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Blog: Why Jobs are Plentiful While Workers are Scarce

January 19, 2022
In the US and UK, the recent labor market puzzle can be partly explained by mismatch, the pandemic’s effect on women (in the US) and older workers leaving the work force.

Has COVID-19 Induced Labor Market Mismatch? Evidence from the US and the UK

January 19, 2022
This paper studies whether labor market mismatch played an important role for labor market dynamics during the COVID-19 pandemic. We apply the framework of S¸ahin et al. (2014) to the US and the UK to measure misallocation between job seekers and vacancies across sectors until the third quarter of 2021. We find that mismatch rose sharply at the onset of the pandemic but returned to previous levels within a few quarters. Consequently, the total loss in employment caused by the rise in mismatch was smaller during the COVID-19 pandemic than during the Global Financial Crisis. The results are robust to considering alternative definitions of job seekers and to using a measure of effective job seekers in each sector. Preliminary evidence suggests that increased inactivity among older workers, the so called She-cession (particularly in the US) and shifting worker preferences amid strong labor demand are more prominent explanations for the persistent employment shortfall vis-à-vis pre-COVID levels.

Blog: How the IMF Continues to Change To Confront Global Challenges

January 18, 2022
From COVID-19 to climate change, economies are facing new challenges.

Angola: 2021 Article IV Consultation and Six Review under the Extended Arrangement of the Extended Fund Facility and Request for a Waiver of Nonobservance of a Performance Criterion; Press Release; Staff Report; and Statement by the Executive Director for Angola

January 18, 2022
Policies since 2018 have stabilized the economy in a very difficult environment. Yet many challenges remain for sustainable development, especially high debt and oil dependency. The authorities remain committed to continued reforms.

Angola: Selected Issues

January 18, 2022
Selected Issues

Maldives: Technical Assistance Report-Revising the Fiscal Responsibility Act

January 14, 2022
The Fiscal Responsibility Act (FRA) came into effect in 2013 to reduce rising public debt and achieve fiscal stability. Maldives has experienced rapid public debt accumulation over the past decade. The FRA establishes objectives for maintaining debt at a sustainable level and reducing the overall fiscal balance. The Act also sets minimum standards for fiscal transparency and accountability and requires the Government to prepare and publish medium-term fiscal and debt strategy reports.

Senegal: 2021 Article IV Consultation, Fourth Review Under the Policy Coordination Instrument, First Reviews Under the Stand-By Arrangement and the Arrangement Under the Standby Credit Facility, and Request for Modification of Performance Criteria and Quantitative Targets

January 14, 2022
The COVID-19 pandemic interrupted a decade of high growth and development progress in Senegal. While a recession was avoided in 2020, the pandemic caused severe hardship and most households experienced income and job losses. A dynamic recovery is underway since mid-2020, supported by expansionary fiscal policy. However, higher fiscal deficits and lower growth have resulted in a rapid increase of the debt-to-GDP ratio and fiscal space is narrowing. COVID-19 case numbers remain comparatively low and about 14 percent of the adult population is vaccinated. Recent pandemic waves had little impact on economic activity in the absence of new lockdowns or movement restrictions.

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