Background Paper N°5 - GEPR working paper series
Macroeconomic policy responses to the COVID crisis in emerging market and developing economies: Current outcomes and evolving challenges
Background paper for the Global Employment Policy Review (GEPR), Second edition (forthcoming).
- Macroeconomic policy responses to the COVID crisis in emerging market and developing economies: Current outcomes and evolving challengespdf - 1.8 MB
This background paper offers a succinct overview of macroeconomic policy responses to the COVID-19 crisis in emerging market and developing economies (EMDEs). The scope of macroeconomic policy responses includes fiscal stimulus packages, monetary policy accommodation as well as labour market and social protection policies. The paper explores whether countries, especially in EMDEs, have tightened macroeconomic policy instruments between mid-2020 and September 2021 in response to heightened concerns about worsening fiscal balances, inflationary pressures, and projections of growth recovery over the medium-term.