These nations’ resilient response to many global shocks was aided by more robust institutional and regulatory frameworks. However, the likelihood of their growth slowing down has increased the distance between them and advanced economies.
The intricate overall image is influenced by several aspects. The countries are becoming more and more fragmented in terms of trade and capital movements.
The economy is already being impacted by the growing hazards associated with climate change, which also affect agricultural production, transportation reliability, and the availability and cost of insurance. Sub-Saharan Africa is one of the regions with the greatest population potential, but these hazards could hold it back.
In light of this, Brazil’s G20 agenda places a welcome emphasis on ending hunger and poverty while highlighting other important topics like inclusiveness, sustainability, and global governance.
At this critical juncture in the global recovery, policymakers may be guided by this ambitious agenda, which the IMF is working to support.