Report-February-2024-Circulo-d...Círculo de Empresarios
Summary
Global economic situation
Global economic activity has maintained some dynamism in recent quarters in a regionally asymmetric manner, despite the impact of tight monetary policies, the fragmentation of trading blocs, the withdrawal of fiscal support in a high debt environment, low productivity and geopolitical uncertainties.
Against this background, the IMF forecasts moderate global GDP growth of 3.1% in 2024* and 3.2% in 2025*, lower than the average of 3.8% between 2000-19. It also expects consumer prices to continue to moderate to 5.8% in 2024*, down one percentage point year-on-year.
Global economic situation
The global recovery after the pandemic and the Russian invasion of Ukraine is slowing down with significant
asymmetries between economic sectors and regions.
The IMF forecasts a slowdown in global growth from an estimated 3.5% in 2022 to 3.0% in 2023 and 2024, 8
tenths of a percentage point lower than the annual average for the period 2000-19. The tightening of monetary
policy to control inflationary pressures is already having an effect on economic dynamism, although the
restoration of pre-pandemic conditions in supply chains and the good performance of the services sector are
acting as positive factors for growth.
Inflation remains high and is eroding household purchasing power. The IMF estimates that it will fall from 8.7%
in 2022 to 6.8% in 2023 and 5.2% in 2024. The correction of core inflation will be more gradual.
Against this backdrop, downside risks to global growth persist. These include renewed inflationary pressures,
renewed turbulence in the financial markets in the face of a possible tightening of monetary policies and credit
scarcity, a slowdown in the recovery of the Chinese economy, a slowdown in activity in the Eurozone, high levels
of sovereign debt, the continuation of the war in Ukraine and geo-economic and strategic uncertainty.
Throughout
2022 , the global economy lost momentum with the onset of adverse shocks and as
downside risks materialized, affecting households, businesses and financial markets. The
health and economic impact of the war in Ukraine was compounded by high inflationary
pressures, the tightening of monetary policy by the major Central Banks, the energy and food
crises and the slowdown in the Chinese economy. All this in a context of high uncertainty and
deteriorating confidence among economic agents. Despite all this, the labour markets have
shown relative resilience in recent months, partly favored by expansionary fiscal policies to
mitigate the negative impact of the energy crisis and inflationary pressures on the real incomes
of economic agents.
Looking ahead to
2023 , the environment of uncertainty and volatility continues in both the
economic and geopolitical spheres. A certain correction in inflation is expected due to the
moderation of growth and energy prices, as well as a return to normality in global supply chains.
In addition, the reopening of the Chinese economy will favor the recovery of activity. The IMF
expects that after slowing from 3.4 % in 2022 to 2.9 % in 2023 , global growth will rebound to
3.1 % in 2024
CRFB_Fiscal Policy in High Inflation.pptxCRFBGraphics
This slide deck was used by Marc Goldwein, Senior Vice President and Senior Policy Director for the Committee for a Responsible Federal Budget, during a recent presentation on inflation and fiscal policy
Romain Duval. IMF Regional Economic Outlook for EuropeEesti Pank
31. oktoobril 2022 toimus Eesti Panga avatud seminar, kus Rahvusvahelise Valuutafondi esindaja Romain A. Duval tutvustas IMFi Euroopa osakonnas vastvalminud regionaalset majandusväljavaadet.
Learn all about the economic outlook from Sage Policy Group, Inc.'s presentation for Citrin Cooperman's October 19 event, Economic Summit: Planning Your Business for Tomorrow's Economy.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The European Unemployment Puzzle: implications from population aging
Economic of Latin America and Caribean
1.
2. Principal messages
1. Uncertainty and profound asymmetries between developed and developing countries in:
• Policy response capacity (macroeconomic, productive, social and health) with divergences in
the velocity and recovery of growth and investment.
• Advanced economies alone are projected to return to their forecasted pre-pandemic growth
trajectory in 2022. Emerging economies would only return to it in 2025.
2. Less global growth and trade, slowdown in the United States and China – a financial context
with greater uncertainties and more restrictive.
3. The region faces a less favourable external context and a strong deceleration of growth, less
fiscal space, inflationary pressures and exchange rate volatility.
4. Low investment and productivity, slow recovery in employment and persistence of the social
effects caused by the crisis.
5. It is essential to maintain growth through coordinated fiscal and monetary policies to
prioritize the challenges of growth and monetary-financial stability.
2
3. Asymmetries in the spaces to undertake active fiscal policies
Advanced economies have
maintained fiscal stimulus,
taking advantage of
favourable financing
conditions - low interest
rates (negative in some
cases).
Between January and
September of 2021,
advanced economies
announced new fiscal
measures in the order of
2.5 trillion dollars vs 330
billion in emerging
markets.
SELECTED ADVANCED ECONOMIES (20 COUNTRIES): DISCRETIONAL EXPENDITURE AND REVENUE
MEASURES ANNOUNCED OR IMPLEMENTED TO FACE THE CRISIS DERIVED FROM COVID-19, JANUARY
TO SEPTEMBER 2021a
(In percentages of 2020 GDP)
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of IMF (2021c) and IMF (2021a).
a Includes measures announced or in the process of implementation between January and September 2021.
3
8.8
5.8
4.3 4.3 4.1
3.7
3.2 3.0 3.0
2.6
2.2 2.1 1.9 1.8 1.6
1.3 1.3 1.1 1.0
0.2
0
2
4
6
8
10
United
States
Netherlands
Germany
Spain
Italy
Czechia
Norway
Great
Britain
Rep.
of
Korea
Switzerland
Australia
Singapore
France
Finland
Denmark
Portugal
Canada
Japan
Belgium
New
Zealand
4. Country / Region Policy rate
Change in policy
rate (last year, in
basis points)
Interannual
inflation
Brazil 9.25% 725 10.7%
Chile 4.00% 350 6.7%
Colombia 3.00% 125 5.3%
Mexico 5.50% 125 7.4%
Peru 2.50% 225 6.4%
Asymmetries in the response of monetary policy interest rates: up to now the largest
rate increases have been made by emerging economies
Interest rates in the main advanced economies remain at historic lows
Country /
Region
Policy rate
Change in policy
rate (last year, in
basis points)
Interannual
inflation
Australia 0.10% 0 3.0%
Canada 0.25% 0 4.7%
Czech Rep. 2.75% 250 6.0%
Denmark -0.45% -50 3.4%
Euro zone 0.00% 0
Hong Kong 0.50% 0 1.7%
Iceland 2.00% 100 4.8%
Israel 0.10% 0 2.4%
Japan -0.10% 0 0.1%
New Zealand 0.75% 50 4.9%
Norway 0.50% 50 5.1%
Singapore 0.08% 5 3.2%
South Korea 1.00% 50 3.7%
Sweden 0.00% 0 3.3%
Switzerland -0.75% 0 1.5%
U.K. 0.25% 15 5.1%
U.S. 0.25% 0 6.8%
Country / Region Policy rate
Change in policy
rate (last year, in
basis points)
Interannual
inflation
Bahrain 2.25% 0 0.3%
Bulgaria 0.00% 0 7.3%
China 4.35% 0 2.3%
Croatia 3.00% 0 3.8%
Egypt 9.25% 0 5.6%
Hungary 2.40% 180 7.4%
India 4.00% 0 4.9%
Indonesia 3.50% -25 1.7%
Lebanon 10.00% 0 173.6%
Malaysia 1.75% 0 2.9%
Morocco 1.50% 0 1.7%
Oman 0.50% 0 3.4%
Pakistan 10.75% 275 11.5%
Philippines 2.00% 0 4.2%
Poland 1.75% 165 7.8%
Qatar 1.00% 0 6.1%
Romania 1.75% 25 7.8%
Russia 7.50% 325 8.4%
Saudi Arabia 1.00% 0 1.1%
South Africa 3.75% 25 5.5%
Thailand 0.50% 0 2.7%
Turkey 14.00% -100 21.3%
Ukraine 9.00% 300 10.3%
4
-
+
Change in the policy rate
-
+
Variation in prices
-
+
Level of the policy rate
Source: Economic Commission for Latin America and the Caribbean (ECLAC),
on the basis of Bloomberg as of December 16 2021.
5. Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of Our World in Data [online] www.ourworldindata.org.
Note: Registry for countries that report the breakdown of administered doses (first and second) as of January 10, 2022 or latest available date.
The motivation for the plan: unequal access to vaccination
The region has vaccinated almost 60% of its
population, with important advances but also great
differences between countries
Purchases of some countries surpass their vaccination needs.
European Union, United States, United Kingdom, Canada and
Japan represent 39% of purchase commitments, while making up
only 12.9% of the world’s populationa.
PERCENTAGE OF TOTAL POPULATION
WITH COMPLETE VACCINATION SCHEME
LATIN AMERICA AND THE CARIBBEAN (33 COUNTRIES): PERCENTAGE OF TOTAL POPULATION WITH
COMPLETE VACCINATION SCHEME
(In percentages)
Source: Economic Commission for Latin America and the Caribbean (ECLAC), ECLAC’s COVID-19 Observatory,
on the basis of Duke Global Health Innovation Center. (2021). Launch and Scale Speedometer. Duke University.
Retrieved from: https://launchandscalefaster.org/covid-19 for November 19th 2021 or latest available date.
0.66
19.7
23.7
26.5
27.2
31.4
37.5
37.6
38.2
39.2
40.4
40.7
41.6
43.2
45.3
47.6
48.2
49.2
50.3
52.2
55.9
56.5
56.9
59.8
60.1
63.9
65.6
67.6
69.0
70.9
73.2
76.9
85.9
86.6
Haiti
Jamaica
Saint Vincent and the Grenadines
Guatemala
Saint Lucia
Grenada
Guyana
The Bahamas
Dominica
Suriname
Venezuela (Bol. Rep. of)
Bolivia (Plur. State of)
Paraguay
Honduras
Nicaragua
Saint Kitts and Nevis
Trinidad and Tabago
Belize
Barbados
Dominican Rep.
Mexico
Panama
Colombia
Antigua and Barbuda
Latin America and the Carubbean (33 countries)
El Salvador
Peru
Brazil
Costa Rica
Ecuador
Argentina
Uruguay
Cuba
Chile
69.9
63.9 61.5
13.7
European Union North America
(United States and
Canada)
Latin America
(19 countries)
The Caribbean
excluding Cuba and
the Dominican
Republic
(14 countries)
6. Global GDP growth projections are lower for 2022 than for 2021, in particular for the region’s
main commercial partners, the United States and China
SELECTED REGIONS AND COUNTRIES: GDP GROWTH RATES, 2020 AND PROJECTIONS
FOR 2021 AND 2022ª
(in percent)
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of Organization for Economic Cooperation and Development (OECD), OECD Economic Outlook, Interim Report September 2021, September 2021;
International Monetary Fund (IMF), World Economic Outlook (WEO), October 2021; European Central Bank (ECB), “Eurosystem staff macroeconomic projections”, September 2021 and Capital Economics accessed 18 October 2021.
a In India, the fiscal year begins in April and ends in March the following year.
-3.1
-4.5
-3.4
-4.7
-9.7
-6.3
-2.1
-0.8
2.3
-7.3
-2.0
-2.8
-1.7
5.8 5.2
6.0
2.4
6.8
5.2
6.4
7.2
8.0
9.5
5.9
4.1
3.7
4.9
4.2 3.9
3.0
5.0
4.6
5.1
6.4
5.7
7.9
3.8
4.1 3.8
World Developed
economies
United States Japan United
Kingdom
Eurozone Emerging
markets and
developing
economies
Emerging Asia China India Emerging
Europe
Middle East
and Central
Asia
Sub-Saharan
Africa
2020 2021 2022
6
7. Trade volumes are also expected to register slower growth in 2022,
4.7% vs 10.8% in 2021
WORLD TRADE VOLUME: YEAR-ON-YEAR RATE OF CHANGE, JANUARY 2003 – SEPTEMBER 2021
(Percentages, on the basis of a seasonally adjusted index)
(En porcentajes, sobre la base de un índice desestacionalizado, promedios de tres meses móviles)
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of Netherlands Bureau for Economic Policy Analysis (CPB), World Trade Monitor, World Trade Monitor [online database]
https://www.cpb.nl/en/worldtrademonitor and World Trade Organization (WTO), “La recuperación del comercio mundial supera las expectativas, aunque con divergencias regionales”, Press Release, 4th October 2021
[online], https://www.wto.org/spanish/news_s/pres21_s/pr889_s.htm
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Jan-03
Aug-03
Mar-04
Oct-04
May-05
Dec-05
Jul-06
Feb-07
Sep-07
Apr-08
Nov-08
Jun-09
Jan-10
Aug-10
Mar-11
Oct-11
May-12
Dec-12
Jul-13
Feb-14
Sep-14
Apr-15
Nov-15
Jun-16
Jan-17
Aug-17
Mar-18
Oct-18
May-19
Dec-19
Jul-20
Feb-21
Sep-21
Apr-22
Nov-22
Jan 2003 - June 2007
8%
Jul 2011 - Dec 2015
2%
2016
1.4%
2017
4.9%
2018
3.5%
2019
-0.4%
2020
-5.2%
Forecast 2021
10.8%
Forecast 2022
4.7%
7
8. Commodity prices are expected to stabilize in 2022 after rising strongly in
2021
ANNUAL VARIATION IN MEAN INTERNATIONAL COMMODITY PRICES, 2020 AND PROJECTIONS FOR 2021 AND 2022
Price changes 2020 (%)
Projected price changes
2021 (%)
Projected price changes
2022 (%)
Agricultural products 1.6% 22.4% -0.4%
Food, tropical beverages and oilseed 2.7% 27.7% -0.5%
Food -2.3% 20.1% 0.4%
Tropical beverages 10.0% 34.1% 5.2%
Vegetable oilseeds and oils 8.4% 36.2% -2.9%
Agricultural raw products -2.2% 4.0% -0.2%
Minerals and metals 9.1% 36.9% -8.4%
Energy -29.3% 74.2% 0.3%
Crude oil -32.7% 69.0% 1.0%
Total primary products -6.6% 41.8% -3.2%
Total primary products (excluding energy) 5.5% 30.2% -4.9%
8
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of World Bank (The Pink Sheet) Data [Online] https://www.worldbank.org/en/research/commodity-markets and for the projections 2021 source: International Monetary
Fund (IMF); Economist Intelligence Unit, Bloomberg; U.S. Energy Information Administration (EIA), "Short-Term Energy Outlook", Capital Economics and Banco Central de Chile, “Informe de política monetaria, septiembre 2021” Santiago de Chile, for the
copper price.
9. After a strong recovery of exports and imports in 2021, growth is expected to continue in
2022, but at a more moderate rate
9
EXPORTS IMPORTS
LATIN AMERICA AND THE CARIBBEAN: RATE OF CHANGE IN THE TRADE OF GODOS, BY VALUE, VOLUMEN AND PRICE, 2000 TO 2022
(In percentages)
17
6
8
4
25
10
-30
-20
-10
0
10
20
30
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
precio volumen valor
12
4
20
5
-16
32
9
-30
-20
-10
0
10
20
30
40
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Price Volume Value
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of figures of the International Trade and Integration Division of ECLAC.
Note: In 2021, exports would have surpassed 13% and imports 11% their 2019 values.
10. Remittances increased by 30% in 2021, and for 2022 they are expected to
continue to be an important source of external resources
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
* 2021 corresponds to the period between January and September in the case of Nicaragua and Peri; January and October for Bolivia, Colombia, Honduras, Jamaica, Mexico and Paraguay; January and November in the case of the Dominican
Republic, El Salvador and Guatemala; January and June in the case of Costa Rica and Ecuador.
LATIN AMERICA (SELECTED COUNTRIES): RATE OF CHANGE IN MIGRANT REMITTANCE REVENUES, 2019–2021*
(In percentages, on the basis of current dollars)
10
29%
38%
2%
16%
25%
30%
35%
37%
35%
44%
39%
20%
29%
40%
-20% -10% 0% 10% 20% 30% 40% 50%
Average
Peru
Paraguay
Nicaragua
Mexico
Jamaica
Honduras
Guatemala
El Salvador
Ecuador
Dominican Rep.
Costa Rica
Colombia
Bolivia (Plur. State of)
2019
2020
2021
11. The region grew 6.2% in 2021
LATIN AMERICA AND THE CARIBBEAN (33 COUNTRIES): GDP GROWTH FORECAST FOR 2021
(Percentages)
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures
Note: Central America includes Cuba, Haiti and the Dominican Republic. The Caribbean does not include Guyana.
1.2
18.5
6.3
4.0
3.2
2.7
2.3
1.8
1.5
0.7
-1.0
-1.0
-1.8
-6.1
The Caribbean
Guyana
Saint Lucia
Jamaica
Dominica
Belize
Bahamas
Antigua and Barbuda
Barbados
Granada
Suriname
Trinidad and Tabago
Saint Kitts and Nevis
Saint Vincent and The Grenadines
11
6.2
6.3
6.4
13.5
11.8
9.8
9.5
5.2
4.7
4.6
3.9
3.1
-3.0
6.0
6.7
12.4
10.4
10.0
9.0
7.4
5.8
5.5
5.4
0.5
-1.3
Latin America and The Caribbean
Latin America
South America
Peru
Chile
Argentina
Colombia
Bolivia (Plurinational State of)
Brazil
Paraguay
Uruguay
Ecuador
Venezuela (Bolivarian Republic of)
Central America and Mexico
Central America
Panama
Dominican Republic
El Salvador
Honduras
Nicaragua
Mexico
Costa Rica
Guatemala
Cuba
Haiti
12. GDP growth in the region is expected to slow in 2022: 2.1%
LATIN AMERICA AND THE CARIBBEAN (33 COUNTRIES): GDP GROWTH FORECAST FOR 2022
(Percentages)
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures
Note: Central America includes Cuba, Haiti and the Dominican Republic. The Caribbean does not include Guyana.
6.1
46.0
15.8
8.5
7.5
6.2
5.7
5.7
4.6
4.2
4.0
3.9
3.7
1.5
The Caribbean
Guyana
Saint Lucia
Bahamas
Barbados
Belize
Jamaica
Trinidad and Tabago
Dominica
Antigua and Barbuda
Granada
Saint Kitts and Nevis
Saint Vincent and The Grenadines
Suriname
12
2.1
2.0
1.4
3.8
3.7
3.2
3.1
3.0
3.0
2.6
1.9
2.2
0.5
3.3
4.5
7.3
5.5
4.5
4.3
3.8
3.7
3.5
3.0
2.9
1.4
Latin America and The Caribbean
Latin America
South America
Paraguay
Colombia
Bolivia (Plurinational State of)
Uruguay
Peru
Venezuela (Bolivarian Republic of)
Ecuador
Chile
Argentina
Brazil
Central America and Mexico
Central America
Panama
Dominican Republic
Honduras
Guatemala
El Salvador
Costa Rica
Cuba
Nicaragua
Mexico
Haiti
13. Consumption was the primary driver of growth in 2021, supported by
exports and GFCF
SOUTH AMERICA AND MEXICO AND CENTRAL AMERICA: GDP GROWTH AND CONTRIBUTION
OF COMPONENTS OF FINAL DEMAND TO GDP GROWTH
(En porcentajes, dólares constantes de 2010) Principal drivers
South America
• Increase in private consumption due to increased
transfers and higher national income linked to
higher commodities prices.
• Recovery in construction bolstered GFCF
• Recovery in China impacted commodities prices.
Mexico and Central America
• Increase in private consumption supported by
higher remittances flows
• Recovery in the United States bolstered exports,
especially of manufactured goods
• Increase in foreign investment with a GFCF
component
13
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
-8
-6
-4
-2
0
2
4
6
8
10
12
14
South America Mexico and Central America
Private consumption Public consumption
Gross fixed capital formation Exports of goods and services
Imports of goods and services Inventories
14. Investment and productivity are a structural problem that condition the possibility of
sustaining a recovery beyond the GDP rebound in 2021
LATIN AMERICA AND THE CARIBBEAN: GROWTH OF
GROSS FIXED CAPITAL FORMATION AND STOCK OF
EXTERNAL BONDS OF THE NON-FINANCIAL CORPORATE
SECTOR, 2010 TO 2020
(Percentages and billions of dollars)
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of figures from World Economic Outlook October 2021 (IMF), BIS and official figures.
LATIN AMERICA AND THE CARIBBEAN: LABOR
PRODUCTIVITY GROWTH AND LABOR
PRODUCTIVITY GAP IN LAC COMPARED TO THE
US, 1991 to 2020
(In percentages)
WORLD AND SELECTED REGIONS: INVESTMENT OVER
GDP RATIO, 1990 TO 2021
(Ratios based on current dollars, in percentages)
14
26.8
22.4
33.2
19.5
0
5
10
15
20
25
30
35
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
World
Developed economies
Developing economies and emerging markets
Latin America and the Caribbean
3.5
3.7
3.9
4.1
4.3
4.5
4.7
4.9
5.1
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
Labour productivity (growth rate in
percentages) (left axis)
LAC productivity gap with the United States
(percentages)
-15
-10
-5
0
5
10
15
0
50
100
150
200
250
300
350
400
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Percentage
change
Billions
of
dollars
Debt stock (billions of dollars) (left axis)
Gross fixed capital formation (percentage change)
15. Employment will recover at a slower pace than economic activity: 30% of jobs
lost in 2020 will not be recovered in 2021
LATIN AMERICA: NUMBER OF EMPLOYED AND GROSS DOMESTIC PRODUCT, 2018 TO 2021
(Index 2018=100)
15
80
85
90
95
100
105
110
I II III IV I II III IV I II III IV I II III IV
2018 2019 2020 2021
Employment GDP
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
16. In 2021, inequality between men and women increased, reflecting the overload of care
provision on women and the lower dynamism of sectors that concentrate female
employment
LATIN AMERICA AND THE CARIBBEAN: PARTICIPATION RATE,
UNEMPLOYMENT RATE AND CHANGE IN NUMBER OF EMPLOYED, TOTAL AND
BY GENDER
(In percentages)
16
In 2021, more than 38% of the jobs held by
women that were destroyed during the crisis
were not recovered In the case of men this
number is 21%.
In 2020 and 2021, higher unemployment and
falling labour force participation impacted women
more, particularly women in households with
children under 5 years of age (due to the greater
burden of care).
In 2022, under a scenario of recovery of the
participation rate to pre-crisis levels (2019), the
estimated unemployment rates would be:
Female: 12.4%
Male: 10.2%
Total: 11.1%
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
Note: 2020 are estimates and 2022 are projections.
2019 2020 2021 2022
Participation rate (%) 63.3 58.9 61.4 62.2
Female 51.8 47.7 50.0 51.3
Male 75.5 70.8 73.5 73.8
Unemployment rate (%) 7.9 10.3 9.7 9.5
Female 9.5 12.1 11.8 11.5
Male 6.8 9.1 8.1 8.0
17. During 2022, 5 risks are envisioned that could complicate fiscal
policymaking
1. A slowing economic growth in 2022, low investment and generation of jobs.
2. Inflationary pressures.
3. Higher interest rates as monetary policy normalizes in developed countries and
national authorities take measures to respond to growing inflationary pressures.
4. Risk of exchange rate depreciation.
5. Risk of possible deterioration in sovereign credit ratings.
17
18. The region experienced inflationary pressures in 2021, which are
expected to persist in 2022, led by food and energy prices
LATIN AMERICA AND THE CARIBBEAN: YEAR-ON-YEAR GROWTH IN CONSUMER PRICE INDEX (CPI) BY TYPES OF
INFLATION, WEIGHTED AVERAGE, JANUARY 2016 TO DECEMBER 2021
(In percentages)
LATIN AMERICA AND THE CARIBBEAN: YEAR-
ON-YEAR GROWTH RATE OF THE CONSUMER
PRICE INDEX (CPI) a
(In percentages)
18
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
January
March
May
July
September
November
January
March
May
July
September
November
January
March
May
July
September
November
January
March
May
July
September
November
January
March
May
July
September
November
January
March
May
July
September
November
2016 2017 2018 2019 2020 2021
Latin America and the Caribbean excluding Argentina, Haiti, Suriname and Venezuela (Bol. Rep. of)
South America excluding Argentina and Venezuela (Bol. Rep. of)
Central America and Mexico excluding Haiti
The Caribbean excluding Suriname
By subregion 2020 2021
Latin America and the Caribbean excluding Argentina,
Haiti, Suriname and Venezuela (Bol. Rep. of)
3.0 7.2
South America excluding Argentina and Venezuela (Bol.
Rep. of)
3.0 7.6
Central America and Mexico excluding Haiti 3.0 6.3
Central America excluding Haiti 1.0 1.6
The Caribbean excluding Suriname 2.2 7.3
By CPI components
General 3.0 7.2
Core 1.9 4.9
Tradable 5.8 6.9
Food 7.5 7.8
Nontradable 1.6 6.9
19. Central banks have mainly used interest rate hikes to deal with
inflationary pressures
LATIN AMERICA AND THE CARIBBEAN (12 COUNTRIES): MONETARY POLICY RATE IN THE COUNTRIES THAT USE IT AS THE MAIN POLICY INSTRUMENT,
JANUARY 2019 TO DECEMBER 2021
(In percentages)
A. Countries with flexible exchange rates B. Countries with intermediate exchange rates
19
9.25
4.00
3.00
5.50
2.50
5.75
0
1
2
3
4
5
6
7
8
9
10
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Brazil Chile Colombia Mexico Peru Uruguay
1.25
1.75
3.00
2.00
4.00
3.50
0
1
2
3
4
5
6
7
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Costa Rica Guatemala Honduras
Jamaica Paraguay Dominican Rep.
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
20. During 2021, many currencies in the region depreciated against the dollar, a risk
that remains latent in 2022
LATIN AMERICA AND THE CARIBBEAN (11 COUNTRIES): VARIATION (+ DEPRECIATION / - APRECIATION) OF THE NOMINAL EXCHANGE RATE, 2021
(In percentages)
20
-1.6
-0.5
1.5
3.1
4.7
5.5
7.3
8.6
10.5
18.6
19.9
-5.0 0.0 5.0 10.0 15.0 20.0 25.0
Dominican Rep.
Paraguay
Honduras
Mexico
Costa Rica
Uruguay
Brazil
Jamaica
Peru
Colombia
Chile
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
21. Using multiple instruments is essential to support growth in a context of
inflationary pressures
MAIN POLICY INSTRUMENTS USED SIMULTANEOUSLY BY THE MONETARY AUTHORITIES OF THE REGION, MARCH 2020 - MARCH 2021
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
Monetary Exchange rate Macroprudential
• Interest rates
• Purchases of assets (treasury bonds,
pension fund bonds)
• International reserves
• Expansion of overnight liquidity
facilities
• Authorization to cover legal reserve
requirements with public and / or
Central Bank bonds
• Deposit accounts guarantees
• Credit guarantees
• Monetary policy guidelines
• Repo and swap operations
• Spot contracts and derivatives
• Overnight repo and deposit rates
• Open position ceiling on currency
transactions
• Participation of new players
(development banks)
• NDF operations (forward currency
contracts with settlement by
differences) as hedging instruments
for international investors
• Reserve requirements (in local and
foreign currency)
• Relaxation of macroprudential
regulation (bank liquidity)
• Capital conservation buffers
• Countercyclical provisions for
financial entities
• Liquidity coverage ratio / risk weight
of banks
• Accumulated countercyclical
provisions
• Regulation of capital flows
22. The challenge for fiscal policy in the coming years is to maintain pro-
growth public spending in a context of fiscal sustainability
The important fiscal measures adopted in 2020 led to a sharp increase in public spending
which, together with a fall in revenues, raised fiscal deficits and public debt.
In 2021, total expenditure declines, but remains at a higher level than in 2019: fiscal
stimulus is withdrawn to reduce deficits and stabilize the growth of public debt.
The budgets for 2022 suggest that public spending will maintain a downward trajectory
and that revenues will remain stable, which would translate into a reduction in deficits.
It is crucial to increase tax revenues and the tax structure to provide fiscal sustainability
to support pro-growth policies and to advance in the universalization of social
protection.
22
23. Fiscal deficits will narrow in 2021 as a result of lower spending and higher public
revenues, public debt will remain at elevated levels
LATIN AMERICA (16 COUNTRIESa): CENTRAL GOVERNMENT FISCAL
INDICATORS, 2019 TO 2021b
(In percentages of GDP)
LATIN AMERICA (16 COUNTRIES): CENTRAL GOVERNMENT GROSS
PUBLIC DEBT, 2000 TO THIRD QUARTER 2021 (PRELIMINARY)a
(In percentages of GDP)
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
a Figures for Argentina, Chile and Nicaragua refer to June 2021. Data for Brazil are for the general government.
23
39.8
41.0
53.5
53.2
48.4
41.8
36.3
31.6
29.4
31.7
30.6
29.9
31.3
32.7
34.2
36.6
38.3
39.7
43.0
45.3
56.4
54.7
0
10
20
30
40
50
60
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
T3
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
a Argentina (NPA), Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador,
Guatemala, Honduras, Mexico (FPS), Nicaragua, Panama, Paraguay, Peru (GG) and Uruguay.
b Simple averages. Figures for 2021 correspond to official estimates or budgets.
-3.0
-6.9
-5.0
18.5 17.8
18.6
21.4
24.7
23.6
-0.4
-4.2
-2.4
-10
-5
0
5
10
0
5
10
15
20
25
2019 2020 2021 (proy)
Overall balance (right axis) Total revenue (left axis)
Total expenditure (left axis) Primary balance (right axis)
24. In the Caribbean, fiscal deficits will also narrow and public debt will
remain at elevated levels
THE CARIBBEAN (12 COUNTRIESa): CENTRAL GOVERNMENT FISCAL
INDICATORS, 2019 TO 2021b
(In percentages of GDP)
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
a Antigua and Barbuda, Bahamas, Barbados, Belize, Grenada, Guyana, Jamaica, Saint Kitts and Nevis, Saint Lucia,
Saint Vincent and the Grenadines, Suriname and Trinidad and Tabago.
b Simple averages. Figures for 2021 correspond to official estimates or budgets.
THE CARIBBEAN (13 COUNTRIES): CENTRAL GOVERNMENT GROSS PUBLIC
DEBT, 2011 TO THIRD QUARTER 2021 (PRELIMINARY) a
(In percentages of GDP)
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
a Figures for Guyana correspond to March 2021 and refer to the public sector. Figures for The Bahamas, Belize
and Trinidad and Tabago correspond to June 2021. 24
-2.4
-7.0
-5.8
26.3
24.7
26.3
28.7
31.8 32.1
0.2
-4.3
-2.8
-10
-5
0
5
10
0
5
10
15
20
25
30
35
2019 2020 2021 (proy)
Overall balance (right axis) Total revenue (left axis)
Total expenditure (left axis) Primary balance (right axis)
68.9 70.2 70.5 71.5 70.2 70.5 72.5 70.0 69.7
89.0 90.3
0
10
20
30
40
50
60
70
80
90
100
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
T3
25. Lower public spending in 2021 is principally due to a reduction in
subsidies and transfers
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
a Argentina (NPA), Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico (FPS), Nicaragua, Panama, Paraguay, Peru (GG) and Uruguay.
b Simple averages. Figures for 2021 correspond to official estimates or budgets.
In 2020, subsidies and current transfers were the
main driver of primary current spending, with an
increase of 2.2 percentage points of GDP compared
to 2019.
In 2021, subsidies and transfers are expected to fall
by 1.0 percentage point of GDP compared to 2020,
representing the majority of the contraction in
primary current spending.
Budgets for 2022 point to a continuation in the
downward trajectory of public spending.
LATIN AMERICA (16 COUNTRIESa): INTERANNUAL VARIATION IN CENTRAL
GOVERNMENT TOTAL EXPENDITURE, 2020 TO 2021b
(In percentages of GDP)
25
24.7
23.6
-1.0
-0.1
+0.1
-0.1
2020
Total expenditure
Primary current
expenditure
Interest payments Capital
expenditure
2021
Total expenditure
Subsidies and current transfers
Other primary current expenditures
Interannual variations
26. Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
a Argentina (NPA), Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico (FPS), Nicaragua, Panamá, Paraguay, Peru (GG) and Uruguay.
b Simple averages. Figures for 2021 correspond to official estimates or budgets.
LATIN AMERICA (16 COUNTRIESa); CENTRAL GOVERNMENT INTEREST PAYMENTS AND CAPITAL
EXPENDITURE, 2000 TO 2021b
(In percentages of GDP)
Two areas of concern for growth are the low levels of public investment and the increase in
interest payments
26
Rising interest payments in
recent years has reduced the
space for other priority
expenses.
Expenditure for public
investment has been the
principal variable of fiscal
adjustment. This situation
should be avoided in the
future so as not to affect
potential growth of the
economy.
1.7
2.6
4.3
3.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
(f)
Interest payments Capital expenditure
27. Public spending adopt a strategic perspective
27
Beyond the level of spending, it is necessary to link short-term demands with long-term investments.
As long as the pandemic persists, it will be necessary to maintain emergency social transfers and pro-employment
policies to continue to cope with the social and economic effects of the pandemic.
Prioritize investment in strategic sectors such as clean, environmental, digital energy, mobility and care, promoting
employment and gender equality.
Public investment should be used to attract private investment (crowding-in) and tax incentives should be
directed towards renewable energy, decarbonisation, digital inclusion, research and development.
In a complementary manner, progress should be made in closing social gaps through the universalization of social
protection systems, health, care and education, in addition to laying the foundations to guarantee their financial
sustainability.
28. A strategic view of investment: universalization of public services
28
BENEFITS AND COSTS OF INVESTMENTS TO UNIVERSALIZE THE COVERAGE OF
DRINKING WATER, SANITATION AND ELECTRICITY
Source: Economic Commission for Latin America and the Caribbean (ECLAC).
ITEM WATER AND SANITATION ELECTRICITY
Population of Latin America
and the Caribbean without
access
166 million people without
safely managed drinking water
443 million people without
safely managed sanitation
19 million people without
access to electricity
77 million people without
access to fuels and clean
technologies for cooking
Annual cost of non-payment of
water, sanitation and electricity
bills, quintiles 1 and 2
0.12% of GDP per year 0.29% of GDP per year
Investment required annually
until 2030
1.3% of GDP per year 1.3% of GDP per year
Cost-benefit ratio per dollar
invested
USD 2.4 in drinking wáter
USD 7.3 in sanitation
Not available
New direct jobs 3.6 million jobs per year 0.5 million jobs for year
Improved public health and
environment
Bolster sustainable water and
energy transitions
Reduce CO2 emissions by roughly
100 MT
Public-private partnerships
Incentives for regional energy
integration and complementarity
Regulatory requirements: legal
certainty, technological neutrality
and effective public regulatory
bodies
29. Options to expand fiscal space and make public spending sustainable
LATIN AMERICA AND THE CARIBBEAN (26 COUNTRIES) AND OECD: TAX
STRUCTURE OF THE GENERAL GOVERNMENT, 2019
(Percentages of GDP)
Eliminate tax evasion: tax noncompliance
represented US $ 325 billion, 6.1% of regional
GDP.
Consolidate income tax for individuals and
corporations.
Extend the scope of taxes on wealth and
property.
Taxes on the digital economy, environmental
and related to public health problems.
Review and progressively update royalties for
the exploitation of non-renewable resources.
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of Revenue Statistics
in Latin America and the Caribbean 2021.
6.2
0.9
0.2
0.4
11.4
3.9
11.5
1.9
0.4
0.1
10.9
9.0
Income
Property
Payroll
Other taxes
Goods and
services
Social
contributions
Latin America and the Caribbean OECD
30. Tax expenditures represent important foregone revenues in the region,
averaging 3.7% of GDP
LATIN AMERICA: TAX EXPENDITURES BY TYPE OF TAX, AROUND 2016 TO 2019
(In percentages of GDP)
Tax expenditures are an
indirect spending
mechanism that would
significantly increase
the level of budget
spending.
On average they are
equivalent to 17% of
budget expenditures.
It is necessary to
evaluate them and
redirect them towards
productive and social
priorities.
30
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.
0.4
1.6 2.1
1.3
2.3
0.7
2.0 1.8
0.8
2.4
1.7 1.3
0.3 0.4
1.5
1.2
1.0
1.5 0.8
2.9
2.7
2.3
1.9
1.4
3.3
1.4 2.3
0.9
1.6
3.2
0.3
0.7
0.3
0.4
1.0
1.0
1.1
2.3
1.2
4.1
2.9
5.5
5.1
4.7
3.8
2.3
6.2
3.2
3.6
1.4
2.1
5.8
0
1
2
3
4
5
6
7
Argentina
(2019)
Bolivia
(2016)
Brazil
(2019)
Chile
(2019)
Colombia
(2017)
Costa
Rica
(2017)
Dominican
Rep.
(2018)
Ecuador
(2017)
El
Salvador
(2016)
Guatemala
(2017)
Honduras
(2019)
Mexico
(2019)
Panama
(2016)
Paraguay
(2019)
Peru
(2019)
Uruguay
(2019)
Income taxes VAT and other general consumption taxes Excises Others
31. The implementation of the global minimum rate agreement of 15%
would benefit several countries in the region
The region must maintain common positions for issues
to be considered in the future:
• Increase the minimum rate.
• Increase the universe of multinational enterprises
covered by the agreement.
• Achieve a more equitable distribution of tax
revenues between developed and developing
countries.
Along with defining the global minimum rate, it is
essential to advance in:
• Global agreements to reduce tax evasion.
• Eliminate the use of tax havens, the transfer of
profits and illicit financial flows.
Tax and financial transparency agreements are required
at a global level.
ESTIMATED ADDITIONAL TAX COLLECTION, ACCORDING TO THE
MINIMUM TAX RATE CONSIDERED
(In millions of euros)
Source: Barake, Neef, Chouc y Zucman (2021), “Revenue Effects of the Global Minimum
Tax: Country-by-Country Estimate”, EUTax Observatory, October.
Note: Estimates of potential tax revenues associated with the adoption of Pillar 2 of BEPS.
31
Tasa de 15%
(agreement)
Tasa de 25%
(ICRICT proposal)
Argentina 100 200
Brazil 1,500 10,500
Mexico 400 1,100
Peru 100 800
32. Different areas in which Financing for Development supports policy and
investment space
Expand and
redistribute
liquidity
• Fiduciary Fund of
middle income
countries
(financed
primarily by SDRs)
• Multilateral funds
(FACE)
Strengthen
development banks
• Expand the
universe of
instruments to
capture and
assign resources
• Expanding
lending capacity
requires greater
levels of
capitalization
Reform
international debt
architecture
• Expand the scope
of the DSSI
• IMF surcharge
policies
• Credit rating
agencies
Innovative
instruments
• Contingent
clauses
(hurricane bonds)
• Bonds linked to
GDP and national
income
Integrate liquidity
measures and debt
reduction
32
• Strategic
approach to
investment
• Role of
development
banks
• Caribbean
Resilience Fund
33. Multilateral policies for access to liquidity and debt management are
key to increasing policy space
The issuance of special drawing rights (SDRs) equivalent to USD 650
billion has strengthened the international reserve position of all developing
regions.
However, their distribution has disproportionately benefited developed
countries. Developing countries, which make the greatest use of SDRs,
received only 35.6% of the total.
ALLOCATION OF SDR AND THEIR DOLLAR EQUIVALENT, AUGUST 2021
(Billions of dollars, participation in total and percentage of international reserves)
SELECTED REGIONS: SDR UTILIZATION RATE, 2020
(Percentages of IMF quota)
33
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of figures from IMF (2021).
Note: Percent of international reserves corresponds to the median for each region/subregion.
Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of figures from IMF (2021).
5.9
18.5
14.8
16.8
28.7
Advanced
countries
Developing
countries
Africa Asia Latin America and
the Caribbean
Billions of
dollars
% of
total
% of
international
reserves
Developing countries 231,6 35,6 27,5
Latin America and the
Caribbean
51,2 7,9 6,9
South America 33,7 5,2 4,5
Central America 3,6 0,5 8.3
Mexico 12,2 1,9 6.1
The Caribbean 2,1 0,3 13.4
34. Reassignment of Special Drawing Rights
34
Countries of the region have made use of the SDRs in three principal ways:
1. Increase the level of international reserves to strengthen their external position and
reduce risk, this has been the case for the majority of countries in the region
2. Financing public expenditure
• Ecuador: capital expenditure contemplated in the Annual Investment Plan.
• Paraguay: finance the implementation of the Economic Consolidation and Social
Containment Law, approved on August 25, 2021, whose main objective is to provide
resources for the health system and guarantee the continuity of the financial and assistance
programs implemented at the beginning of the pandemic.
3. Restructuring/repayment of public debt
• Colombia: short-to-medium-term government debt swap, which reduced financing needs for
2021-2022 and improved the authorities' liquidity position.
• Argentina: payment of interest and amortization of its debt with the IMF due in September
and December 2021.
35. In sum, 2022 faces great challenges for growth, the generation of employment
coupled with the social costs of the pandemic
1. Uncertain environment with strong asymmetries between developed and emerging economies.
2. In 2022 Latin America and the Caribbean will grow only a third of what it grew in 2021 and will
slow more than the world; it will grow 4 points less in 2022.
3. Growing inflationary pressures and the multi-causal nature of inflation require expanding the
range of instruments available to the monetary authority (reserve requirements, interest rates,
international reserves, use of SDRs).
4. Redistribution of liquidity to developing countries and in particular to middle-income countries
with multilateral policies of reallocation of SDRs, debt management and creation of funds to
support resilience for climate action.
5. Confront the structural problems of low investment and productivity, poverty and inequality.
35
36. Policy challenges
Growth and employment policies with productive, labour and care policies, especially for women
and young people and with a vision of universalization of social protection
Fiscal sustainability implies increasing revenues, raising the tax burden and improving its structure,
to finance an upward trajectory of growing spending demands.
Reduce evasion, increase direct, environmental and digital taxes and review royalties related to the
production of non-renewable natural resources.
Avoid premature fiscal consolidation measures that would slow recovery with public spending that
prioritizes investment towards sectors intensive in employment and environmental sustainability.
Expand the spectrum of instruments (monetary, exchange rate and macroprudential) beyond the
interest rate, to face inflationary pressures without undermining efforts to recover growth and
employment.
Expand the toolbox available both domestically and internationally with multilateral policies for
access to liquidity, financing, and debt management to increase fiscal space.
36
