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Global Macro Views: COVID-19 and Global Growth

We made our “no recession” call last year with a high degree of conviction, ... because data pointed to an end of the inventory overhang...

Macro Notes: South Africa’s Budget Promises Wage Bill Cuts

South Africa’s 2020 budget was well-received by financial markets. The proposed adjustment is largely driven by cuts to the wage bill. Savings are just enough to offset weaker revenue due to weak growth. Thus, public debt is still set to increase to ~70% of GDP by FY22/23. Key risks remain low growth, union resistance, and struggling SOEs.

Economic Views: EM Current Account Vulnerability

We update our framework to track EM current accounts. Sluggish imports are reducing deficits in many countries, … a sign that domestic dema...

Sustainable Finance Policy & Regulation: The Case for Greater International Alignment

Given the global nature of the climate change agenda, global leadership is essential to encourage the development of well-aligned and considered regulatory and supervisory frameworks across jurisdictions. However, there are already signs of fragmentation in several policy areas.

Sustainable Finance In Focus: New Approaches to Private Sector Funding for Sustainable Development

Welcome to 2020 -- the “Decade of Delivery” for the 2030 Sustainable Development Goals (SDGs).

IIF Capital Flows Tracker: Flows Slide as Coronavirus Rattles Markets

Portfolio flows to EM stood at $3.4 bn in February. Equity and debt were -$9.7 bn and $13.2 bn, respectively. Net capital flows to EM reached $40.2 bn in January.

CEEMEA Views: Ethiopia’s IMF Program Will Grow Buffers

Ethiopia has experienced the world’s highest real GDP growth in recent years. But high external financing needs and low reserves represent vulnerabilities. The recently approved IMF program will allow for buffers to be established. Structural reforms, in particular of SOEs, are needed for sustainable growth.

IIF Response to BCBS Consultation on Revisions to Market Risk Disclosures

On February 14, 2020 the IIF responded to a BCBS consultation on revisions to market risk disclosure requirements.

Green Weekly Insight: The Race for Better ESG Disclosure

Could green be the new safe haven? Flows to ESG-dedicated equity funds remain robust in February. Global environmental, social and governance (ESG) disclosure varies widely: it’s more prevalent in Singapore, Malaysia and China but firms tend to focus on only a few data points.  Governance disclosures remain largely incomplete. The level of environmental disclosure is highest among firms in Europe, Hong Kong, and South Africa. Only 60% of large companies listed in the S&P 1200 index disclose data on carbon emissions. 

GMV: A Growing Credit Impulse across EM

Last week we identified a building credit impulse in Turkey, ... rivaling in size the Q1 2019 credit expansion ahead of elections.  There are...


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