Africa is 'Living on the Edge' – The IMF Assesses Economies Under Stress allafrica: Africa
released today offers a stark assessment of the current economic outlook is clear from the title:"Living on the Edge." Modest recovery that was beginning in 2021"has been abruptly interrupted", the survey says."The near-term outlook is extremely uncertain, and policymakers"face the most challenging environment in years.
Talk about the policy priorities in the Survey, including addressing food security and shifting monetary policies. Yes, subsidies and tax cuts are quite costly. On the fuel side, where the costs are higher, the rationale is less straightforward, because they are regressive and inefficient and not conducive to adjustment. So countries without the space to afford those are going to need to make those adjustments more quickly.
This brings us to managing public finances and debt, which is a rising challenge for many African countries.In the Africa department we have been discussing this for a number of years, because debt vulnerabilities have been rising. Right now, 19 of 35 low income countries are either at high risk of debt distress or are in debt distress.
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