Regulation, and to reduce restrictions to trade and access to foreignĬapital, can deliver rapid output gains by promoting domestic and foreign Major changes addressing critical constraints toĮconomic activity, such as reforms to improve governance and business Our research shows that success hinges on how reforms are prioritized, Limits on trade, notably through controls on foreign exchange, and toĪccess to foreign capital are still prevalent in many countries.Īdditionally, restrictions in credit markets and labor markets contribute Reducing excessive regulation to make it easierįor people to open and run a business is also one area with substantial roomįor improvement, particularly in low-income countries. ![]() Including weak governance, due to government ineffectiveness, political Significant structural impediments continue to hinder growth in emerging And these reformsĪre key to facilitate the decarbonization of economies. Provided reforms are properly prioritized and sequenced. Spurring growth-can quickly materialize even under severe economic strains, Regulations for businesses and people-an enduring IMF recommendation for As we show in a new staff discussion note, the gains from overhauling institutions and Participating in global efforts to reduce their carbon emissions and helpĬombat climate change without sacrificing growth and jobs.Īmid such challenges, economy-wide reforms give policymakers the tools toįoster growth and prepare for the green transition. At the same time, these economies face the conundrum of People expose some of these countries to substantial social instability Slower growth and constrained capacity to support their most vulnerable ![]() These challenges mounted during the pandemicĪnd were further intensified by Russia’s war in Ukraine. Growth and limited policy space due to high inflation, rising debt, andīalance of payments pressures. Many emerging market and developing economies face threats to economic
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