Figure 1.

11 EMDE outlook
1.11.A. Growth in EMDES
1.11.B. Average size of forecast downgrade in 2020, by EMDE group
1.11.C. Inbound tourism from 2014-18, by EMDE group
1.11.D. Actual and Consensus forecasts for investment growth in EMDEs
1.11.E. Cumulative EMDE potential output response after recessions
1.11.F. School closures
Figure 1.12 EMDE per capita income growth and poverty
1.12.A. EMDE per capita growth
1.12.B. Level of EMDE  per capita incomes relative to January 2020
1.12.C. Extreme poverty rates
1.12.D. Infrastructure gaps and commodity revenues
Figure 1.13 Risks to outlook
1.13.A. Consensus growth forecasts: Advanced economies
1.13.B. Consensus growth forecasts: EMDEs
1.13.C. Forecast level of output relative to January projections
1.13.D. Global output growth around global recessions
Figure 1.14 More protracted pandemic
1.14.A. Health indicators in 2017
1.14.B. Percent of households able to procure emergency funds in 2017
1.14.C. Unemployment benefit coverage and share of temporary workers, by EMDE group
1.14.D. Coverage of social insurance programs among EMDEs
Figure 1.15 Financial crises and debt burdens
1.15.A. Global debt
1.15.B. EMDE sovereign borrowing costs
1.15.C. Change in nominal broad effective exchange rate
1.15.D. U.S corporate bond yields
Figure 1.16 Retreat from global value chains
1.16.A. Global value chains as a share of global trade
1.16.B. Change in container throughput volumes
1.16.C. China's purchase commitments
1.16.D. Bilateral U.S.-China trade and U.S.-Euro Area trade in 2018
Figure 1.17 Monetary and financial policies in advanced economies
1.17.A. Cumulative change in policy rates
1.17.B. Unconventional monetary policy in major advanced economies
1.17.C. Monetary policies across advanced economies
1.17.D. Fiscal policies across advanced economies
Figure 1.18 Fiscal policies in advanced economies
1.18.A. Fiscal support measures in major advanced economies
1.18.B. Fiscal policies across advanced economies
Figure 1.19 Structural policies in advanced economies
1.19.A. Health security in advanced economies
1.19.B. Public unemployment spending in 2015
Figure 1.20 EMDE monetary and financial policy
1.20.A. EMDE inflation and oil prices
1.20.B. External financing needs in 2020, by year-to-date currency depreciation
1.20.C. Monetary policy in EMDEs
1.20.D. Central bank asset purchases in EMDEs
1.20.E. Government bond yields following asset purchase program announcements
1.20.F. Macroprudential and other monetary policies in EMDEs
by EMDE group
ncements
Figure 1.11.A. Growth in EMDEs

Percent Colum
6

-2

-4
2019 2020 2021 2019 20
EMDEs LIC

Source: World Bank.

Note: Aggregates are calculated using U.S. dollar GDP weights at 2010 prices and market
indicate forecasts. Historical low is calculated over the period 1970-2018.
Return to Read Me
 EMDE

Column T EMDEs 2019

2020
3.5
-2.5
2021 4.6
LICs 2019
2020
2021

19 2020 2021
LICs

rices and market exchange rates. Shaded areas

LIC Historical low
0.9
0.9
###
0.9
###
5 -1.8
1 -1.8
###
4.6 -1.8
###
###
Figure 1.11.B. Average size of forecast downgrade in 2020,

Percentage points
0
-2
-4
-6
-8
-10
capacity

FCVs
Tourism

commodity
Limited
health

exporters
Industrial
reliant

Source: World Bank

Note: LICs = Low-income countries, FCVs = fragile, conflict, and violence-affected econom
simple average of forecast downgrades expected in 2020. Orange vertical lines indicate the
“Tourism reliant” indicates tourism as a share of GDP above the EMDE median value. “Lim
indicates health expenditure as percent of GDP below EMDE median. “Industrial commodit
in Table 1.2. “Other EMDEs” indicates EMDEs not included in other categories. Sample inc
which 69 rely on tourism, 71 have limited health capacity, 49 are industrial commodity expo
Note: LICs = Low-income countries, FCVs = fragile, conflict, and violence-affected econom
simple average of forecast downgrades expected in 2020. Orange vertical lines indicate the
“Tourism reliant” indicates tourism as a share of GDP above the EMDE median value. “Lim
indicates health expenditure as percent of GDP below EMDE median. “Industrial commodit
in Table 1.2. “Other EMDEs” indicates EMDEs not included in other categories. Sample inc
which 69 rely on tourism, 71 have limited health capacity, 49 are industrial commodity expo
Return to Read Me
 grade in 2020, by EMDE group

EMDEs
FCVs

Other
exporters

nce-affected economies. Figure shows the

rtical lines indicate the interquartile range.
E median value. “Limited health capacity”
. “Industrial commodity exporters” are defined
ategories. Sample includes 144 EMDEs, of
strial commodity exporters, and 31 are FCVs.
Tourism Magnitude Positive Negative
reliant
health -7.8 2 1.5
capacity
commodity -7.3 2.7 1.1
exporters -6.9 1.6 1
FCVs
Other -6.2 2.2 2.4
EMDEs -5.8 0.9 0.2
Figure 1.11.C. Inbound tourism from 2014-18, by EMDE grou
Percent of GDP
20
Interquartile range Q1
16 Median

12

0
Commodity Comm
exporters importe

Source: World Bank; World Tourism Organization.

Note: Sample includes 146 EMDEs, of which 84 are commodity exporters and 62 are comm
Return to Read Me
 by EMDE group
Commodity
exporters
Commodity
importers

Commodity
importers

rters and 62 are commodity importers.

Q1 Interquartile range Median
1.0 2.8 1.9
2.6 16.8 7.0
Figure 1.11.D. Actual and Consensus forecasts for investme
Percent Investment Growth
12

-4
2003-08 2013-18
average average
Source: Consensus Economics; World Bank.
Note: Aggregates are calculated using U.S. dollar GDP weights at 2010 prices and market
areas indicate forecasts. Blue bars denote actual investment growth. Consensus forecasts
a simple average of surveys based on data availability. Sample includes 48 economies.
Return to Read Me
ts for investment growth in EMDEs

h 2003-08 average
2013-18 average
2020

18 2020
ge

10 prices and market exchange rates. Shaded

Consensus forecasts aggregate calculated as
des 48 economies.
Investment Growth Current 10-year Consensus forecast
11.6 3.7
4.7 3.7
-3.5 3.7 ###
Figure 1.11.E. Cumulative EMDE potential output response

Percent
0

-2

-4

-6

-8
t t+5 t
Recession Financ
and re

Source: Ha, Kose and Ohnsorge (2019); World Bank

Note: EMDE = Emerging Market and Developing Economies. Data and methodology are de
and Annex 3.4. Charts show impulse responses for 75 EMDEs from a local projections mod
cumulative slowdown in potential output after a recession, financial crisis, or oil price plunge
the event. Bars show coefficient estimates; vertical lines show 90 percent confidence bands
Return to Read Me
 utput response after recessions

t t+5
Financial crisis
and recession

and methodology are detailed in Chapter 3 Box 3.1

m a local projections model. Dependent variable is
crisis, or oil price plunge event. Year t is the year of
percent confidence bands.
 Potential output Error bars
Recession t -1.2 0.1
Financial crisis t+5 -6.2 1.1
and recession t -2.0 0.4
t+5 -7.6 1.7
Figure 1.11.F. School closures

Number
160 Non-LIC EMDEs

120

80

40

0
1-Apr
1-Mar
1-Feb

Source: UNESCO; World Bank.

Note: Number of countries that have either recommended or required school
domestic spread of COVID-19. Last observation is May 28, 2020.
Return to Read Me
 Percent
EMDEs LICs 100

80

60

40

20

0
1-Apr

1-May

d or required school closings as part of measures to contain the

8, 2020.
Date LICs Non-LIC EMDEs
1-Feb 0 0
2-Feb 0 0
3-Feb 0 0
4-Feb 0 0
5-Feb 0 0
6-Feb 0 0
7-Feb 0 0
8-Feb 0 0
9-Feb 0 0
10-Feb 0 0
11-Feb 0 0
12-Feb 0 0
13-Feb 0 0
14-Feb 0 0
15-Feb 0 0
16-Feb 0 0
17-Feb 0 0
18-Feb 0 0
19-Feb 0 1
20-Feb 0 1
21-Feb 0 2
22-Feb 0 2
23-Feb 0 2
24-Feb 0 2
25-Feb 0 2
26-Feb 0 4
27-Feb 0 4
28-Feb 0 4
29-Feb 0 4
1-Mar 0 5
2-Mar 1 7
3-Mar 1 8
4-Mar 1 8
5-Mar 1 8
6-Mar 1 8
7-Mar 1 9
8-Mar 1 10
9-Mar 1 11
10-Mar 1 12
11-Mar 1 18
12-Mar 1 24
13-Mar 1 28
14-Mar 2 30
15-Mar 2 33
16-Mar 7 69
17-Mar 8 72
18-Mar 10 77
19-Mar 14 84
20-Mar 19 91
21-Mar 20 91
22-Mar 20 91
23-Mar 23 99
24-Mar 23 101
25-Mar 25 104
26-Mar 25 106
27-Mar 26 107
28-Mar 26 107
29-Mar 26 107
30-Mar 28 112
31-Mar 29 113
1-Apr 29 114
2-Apr 29 114
3-Apr 29 114
4-Apr 29 114
5-Apr 29 114
6-Apr 29 113
7-Apr 29 113
8-Apr 29 113
9-Apr 29 113
10-Apr 29 114
11-Apr 29 114
12-Apr 29 114
13-Apr 29 114
14-Apr 29 113
15-Apr 29 113
16-Apr 29 113
17-Apr 29 113
18-Apr 29 113
19-Apr 29 113
20-Apr 29 112
21-Apr 29 112
22-Apr 28 111
23-Apr 28 111
24-Apr 28 111
25-Apr 28 111
26-Apr 28 111
27-Apr 28 110
28-Apr 28 110
29-Apr 28 110
30-Apr 28 110
1-May 28 110
2-May 28 110
3-May 28 110
4-May 29 106
5-May 29 106
6-May 29 106
7-May 29 106
8-May 29 106
9-May 29 106
10-May 29 106
11-May 28 104
12-May 28 104
13-May 28 104
14-May 28 104
15-May 28 104
16-May 28 104
17-May 28 104
18-May 28 100
19-May 28 100
20-May 28 100
21-May 28 100
22-May 28 100
23-May 28 100
24-May 28 100
25-May 28 99
26-May 28 99
27-May 28 99
28-May 28 99
Affected children (RHS)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.1
0.1
18.7
18.7
18.7
18.7
18.7
20
20
20
20
20
20.2
20.3
20.3
20.3
20.3
20.8
20.9
21.5
21.5
22.1
23.8
24.5
27.7
27.9
41.6
45.9
48.9
49.4
50.4
50.4
50.4
53.2
54
83.7
86.5
86.5
86.5
86.5
86.5
87.9
87.9
87.9
87.9
87.9
87.9
87.9
87.9
87.9
87.9
87.9
87.9
87.9
87.9
88
88
88
88
88
88
88
88
87.9
87.9
87.9
87.9
87.9
69.3
69.3
69.3
69.3
69.3
69.3
69.3
67.6
67.6
67.6
67.6
67.6
67.6
67.6
67.5
67.5
67.5
67.5
67.5
67.5
67.5
67
67
67
67
67
67
67
66.5
66.5
66.5
66.5
Figure 1.12.A. EMDE per capita growth

Percent EMDEs
4

-4

-8
2019 2020 2019 2020 2
EMDEs Oil
exporters

Source: World Bank.

Note: Sample includes 144 EMDEs, of which 29 are oil exporters and 20 are metal exporte
Return to Read Me
DEs EMDEs
Oil
exporters
Metals exporters
2017-18 average

020 2019 2020

Metals
rs exporters

are metal exporters.

 Oil
EMDEs exporters Metals exporters
2019 2020 2019 2020 2019 2020
2.3 -3.6
-0.7 -6.3
-0.6 -7.2
3.1 3.1
4 -0.1 -0.1
4 0.2 0.2
4
Figure 1.12.B Level of EMDE  per capita incomes relative to

Percent
0

-3

-6

-9
2020 20
Source: World Bank.
Note: Bars show the percent difference between the level of per capita GDP in the January
Global Economic Prospects. Orange whiskers indicate the interquartile range. Sample inclu
Return to Read Me
s relative to January 2020
2020
2021

2021

DP in the January and June 2020 editions of

nge. Sample includes 144 EMDEs.
EMDE per capita GDP Upper Lower
-6.2 1.3 2.3
-5.9 1.2 2.8
Figure 1.12.C. Extreme poverty rates

Percent of population
40 Row 3

30

20

10

0
Metals Energy
exporters exporters

Source: World Bank.

Note: Sample includes 127 EMDEs, of which 24 are oil exporters and 20 are metal exporte
Return to Read Me
 Extreme poverty rates
w3 EMDEs

Other
ers EMDEs

are metal exporters.

 Metals Energy Other
exporters exporters EMDEs
34.8 16.0 10.9
12.7 12.7 12.7
Figure 1.12.D. Infrastructure gaps and commodity revenues
Percent of GDP
15 Infrastructure investm
Resource revenues
12

0
MNA ECA SSA LAC E
Source: Rozenberg and Fay (2019); ICTD/UNU-WIDER; World Bank.
Note: EAP = East Asia and Pacific, ECA = Europe and Central Asia, LAC = Latin America a
Middle East and North Africa, SAR = South Asia, SSA = Sub-Saharan Africa. "Infrastructure
the GDP-weighted average annual cost of investment in the preferred scenario between 20
scenario minimizes overall costs and relies on what are considered “reasonable” assumptio
2019). "Resource revenues" reflect simple averages of total natural resource revenues, inc
revenues reported as “tax revenue” or “non-tax revenue” in 2017. Natural resources are he
resources that include a significant component of economic rent, primarily from oil and mini
80 EMDEs.
Middle East and North Africa, SAR = South Asia, SSA = Sub-Saharan Africa. "Infrastructure
the GDP-weighted average annual cost of investment in the preferred scenario between 20
scenario minimizes overall costs and relies on what are considered “reasonable” assumptio
2019). "Resource revenues" reflect simple averages of total natural resource revenues, inc
revenues reported as “tax revenue” or “non-tax revenue” in 2017. Natural resources are he
resources that include a significant component of economic rent, primarily from oil and mini
80 EMDEs.

Return to Read Me
dity revenues
MNA
ECA

e investment needs
SSA
LAC
EAP
venues SAR

LAC EAP SAR

C = Latin America and the Caribbean, MNA =

frica. "Infrastructure investment needs" reflect
cenario between 2015–30. The preferred
sonable” assumptions (Rozenberg and Fay
urce revenues, including natural resource
al resources are here defined as natural
ly from oil and mining activities. Sample includes
Infrastructure investment needs Resource revenues
7.2 12.6
8.8 3.6
9.2 3.4
4.5 1.7
6.5 1.2
7.5 0
Figure 1.13.A. Consensus growth forecasts: Advanced econ
Percent 2009 202
2

-2

-4

-6

-8
-29 33 92 153 214
Months
Source: Consensus Economics; World Bank.
Note: Market growth forecasts are based on estimates from Consensus Forecasts. Figure s
2009 global financial crisis and February 2020 for the COVID-19 outbreak. Last observation
Return to Read Me
dvanced economies
Days 2009 2020

9 2020 0
1
1.6 1.4
1.4
2 1.4
3 1.4
4 1.4
5
6
7 1.4
8 1.4
9 1.4
10 1.4
11 1.3
12
13
14 1.3
15 1.3
16 1.3
17 1.3
18 1.3
19
20
21 1.3
22 1.2
23 1.2

214 275 336 24

25
1.2
1.1
26
s 27
28 1.1
29 1.1
30 1.1
Forecasts. Figure starts in July 2008 for the 31 1.5 1.1
ak. Last observation is May 26, 2020. 32 0.9
33
34
35 0.9
36 0.9
37 0.9
38 0.8
39 0.4
40
41
42 0.3
43 0.2
44 0.3
45 -0.4
46 -1.3
47
48
49 -1.6
50 -1.8
51 -1.9
52 -1.8
53 -3.1
54
55
56 -3.4
57 -3.5
58 -3.5
59 -3.8
60 -4.6
61
62 1.4
63 -3.9
64 -4.2
65 -4.2
66 -4.4
67 -4.6
68
69
70 -4.7
71 -4.7
72 -4.8
73 -4.8
74 -5.1
75
76
77 -5.1
78 -5.2
79 -5.4
80 -5.4
81 -5.5
82
83
84 -5.5
85 -5.7
86 -5.7
87 -5.9
88 -6
89
90
91 -6.1
92 0.5 -6.2
93 -6.2
94 -6.2
95 -6.1
96
97
98 -6.1
99 -6.4
100 -6.4
101 -6.4
102 -6.6
103
104
105 -6.6
106 -6.7
107 -6.6
108 -6.7
109 -6.7
110
111
112 -6.7
113 -6.7
114
115
116
117
118
119
120
121
122
123 -0.1
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153 -0.8
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184 -1.4
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215 -2.1
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243 -3
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274 -3.4
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304 -3.6
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335 -3.8
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
Figure 1.13.B. Consensus growth forecasts: EMDEs
Percent 2009 202
8

-4
-29 33 92 153 214
Months
Source: Consensus Economics; World Bank.
Note: Market growth forecasts are based on estimates from Consensus Forecasts. Figure s
2009 global financial crisis and February 2020 for the COVID-19 outbreak. Last observation
Return to Read Me
 Days 2009 2020

9 2020 0
1
6.5 4.2
4.2
2 4.1
3 4.1
4 4.1
5
6
7 4.1
8 4.1
9 4.1
10 4.1
11 4
12
13
14 4.1
15 4
16 4
17 4
18 4
19
20
21 4
22 4
23 4

214 275 336 24

25
4
4
26
s 27
28 4
29 4
30 4
Forecasts. Figure starts in July 2008 for the 31 6.4 4
ak. Last observation is May 26, 2020. 32 3.8
33
34
35 3.8
36 3.7
37 3.6
38 3.6
39 3.4
40
41
42 3.2
43 3.1
44 3.1
45 2.5
46 1.6
47
48
49 1.7
50 1.4
51 1.4
52 1.4
53 1.1
54
55
56 1.3
57 1
58 1
59 0.8
60 0.4
61
62 6.2
63 0.1
64 0.2
65 0.1
66 0
67 0
68
69
70 -0.1
71 -0.6
72 -0.5
73 -0.5
74 -0.9
75
76
77 -0.9
78 -0.9
79 -1
80 -0.9
81 -1
82
83
84 -1
85 -1.1
86 -1.1
87 -1.2
88 -1.3
89
90
91 -1.4
92 5.5 -1.4
93 -1.4
94 -1.4
95 -1.7
96
97
98 -1.7
99 -1.8
100 -1.8
101 -1.8
102 -2
103
104
105 -2
106 -2
107 -2
108 -2
109 -2
110
111
112 -2
113 -2
114
115
116
117
118
119
120
121
122
123 4.8
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153 4.2
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184 3.5
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215 2.9
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243 2.2
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274 1.7
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304 1.4
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335 1.3
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
Figure 1.13.C. Level of output relative to January projection
Percent 2020
0

-2

-4

-6

-8

-10
World Advanced
economies

Source: World Bank.

Note: Figure shows the percent difference between the level of output in the January and J
Economic Prospects.
Return to Read Me
ry projections

2020 2021 World

Advanced economies
EMDEs

ed EMDEs
ies

the January and June 2020 editions of Global

2020 2021
-7.4 -6
-8.3 -6.1
-6.1 -5.9
Figure 1.13.D. Global output growth around global recessio
Percent
6
4
2
0
-2
Preceding 5-year average
-4 Global recession
-6 Year after global recession

-8
1975 1982 1991 2009
Source: World Bank.
Note: A global recession is defined as a contraction in real per capita GDP. Output growth i
period. Growth rates in 2020 and 2021 are the baseline forecasts (shaded in gray). Black lin
the lower and upper bounds of growth in the scenarios described in Box 1.3.
Return to Read Me
 bal recessions

1975
1982
1991
2009
2020

erage

ession

2009 2020

DP. Output growth in respective years and

ed in gray). Black lines indicate ranges based on
1.3.
Preceding 5-year average Global recession Year after global recession
4.6 1.1 5.2
3.1 0.4 2.7
3.5 1.3 1.7
3.7 -1.8 4.4
2.8 -5.2 4.2
 Global recession Year after global recession
Negative Positive Negative Positive

2.6 1.5 2.9 1.4

Figure 1.14.A. Health indicators in 2017
Number per
thousand people thou
50 EMDEs Advanced econ

40

30

20

10

0
Healthcare Hospital
workers (RHS)
Source: Organisation for Economic Co-operation and Development; World Bank.
Note: Unweighted averages. Sample includes 26 advanced economies and 11 EMDEs—C
Rica, Hungary, India, Indonesia, Mexico, Poland, Russia, and Turkey—as data are availabl
Return to Read Me
 Number per EMDEs
Advanced economies
thousand people EMDEs
Advanced economies

ed economies 6
5
4
3
2
1
0
Hospital beds
(RHS)
rld Bank.
and 11 EMDEs—Chile, China, Colombia, Costa
as data are available.
Healthcare Hospital beds
workers (RHS)
20.0
41.6
2.8
4.8
Figure 1.14.B. Percent of households able to procure emerg

Percent of age 15+ population

80

60

40

20

0
Advanced EMDEs
economies
Source: Demirgüç-Kunt et al. (2018); World Bank.
Note: Figure measures financial resilience by region. Data are based on a household surve
individuals would be able to procure an amount equal to 1/20 of gross national income (GN
within the next month. Aggregates are calculated as simple averages.
Return to Read Me
ocure emergency funds in 2017

Es LICs

a household survey on whether or not

ational income (GNI) per capita in local currency
Advanced Percent of households
economies 73.8
EMDEs 49.4
LICs 44.0
Figure 1.14.C. Unemployment benefit coverage and share o
Percent of unemployed Perce
workers
Receiving benefits
25 Temporary workers (RHS
20
15
10
5
0
Commodity Commodity L
exporters importers

Source: World Bank.

Note: Figure shows simple averages. Unemployment benefit coverage indicates share of u
unemployment benefits as reported by the ILO for the most recent year available. Share of
most recent survey in the World Bank’s Enterprise Surveys database. Sample includes 27 c
commodity importers, and 5 LICs.
Return to Read Me
 and share of temporary workers, by EMDE group
Percent of average Commodity exporters
Commodity importers
firm LICs

its
ers (RHS) 25
20
15
10
5
0
ty LICs

ndicates share of unemployed workers receiving

available. Share of temporary workers based on
ample includes 27 commodity exporters, 23
Temporary workers (RHS) Receiving benefits
5.9 13.0
4.0 22.1
7.5 3.8
Figure 1.14.D. Coverage of social insurance programs amon
Percent of population
30
25
20
15
10
5
0
Commodity Commodity
exporters importers
Source: World Bank.
Note: Aggregates calculated using population weights for the latest available year of data fo
includes 106 EMDEs, of which 60 are commodity exporters, 46 are commodity importers, a
social insurance programs shows share of population participating in programs that provide
pensions (including survivors and disability) and social security and health insurance benef
injury benefits, paid sick leave, maternity and other social insurance).
includes 106 EMDEs, of which 60 are commodity exporters, 46 are commodity importers, a
social insurance programs shows share of population participating in programs that provide
pensions (including survivors and disability) and social security and health insurance benef
injury benefits, paid sick leave, maternity and other social insurance).
Return to Read Me
ograms among EMDEs

dity LICs
s

able year of data for each country. Sample

modity importers, and 21 are LICs. Coverage of
ograms that provide old age contributory
th insurance benefits (including occupational
Commodity Percent of population
exporters
Commodity 16.8
importers 24.7
LICs 3.4
Figure 1.15.A. Global debt
Percent Column V Governmen
250

200

150

100

50

0
1970
1973
1976
1979
1982
1985
1988
1991
1994
1997
2000
2003

Source: International Monetary Fund; Kose et al. (2017); World Bank.

Note: Shaded area indicates forecasts. Aggregates are calculated using nominal U.S. dolla
includes 27 advanced economies and the Euro Area and 153 EMDEs.
Return to Read Me
 Year Government
ernment Private 1970
1971
37.7
37.8
1972 37.4
1973 33.8
1974 31.7
1975 35.2
1976 35.8
1977 36.3
1978 38.1
1979 38.0
1980 39.1
1981 41.3
1982 45.3
1983 48.5
1984 50.7
1985 53.8
1986 57.8
1987 60.1
1988 58.3
1989 56.0
1990 55.7
1991 57.6
1992 61.5
1993 64.7
2000
2003
2006
2009
2012
2015
2018
2021

1994 66.5
1995 66.8
1996 66.3
1997 65.2
1998 66.9
1999 68.0
2000 65.7
nominal U.S. dollar GDP weights. Sample 2001 65.1
2002 67.0
2003 68.3
2004 70.2
2005 68.0
2006 64.0
2007 61.1
2008 64.1
2009 74.7
2010 76.9
2011 78.0
2012 79.5
2013 78.3
2014 78.6
2015 79.7
2016 82.8
2017 81.4
2018 81.5
2019 83.3
2020 96.4
2021 96.6
Private Total
78.8 116.5
81.3 119.1
85.4 122.8
85.9 119.7
83.0 114.6
84.2 119.5
83.8 119.6
83.7 120.0
86.8 124.9
86.7 124.6
85.9 125.0
86.4 127.7
89.1 134.4
92.3 140.7
95.6 146.3
99.4 153.2
106.8 164.6
111.4 171.5
115.5 173.8
118.6 174.6
116.3 172.1
118.6 176.2
120.3 181.8
123.5 188.2
122.4 188.9
121.4 188.2
118.0 184.3
117.8 182.9
118.8 185.8
124.1 192.1
124.5 190.2
125.5 190.6
128.8 195.8
129.8 198.1
129.5 199.7
129.9 197.9
131.9 195.9
134.1 195.2
134.9 199.0
141.0 215.6
134.8 211.7
132.6 210.6
133.5 213.0
135.0 213.2
137.5 216.1
142.0 221.7
144.5 227.3
144.3 225.7
144.7 226.2
146.6 229.8

###
###
Figure 1.15.B. EMDE sovereign borrowing costs
Basis points
+/-2std +/-1std
1,000
+/-1std +/-1std
800 +/-2std Bond spr
600

400

200

0
2017-...
2017-...
2017-...

2018-...
2018-...
2018-...

2019-...
2017-...

2018-...

2019-...

Source: J.P. Morgan; World Bank.

Note: Sample includes 50 EMDEs. Standard deviation calculated over period from January
which is May 27, 2020.
Return to Read Me
 Date
2017-01-03
/-1std 2017-01-04
2017-01-05
2017-01-06
/-1std 2017-01-09
2017-01-10

Bond spread 2017-01-11

2017-01-12
2017-01-13
2017-01-16
2017-01-17
2017-01-18
2017-01-19
2017-01-20
2017-01-23
2017-01-24
2017-01-25
2017-01-26
2017-01-27
2017-01-30
2017-01-31
2017-02-01
2019-...
2019-...
2019-...

2020-...
2019-...

2020-...

2017-02-02
2017-02-03
2017-02-06
2017-02-07
2017-02-08
2017-02-09
2017-02-10
2017-02-13
2017-02-14
riod from January 2, 2015 to last observation, 2017-02-15
2017-02-16
2017-02-17
2017-02-20
2017-02-21
2017-02-22
2017-02-23
2017-02-24
2017-02-27
2017-02-28
2017-03-01
2017-03-02
2017-03-03
2017-03-06
2017-03-07
2017-03-08
2017-03-09
2017-03-10
2017-03-13
2017-03-14
2017-03-15
2017-03-16
2017-03-17
2017-03-20
2017-03-21
2017-03-22
2017-03-23
2017-03-24
2017-03-27
2017-03-28
2017-03-29
2017-03-30
2017-03-31
2017-04-03
2017-04-04
2017-04-05
2017-04-06
2017-04-07
2017-04-10
2017-04-11
2017-04-12
2017-04-13
2017-04-14
2017-04-17
2017-04-18
2017-04-19
2017-04-20
2017-04-21
2017-04-24
2017-04-25
2017-04-26
2017-04-27
2017-04-28
2017-05-01
2017-05-02
2017-05-03
2017-05-04
2017-05-05
2017-05-08
2017-05-09
2017-05-10
2017-05-11
2017-05-12
2017-05-15
2017-05-16
2017-05-17
2017-05-18
2017-05-19
2017-05-22
2017-05-23
2017-05-24
2017-05-25
2017-05-26
2017-05-29
2017-05-30
2017-05-31
2017-06-01
2017-06-02
2017-06-05
2017-06-06
2017-06-07
2017-06-08
2017-06-09
2017-06-12
2017-06-13
2017-06-14
2017-06-15
2017-06-16
2017-06-19
2017-06-20
2017-06-21
2017-06-22
2017-06-23
2017-06-26
2017-06-27
2017-06-28
2017-06-29
2017-06-30
2017-07-03
2017-07-04
2017-07-05
2017-07-06
2017-07-07
2017-07-10
2017-07-11
2017-07-12
2017-07-13
2017-07-14
2017-07-17
2017-07-18
2017-07-19
2017-07-20
2017-07-21
2017-07-24
2017-07-25
2017-07-26
2017-07-27
2017-07-28
2017-07-31
2017-08-01
2017-08-02
2017-08-03
2017-08-04
2017-08-07
2017-08-08
2017-08-09
2017-08-10
2017-08-11
2017-08-14
2017-08-15
2017-08-16
2017-08-17
2017-08-18
2017-08-21
2017-08-22
2017-08-23
2017-08-24
2017-08-25
2017-08-28
2017-08-29
2017-08-30
2017-08-31
2017-09-01
2017-09-04
2017-09-05
2017-09-06
2017-09-07
2017-09-08
2017-09-11
2017-09-12
2017-09-13
2017-09-14
2017-09-15
2017-09-18
2017-09-19
2017-09-20
2017-09-21
2017-09-22
2017-09-25
2017-09-26
2017-09-27
2017-09-28
2017-09-29
2017-10-02
2017-10-03
2017-10-04
2017-10-05
2017-10-06
2017-10-09
2017-10-10
2017-10-11
2017-10-12
2017-10-13
2017-10-16
2017-10-17
2017-10-18
2017-10-19
2017-10-20
2017-10-23
2017-10-24
2017-10-25
2017-10-26
2017-10-27
2017-10-30
2017-10-31
2017-11-01
2017-11-02
2017-11-03
2017-11-06
2017-11-07
2017-11-08
2017-11-09
2017-11-10
2017-11-13
2017-11-14
2017-11-15
2017-11-16
2017-11-17
2017-11-20
2017-11-21
2017-11-22
2017-11-23
2017-11-24
2017-11-27
2017-11-28
2017-11-29
2017-11-30
2017-12-01
2017-12-04
2017-12-05
2017-12-06
2017-12-07
2017-12-08
2017-12-11
2017-12-12
2017-12-13
2017-12-14
2017-12-15
2017-12-18
2017-12-19
2017-12-20
2017-12-21
2017-12-22
2017-12-25
2017-12-26
2017-12-27
2017-12-28
2017-12-29
2018-01-01
2018-01-02
2018-01-03
2018-01-04
2018-01-05
2018-01-08
2018-01-09
2018-01-10
2018-01-11
2018-01-12
2018-01-15
2018-01-16
2018-01-17
2018-01-18
2018-01-19
2018-01-22
2018-01-23
2018-01-24
2018-01-25
2018-01-26
2018-01-29
2018-01-30
2018-01-31
2018-02-01
2018-02-02
2018-02-05
2018-02-06
2018-02-07
2018-02-08
2018-02-09
2018-02-12
2018-02-13
2018-02-14
2018-02-15
2018-02-16
2018-02-19
2018-02-20
2018-02-21
2018-02-22
2018-02-23
2018-02-26
2018-02-27
2018-02-28
2018-03-01
2018-03-02
2018-03-05
2018-03-06
2018-03-07
2018-03-08
2018-03-09
2018-03-12
2018-03-13
2018-03-14
2018-03-15
2018-03-16
2018-03-19
2018-03-20
2018-03-21
2018-03-22
2018-03-23
2018-03-26
2018-03-27
2018-03-28
2018-03-29
2018-03-30
2018-04-02
2018-04-03
2018-04-04
2018-04-05
2018-04-06
2018-04-09
2018-04-10
2018-04-11
2018-04-12
2018-04-13
2018-04-16
2018-04-17
2018-04-18
2018-04-19
2018-04-20
2018-04-23
2018-04-24
2018-04-25
2018-04-26
2018-04-27
2018-04-30
2018-05-01
2018-05-02
2018-05-03
2018-05-04
2018-05-07
2018-05-08
2018-05-09
2018-05-10
2018-05-11
2018-05-14
2018-05-15
2018-05-16
2018-05-17
2018-05-18
2018-05-21
2018-05-22
2018-05-23
2018-05-24
2018-05-25
2018-05-28
2018-05-29
2018-05-30
2018-05-31
2018-06-01
2018-06-04
2018-06-05
2018-06-06
2018-06-07
2018-06-08
2018-06-11
2018-06-12
2018-06-13
2018-06-14
2018-06-15
2018-06-18
2018-06-19
2018-06-20
2018-06-21
2018-06-22
2018-06-25
2018-06-26
2018-06-27
2018-06-28
2018-06-29
2018-07-02
2018-07-03
2018-07-04
2018-07-05
2018-07-06
2018-07-09
2018-07-10
2018-07-11
2018-07-12
2018-07-13
2018-07-16
2018-07-17
2018-07-18
2018-07-19
2018-07-20
2018-07-23
2018-07-24
2018-07-25
2018-07-26
2018-07-27
2018-07-30
2018-07-31
2018-08-01
2018-08-02
2018-08-03
2018-08-06
2018-08-07
2018-08-08
2018-08-09
2018-08-10
2018-08-13
2018-08-14
2018-08-15
2018-08-16
2018-08-17
2018-08-20
2018-08-21
2018-08-22
2018-08-23
2018-08-24
2018-08-27
2018-08-28
2018-08-29
2018-08-30
2018-08-31
2018-09-03
2018-09-04
2018-09-05
2018-09-06
2018-09-07
2018-09-10
2018-09-11
2018-09-12
2018-09-13
2018-09-14
2018-09-17
2018-09-18
2018-09-19
2018-09-20
2018-09-21
2018-09-24
2018-09-25
2018-09-26
2018-09-27
2018-09-28
2018-10-01
2018-10-02
2018-10-03
2018-10-04
2018-10-05
2018-10-08
2018-10-09
2018-10-10
2018-10-11
2018-10-12
2018-10-15
2018-10-16
2018-10-17
2018-10-18
2018-10-19
2018-10-22
2018-10-23
2018-10-24
2018-10-25
2018-10-26
2018-10-29
2018-10-30
2018-10-31
2018-11-01
2018-11-02
2018-11-05
2018-11-06
2018-11-07
2018-11-08
2018-11-09
2018-11-12
2018-11-13
2018-11-14
2018-11-15
2018-11-16
2018-11-19
2018-11-20
2018-11-21
2018-11-22
2018-11-23
2018-11-26
2018-11-27
2018-11-28
2018-11-29
2018-11-30
2018-12-03
2018-12-04
2018-12-05
2018-12-06
2018-12-07
2018-12-10
2018-12-11
2018-12-12
2018-12-13
2018-12-14
2018-12-17
2018-12-18
2018-12-19
2018-12-20
2018-12-21
2018-12-24
2018-12-25
2018-12-26
2018-12-27
2018-12-28
2018-12-31
2019-01-01
2019-01-02
2019-01-03
2019-01-04
2019-01-07
2019-01-08
2019-01-09
2019-01-10
2019-01-11
2019-01-14
2019-01-15
2019-01-16
2019-01-17
2019-01-18
2019-01-21
2019-01-22
2019-01-23
2019-01-24
2019-01-25
2019-01-28
2019-01-29
2019-01-30
2019-01-31
2019-02-01
2019-02-04
2019-02-05
2019-02-06
2019-02-07
2019-02-08
2019-02-11
2019-02-12
2019-02-13
2019-02-14
2019-02-15
2019-02-18
2019-02-19
2019-02-20
2019-02-21
2019-02-22
2019-02-25
2019-02-26
2019-02-27
2019-02-28
2019-03-01
2019-03-04
2019-03-05
2019-03-06
2019-03-07
2019-03-08
2019-03-11
2019-03-12
2019-03-13
2019-03-14
2019-03-15
2019-03-18
2019-03-19
2019-03-20
2019-03-21
2019-03-22
2019-03-25
2019-03-26
2019-03-27
2019-03-28
2019-03-29
2019-04-01
2019-04-02
2019-04-03
2019-04-04
2019-04-05
2019-04-08
2019-04-09
2019-04-10
2019-04-11
2019-04-12
2019-04-15
2019-04-16
2019-04-17
2019-04-18
2019-04-19
2019-04-22
2019-04-23
2019-04-24
2019-04-25
2019-04-26
2019-04-29
2019-04-30
2019-05-01
2019-05-02
2019-05-03
2019-05-06
2019-05-07
2019-05-08
2019-05-09
2019-05-10
2019-05-13
2019-05-14
2019-05-15
2019-05-16
2019-05-17
2019-05-20
2019-05-21
2019-05-22
2019-05-23
2019-05-24
2019-05-27
2019-05-28
2019-05-29
2019-05-30
2019-05-31
2019-06-03
2019-06-04
2019-06-05
2019-06-06
2019-06-07
2019-06-10
2019-06-11
2019-06-12
2019-06-13
2019-06-14
2019-06-17
2019-06-18
2019-06-19
2019-06-20
2019-06-21
2019-06-24
2019-06-25
2019-06-26
2019-06-27
2019-06-28
2019-07-01
2019-07-02
2019-07-03
2019-07-04
2019-07-05
2019-07-08
2019-07-09
2019-07-10
2019-07-11
2019-07-12
2019-07-15
2019-07-16
2019-07-17
2019-07-18
2019-07-19
2019-07-22
2019-07-23
2019-07-24
2019-07-25
2019-07-26
2019-07-29
2019-07-30
2019-07-31
2019-08-01
2019-08-02
2019-08-05
2019-08-06
2019-08-07
2019-08-08
2019-08-09
2019-08-12
2019-08-13
2019-08-14
2019-08-15
2019-08-16
2019-08-19
2019-08-20
2019-08-21
2019-08-22
2019-08-23
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2019-09-30
2019-10-01
2019-10-02
2019-10-03
2019-10-04
2019-10-07
2019-10-08
2019-10-09
2019-10-10
2019-10-11
2019-10-14
2019-10-15
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2019-11-28
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2020-01-16
2020-01-17
2020-01-20
2020-01-21
2020-01-22
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2020-03-05
2020-03-06
2020-03-09
2020-03-10
2020-03-11
2020-03-12
2020-03-13
2020-03-16
2020-03-17
2020-03-18
2020-03-19
2020-03-20
2020-03-23
2020-03-24
2020-03-25
2020-03-26
2020-03-27
2020-03-30
2020-03-31
2020-04-01
2020-04-02
2020-04-03
2020-04-06
2020-04-07
2020-04-08
2020-04-09
2020-04-10
2020-04-13
2020-04-14
2020-04-15
2020-04-16
2020-04-17
2020-04-20
2020-04-21
2020-04-22
2020-04-23
2020-04-24
2020-04-27
2020-04-28
2020-04-29
2020-04-30
2020-05-01
2020-05-04
2020-05-05
2020-05-06
2020-05-07
2020-05-08
2020-05-11
2020-05-12
2020-05-13
2020-05-14
2020-05-15
2020-05-18
2020-05-19
2020-05-20
2020-05-21
2020-05-22
2020-05-25
2020-05-26
2020-05-27
Bond spread +/-2std +/-1std median +/-1std +/-2std
335.0 214.1 60.4 60.4 60.4 60.4
328.0 207.1 60.4 60.4 60.4 60.4
311.0 190.1 60.4 60.4 60.4 60.4
309.0 188.1 60.4 60.4 60.4 60.4
319.0 198.1 60.4 60.4 60.4 60.4
315.0 194.1 60.4 60.4 60.4 60.4
320.0 199.1 60.4 60.4 60.4 60.4
314.0 193.1 60.4 60.4 60.4 60.4
309.0 188.1 60.4 60.4 60.4 60.4
309.0 188.1 60.4 60.4 60.4 60.4
310.0 189.1 60.4 60.4 60.4 60.4
304.0 183.1 60.4 60.4 60.4 60.4
313.0 192.1 60.4 60.4 60.4 60.4
312.0 191.1 60.4 60.4 60.4 60.4
314.0 193.1 60.4 60.4 60.4 60.4
309.0 188.1 60.4 60.4 60.4 60.4
305.0 184.1 60.4 60.4 60.4 60.4
313.0 192.1 60.4 60.4 60.4 60.4
307.0 186.1 60.4 60.4 60.4 60.4
310.0 189.1 60.4 60.4 60.4 60.4
318.0 197.1 60.4 60.4 60.4 60.4
317.0 196.1 60.4 60.4 60.4 60.4
313.0 192.1 60.4 60.4 60.4 60.4
304.0 183.1 60.4 60.4 60.4 60.4
308.0 187.1 60.4 60.4 60.4 60.4
311.0 190.1 60.4 60.4 60.4 60.4
312.0 191.1 60.4 60.4 60.4 60.4
306.0 185.1 60.4 60.4 60.4 60.4
304.0 183.1 60.4 60.4 60.4 60.4
298.0 177.1 60.4 60.4 60.4 60.4
292.0 171.1 60.4 60.4 60.4 60.4
291.0 170.1 60.4 60.4 60.4 60.4
294.0 173.1 60.4 60.4 60.4 60.4
294.0 173.1 60.4 60.4 60.4 60.4
294.0 173.1 60.4 60.4 60.4 60.4
295.0 174.1 60.4 60.4 60.4 60.4
293.0 172.1 60.4 60.4 60.4 60.4
296.0 175.1 60.4 60.4 60.4 60.4
303.0 182.1 60.4 60.4 60.4 60.4
298.0 177.1 60.4 60.4 60.4 60.4
297.0 176.1 60.4 60.4 60.4 60.4
295.0 174.1 60.4 60.4 60.4 60.4
290.0 169.1 60.4 60.4 60.4 60.4
291.0 170.1 60.4 60.4 60.4 60.4
288.0 167.1 60.4 60.4 60.4 60.4
287.0 166.1 60.4 60.4 60.4 60.4
298.0 177.1 60.4 60.4 60.4 60.4
308.0 187.1 60.4 60.4 60.4 60.4
313.0 192.1 60.4 60.4 60.4 60.4
308.0 187.1 60.4 60.4 60.4 60.4
318.0 197.1 60.4 60.4 60.4 60.4
328.0 207.1 60.4 60.4 60.4 60.4
314.0 193.1 60.4 60.4 60.4 60.4
315.0 194.1 60.4 60.4 60.4 60.4
313.0 192.1 60.4 60.4 60.4 60.4
306.0 185.1 60.4 60.4 60.4 60.4
312.0 191.1 60.4 60.4 60.4 60.4
308.0 187.1 60.4 60.4 60.4 60.4
310.0 189.1 60.4 60.4 60.4 60.4
309.0 188.1 60.4 60.4 60.4 60.4
306.0 185.1 60.4 60.4 60.4 60.4
312.0 191.1 60.4 60.4 60.4 60.4
306.0 185.1 60.4 60.4 60.4 60.4
311.0 190.1 60.4 60.4 60.4 60.4
314.0 193.1 60.4 60.4 60.4 60.4
310.0 189.1 60.4 60.4 60.4 60.4
307.0 186.1 60.4 60.4 60.4 60.4
305.0 184.1 60.4 60.4 60.4 60.4
299.0 178.1 60.4 60.4 60.4 60.4
307.0 186.1 60.4 60.4 60.4 60.4
313.0 192.1 60.4 60.4 60.4 60.4
312.0 191.1 60.4 60.4 60.4 60.4
310.0 189.1 60.4 60.4 60.4 60.4
310.0 189.1 60.4 60.4 60.4 60.4
308.0 187.1 60.4 60.4 60.4 60.4
309.0 188.1 60.4 60.4 60.4 60.4
303.0 182.1 60.4 60.4 60.4 60.4
302.0 181.1 60.4 60.4 60.4 60.4
301.0 180.1 60.4 60.4 60.4 60.4
296.0 175.1 60.4 60.4 60.4 60.4
293.0 172.1 60.4 60.4 60.4 60.4
296.0 175.1 60.4 60.4 60.4 60.4
298.0 177.1 60.4 60.4 60.4 60.4
298.0 177.1 60.4 60.4 60.4 60.4
296.0 175.1 60.4 60.4 60.4 60.4
288.0 167.1 60.4 60.4 60.4 60.4
280.0 159.1 60.4 60.4 60.4 60.4
281.0 160.1 60.4 60.4 60.4 60.4
284.0 163.1 60.4 60.4 60.4 60.4
281.0 160.1 60.4 60.4 60.4 60.4
284.0 163.1 60.4 60.4 60.4 60.4
281.0 160.1 60.4 60.4 60.4 60.4
282.0 161.1 60.4 60.4 60.4 60.4
293.0 172.1 60.4 60.4 60.4 60.4
289.0 168.1 60.4 60.4 60.4 60.4
287.0 166.1 60.4 60.4 60.4 60.4
299.0 178.1 60.4 60.4 60.4 60.4
306.0 185.1 60.4 60.4 60.4 60.4
304.0 183.1 60.4 60.4 60.4 60.4
296.0 175.1 60.4 60.4 60.4 60.4
291.0 170.1 60.4 60.4 60.4 60.4
294.0 173.1 60.4 60.4 60.4 60.4
289.0 168.1 60.4 60.4 60.4 60.4
282.0 161.1 60.4 60.4 60.4 60.4
282.0 161.1 60.4 60.4 60.4 60.4
288.0 167.1 60.4 60.4 60.4 60.4
289.0 168.1 60.4 60.4 60.4 60.4
291.0 170.1 60.4 60.4 60.4 60.4
297.0 176.1 60.4 60.4 60.4 60.4
293.0 172.1 60.4 60.4 60.4 60.4
295.0 174.1 60.4 60.4 60.4 60.4
287.0 166.1 60.4 60.4 60.4 60.4
291.0 170.1 60.4 60.4 60.4 60.4
290.0 169.1 60.4 60.4 60.4 60.4
286.0 165.1 60.4 60.4 60.4 60.4
286.0 165.1 60.4 60.4 60.4 60.4
285.0 164.1 60.4 60.4 60.4 60.4
288.0 167.1 60.4 60.4 60.4 60.4
290.0 169.1 60.4 60.4 60.4 60.4
287.0 166.1 60.4 60.4 60.4 60.4
300.0 179.1 60.4 60.4 60.4 60.4
305.0 184.1 60.4 60.4 60.4 60.4
307.0 186.1 60.4 60.4 60.4 60.4
313.0 192.1 60.4 60.4 60.4 60.4
313.0 192.1 60.4 60.4 60.4 60.4
303.0 182.1 60.4 60.4 60.4 60.4
302.0 181.1 60.4 60.4 60.4 60.4
297.0 176.1 60.4 60.4 60.4 60.4
294.0 173.1 60.4 60.4 60.4 60.4
296.0 175.1 60.4 60.4 60.4 60.4
296.0 175.1 60.4 60.4 60.4 60.4
304.0 183.1 60.4 60.4 60.4 60.4
310.0 189.1 60.4 60.4 60.4 60.4
311.0 190.1 60.4 60.4 60.4 60.4
306.0 185.1 60.4 60.4 60.4 60.4
307.0 186.1 60.4 60.4 60.4 60.4
296.0 175.1 60.4 60.4 60.4 60.4
296.0 175.1 60.4 60.4 60.4 60.4
290.0 169.1 60.4 60.4 60.4 60.4
292.0 171.1 60.4 60.4 60.4 60.4
291.0 170.1 60.4 60.4 60.4 60.4
288.0 167.1 60.4 60.4 60.4 60.4
284.0 163.1 60.4 60.4 60.4 60.4
284.0 163.1 60.4 60.4 60.4 60.4
288.0 167.1 60.4 60.4 60.4 60.4
286.0 165.1 60.4 60.4 60.4 60.4
289.0 168.1 60.4 60.4 60.4 60.4
279.0 158.1 60.4 60.4 60.4 60.4
284.0 163.1 60.4 60.4 60.4 60.4
289.0 168.1 60.4 60.4 60.4 60.4
290.0 169.1 60.4 60.4 60.4 60.4
287.0 166.1 60.4 60.4 60.4 60.4
288.5 167.6 60.4 60.4 60.4 60.4
283.5 162.6 60.4 60.4 60.4 60.4
283.0 162.1 60.4 60.4 60.4 60.4
280.5 159.6 60.4 60.4 60.4 60.4
285.5 164.6 60.4 60.4 60.4 60.4
291.5 170.6 60.4 60.4 60.4 60.4
296.0 175.1 60.4 60.4 60.4 60.4
289.0 168.1 60.4 60.4 60.4 60.4
287.0 166.1 60.4 60.4 60.4 60.4
289.5 168.6 60.4 60.4 60.4 60.4
291.5 170.6 60.4 60.4 60.4 60.4
293.0 172.1 60.4 60.4 60.4 60.4
292.5 171.6 60.4 60.4 60.4 60.4
289.5 168.6 60.4 60.4 60.4 60.4
293.0 172.1 60.4 60.4 60.4 60.4
289.0 168.1 60.4 60.4 60.4 60.4
290.5 169.6 60.4 60.4 60.4 60.4
291.5 170.6 60.4 60.4 60.4 60.4
291.0 170.1 60.4 60.4 60.4 60.4
288.0 167.1 60.4 60.4 60.4 60.4
284.5 163.6 60.4 60.4 60.4 60.4
277.5 156.6 60.4 60.4 60.4 60.4
277.5 156.6 60.4 60.4 60.4 60.4
285.0 164.1 60.4 60.4 60.4 60.4
281.5 160.6 60.4 60.4 60.4 60.4
284.5 163.6 60.4 60.4 60.4 60.4
282.0 161.1 60.4 60.4 60.4 60.4
277.0 156.1 60.4 60.4 60.4 60.4
278.5 157.6 60.4 60.4 60.4 60.4
276.0 155.1 60.4 60.4 60.4 60.4
276.0 155.1 60.4 60.4 60.4 60.4
276.0 155.1 60.4 60.4 60.4 60.4
274.5 153.6 60.4 60.4 60.4 60.4
274.5 153.6 60.4 60.4 60.4 60.4
273.0 152.1 60.4 60.4 60.4 60.4
279.0 158.1 60.4 60.4 60.4 60.4
281.0 160.1 60.4 60.4 60.4 60.4
285.5 164.6 60.4 60.4 60.4 60.4
286.5 165.6 60.4 60.4 60.4 60.4
285.0 164.1 60.4 60.4 60.4 60.4
287.0 166.1 60.4 60.4 60.4 60.4
274.5 153.6 60.4 60.4 60.4 60.4
274.0 153.1 60.4 60.4 60.4 60.4
273.5 152.6 60.4 60.4 60.4 60.4
272.0 151.1 60.4 60.4 60.4 60.4
269.5 148.6 60.4 60.4 60.4 60.4
272.5 151.6 60.4 60.4 60.4 60.4
272.5 151.6 60.4 60.4 60.4 60.4
270.0 149.1 60.4 60.4 60.4 60.4
266.5 145.6 60.4 60.4 60.4 60.4
263.5 142.6 60.4 60.4 60.4 60.4
267.0 146.1 60.4 60.4 60.4 60.4
259.0 138.1 60.4 60.4 60.4 60.4
261.5 140.6 60.4 60.4 60.4 60.4
259.5 138.6 60.4 60.4 60.4 60.4
257.5 136.6 60.4 60.4 60.4 60.4
256.0 135.1 60.4 60.4 60.4 60.4
260.0 139.1 60.4 60.4 60.4 60.4
261.5 140.6 60.4 60.4 60.4 60.4
266.5 145.6 60.4 60.4 60.4 60.4
265.5 144.6 60.4 60.4 60.4 60.4
269.5 148.6 60.4 60.4 60.4 60.4
270.5 149.6 60.4 60.4 60.4 60.4
270.5 149.6 60.4 60.4 60.4 60.4
270.5 149.6 60.4 60.4 60.4 60.4
273.0 152.1 60.4 60.4 60.4 60.4
275.5 154.6 60.4 60.4 60.4 60.4
274.5 153.6 60.4 60.4 60.4 60.4
279.0 158.1 60.4 60.4 60.4 60.4
278.5 157.6 60.4 60.4 60.4 60.4
284.5 163.6 60.4 60.4 60.4 60.4
285.5 164.6 60.4 60.4 60.4 60.4
289.0 168.1 60.4 60.4 60.4 60.4
288.5 167.6 60.4 60.4 60.4 60.4
294.5 173.6 60.4 60.4 60.4 60.4
288.5 167.6 60.4 60.4 60.4 60.4
285.5 164.6 60.4 60.4 60.4 60.4
280.5 159.6 60.4 60.4 60.4 60.4
280.0 159.1 60.4 60.4 60.4 60.4
280.0 159.1 60.4 60.4 60.4 60.4
280.0 159.1 60.4 60.4 60.4 60.4
281.0 160.1 60.4 60.4 60.4 60.4
277.0 156.1 60.4 60.4 60.4 60.4
277.5 156.6 60.4 60.4 60.4 60.4
276.0 155.1 60.4 60.4 60.4 60.4
273.5 152.6 60.4 60.4 60.4 60.4
277.5 156.6 60.4 60.4 60.4 60.4
278.0 157.1 60.4 60.4 60.4 60.4
276.0 155.1 60.4 60.4 60.4 60.4
278.5 157.6 60.4 60.4 60.4 60.4
278.5 157.6 60.4 60.4 60.4 60.4
277.5 156.6 60.4 60.4 60.4 60.4
277.0 156.1 60.4 60.4 60.4 60.4
273.5 152.6 60.4 60.4 60.4 60.4
276.0 155.1 60.4 60.4 60.4 60.4
277.5 156.6 60.4 60.4 60.4 60.4
272.0 151.1 60.4 60.4 60.4 60.4
265.5 144.6 60.4 60.4 60.4 60.4
257.5 136.6 60.4 60.4 60.4 60.4
255.0 134.1 60.4 60.4 60.4 60.4
257.5 136.6 60.4 60.4 60.4 60.4
258.5 137.6 60.4 60.4 60.4 60.4
258.5 137.6 60.4 60.4 60.4 60.4
260.0 139.1 60.4 60.4 60.4 60.4
263.0 142.1 60.4 60.4 60.4 60.4
260.0 139.1 60.4 60.4 60.4 60.4
263.5 142.6 60.4 60.4 60.4 60.4
263.5 142.6 60.4 60.4 60.4 60.4
256.0 135.1 60.4 60.4 60.4 60.4
251.0 130.1 60.4 60.4 60.4 60.4
246.0 125.1 60.4 60.4 60.4 60.4
241.5 120.6 60.4 60.4 60.4 60.4
242.0 121.1 60.4 60.4 60.4 60.4
240.5 119.6 60.4 60.4 60.4 60.4
245.0 124.1 60.4 60.4 60.4 60.4
249.5 128.6 60.4 60.4 60.4 60.4
248.5 127.6 60.4 60.4 60.4 60.4
248.5 127.6 60.4 60.4 60.4 60.4
247.5 126.6 60.4 60.4 60.4 60.4
246.0 125.1 60.4 60.4 60.4 60.4
243.0 122.1 60.4 60.4 60.4 60.4
244.0 123.1 60.4 60.4 60.4 60.4
241.5 120.6 60.4 60.4 60.4 60.4
244.5 123.6 60.4 60.4 60.4 60.4
241.5 120.6 60.4 60.4 60.4 60.4
243.0 122.1 60.4 60.4 60.4 60.4
238.0 117.1 60.4 60.4 60.4 60.4
238.0 117.1 60.4 60.4 60.4 60.4
234.5 113.6 60.4 60.4 60.4 60.4
231.0 110.1 60.4 60.4 60.4 60.4
230.5 109.6 60.4 60.4 60.4 60.4
231.0 110.1 60.4 60.4 60.4 60.4
253.0 132.1 60.4 60.4 60.4 60.4
249.0 128.1 60.4 60.4 60.4 60.4
240.5 119.6 60.4 60.4 60.4 60.4
251.0 130.1 60.4 60.4 60.4 60.4
268.0 147.1 60.4 60.4 60.4 60.4
261.0 140.1 60.4 60.4 60.4 60.4
266.0 145.1 60.4 60.4 60.4 60.4
263.0 142.1 60.4 60.4 60.4 60.4
259.5 138.6 60.4 60.4 60.4 60.4
250.5 129.6 60.4 60.4 60.4 60.4
250.5 129.6 60.4 60.4 60.4 60.4
251.5 130.6 60.4 60.4 60.4 60.4
246.5 125.6 60.4 60.4 60.4 60.4
252.5 131.6 60.4 60.4 60.4 60.4
255.0 134.1 60.4 60.4 60.4 60.4
252.0 131.1 60.4 60.4 60.4 60.4
245.0 124.1 60.4 60.4 60.4 60.4
252.5 131.6 60.4 60.4 60.4 60.4
261.5 140.6 60.4 60.4 60.4 60.4
258.5 137.6 60.4 60.4 60.4 60.4
256.0 135.1 60.4 60.4 60.4 60.4
255.5 134.6 60.4 60.4 60.4 60.4
257.0 136.1 60.4 60.4 60.4 60.4
258.5 137.6 60.4 60.4 60.4 60.4
254.5 133.6 60.4 60.4 60.4 60.4
256.5 135.6 60.4 60.4 60.4 60.4
259.0 138.1 60.4 60.4 60.4 60.4
261.5 140.6 60.4 60.4 60.4 60.4
263.5 142.6 60.4 60.4 60.4 60.4
262.5 141.6 60.4 60.4 60.4 60.4
268.0 147.1 60.4 60.4 60.4 60.4
268.0 147.1 60.4 60.4 60.4 60.4
265.5 144.6 60.4 60.4 60.4 60.4
269.5 148.6 60.4 60.4 60.4 60.4
274.0 153.1 60.4 60.4 60.4 60.4
272.5 151.6 60.4 60.4 60.4 60.4
273.0 152.1 60.4 60.4 60.4 60.4
271.5 150.6 60.4 60.4 60.4 60.4
272.0 151.1 60.4 60.4 60.4 60.4
272.0 151.1 60.4 60.4 60.4 60.4
274.5 153.6 60.4 60.4 60.4 60.4
266.5 145.6 60.4 60.4 60.4 60.4
264.5 143.6 60.4 60.4 60.4 60.4
258.0 137.1 60.4 60.4 60.4 60.4
263.5 142.6 60.4 60.4 60.4 60.4
265.5 144.6 60.4 60.4 60.4 60.4
266.5 145.6 60.4 60.4 60.4 60.4
266.0 145.1 60.4 60.4 60.4 60.4
260.5 139.6 60.4 60.4 60.4 60.4
261.0 140.1 60.4 60.4 60.4 60.4
261.0 140.1 60.4 60.4 60.4 60.4
263.0 142.1 60.4 60.4 60.4 60.4
260.5 139.6 60.4 60.4 60.4 60.4
261.5 140.6 60.4 60.4 60.4 60.4
261.0 140.1 60.4 60.4 60.4 60.4
262.5 141.6 60.4 60.4 60.4 60.4
261.5 140.6 60.4 60.4 60.4 60.4
262.5 141.6 60.4 60.4 60.4 60.4
267.0 146.1 60.4 60.4 60.4 60.4
271.5 150.6 60.4 60.4 60.4 60.4
279.0 158.1 60.4 60.4 60.4 60.4
280.0 159.1 60.4 60.4 60.4 60.4
284.5 163.6 60.4 60.4 60.4 60.4
291.0 170.1 60.4 60.4 60.4 60.4
293.0 172.1 60.4 60.4 60.4 60.4
291.5 170.6 60.4 60.4 60.4 60.4
297.0 176.1 60.4 60.4 60.4 60.4
301.0 180.1 60.4 60.4 60.4 60.4
289.0 168.1 60.4 60.4 60.4 60.4
285.5 164.6 60.4 60.4 60.4 60.4
289.5 168.6 60.4 60.4 60.4 60.4
283.0 162.1 60.4 60.4 60.4 60.4
283.0 162.1 60.4 60.4 60.4 60.4
283.5 162.6 60.4 60.4 60.4 60.4
299.0 178.1 60.4 60.4 60.4 60.4
299.5 178.6 60.4 60.4 60.4 60.4
292.0 171.1 60.4 60.4 60.4 60.4
298.0 177.1 60.4 60.4 60.4 60.4
298.5 177.6 60.4 60.4 60.4 60.4
300.5 179.6 60.4 60.4 60.4 60.4
300.5 179.6 60.4 60.4 60.4 60.4
319.5 198.6 60.4 60.4 60.4 60.4
317.0 196.1 60.4 60.4 60.4 60.4
316.5 195.6 60.4 60.4 60.4 60.4
316.0 195.1 60.4 60.4 60.4 60.4
308.0 187.1 60.4 60.4 60.4 60.4
309.0 188.1 60.4 60.4 60.4 60.4
310.5 189.6 60.4 60.4 60.4 60.4
319.5 198.6 60.4 60.4 60.4 60.4
318.0 197.1 60.4 60.4 60.4 60.4
318.5 197.6 60.4 60.4 60.4 60.4
321.5 200.6 60.4 60.4 60.4 60.4
320.5 199.6 60.4 60.4 60.4 60.4
324.0 203.1 60.4 60.4 60.4 60.4
326.0 205.1 60.4 60.4 60.4 60.4
332.5 211.6 60.4 60.4 60.4 60.4
342.5 221.6 60.4 60.4 60.4 60.4
327.5 206.6 60.4 60.4 60.4 60.4
328.5 207.6 60.4 60.4 60.4 60.4
319.5 198.6 60.4 60.4 60.4 60.4
327.0 206.1 60.4 60.4 60.4 60.4
327.5 206.6 60.4 60.4 60.4 60.4
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290.5 169.6 60.4 60.4 60.4 60.4
288.0 167.1 60.4 60.4 60.4 60.4
286.5 165.6 60.4 60.4 60.4 60.4
286.5 165.6 60.4 60.4 60.4 60.4
291.5 170.6 60.4 60.4 60.4 60.4
294.0 173.1 60.4 60.4 60.4 60.4
296.0 175.1 60.4 60.4 60.4 60.4
301.5 180.6 60.4 60.4 60.4 60.4
315.0 194.1 60.4 60.4 60.4 60.4
307.5 186.6 60.4 60.4 60.4 60.4
308.0 187.1 60.4 60.4 60.4 60.4
311.0 190.1 60.4 60.4 60.4 60.4
313.5 192.6 60.4 60.4 60.4 60.4
312.0 191.1 60.4 60.4 60.4 60.4
305.0 184.1 60.4 60.4 60.4 60.4
300.0 179.1 60.4 60.4 60.4 60.4
300.5 179.6 60.4 60.4 60.4 60.4
304.5 183.6 60.4 60.4 60.4 60.4
308.5 187.6 60.4 60.4 60.4 60.4
303.5 182.6 60.4 60.4 60.4 60.4
297.5 176.6 60.4 60.4 60.4 60.4
300.0 179.1 60.4 60.4 60.4 60.4
302.5 181.6 60.4 60.4 60.4 60.4
302.5 181.6 60.4 60.4 60.4 60.4
302.0 181.1 60.4 60.4 60.4 60.4
300.0 179.1 60.4 60.4 60.4 60.4
304.5 183.6 60.4 60.4 60.4 60.4
306.0 185.1 60.4 60.4 60.4 60.4
321.0 200.1 60.4 60.4 60.4 60.4
325.0 204.1 60.4 60.4 60.4 60.4
336.5 215.6 60.4 60.4 60.4 60.4
347.0 226.1 60.4 60.4 60.4 60.4
382.0 261.1 60.4 60.4 60.4 60.4
383.0 262.1 60.4 60.4 60.4 60.4
381.5 260.6 60.4 60.4 60.4 60.4
370.0 249.1 60.4 60.4 60.4 60.4
387.5 266.6 60.4 60.4 60.4 60.4
416.5 295.6 60.4 60.4 60.4 60.4
505.0 384.1 60.4 60.4 60.4 60.4
486.5 365.6 60.4 60.4 60.4 60.4
496.5 375.6 60.4 60.4 60.4 60.4
567.0 446.1 60.4 60.4 60.4 60.4
527.0 406.1 60.4 60.4 60.4 60.4
605.5 484.6 60.4 60.4 60.4 60.4
597.5 476.6 60.4 60.4 60.4 60.4
654.5 533.6 60.4 60.4 60.4 60.4
713.0 592.1 60.4 60.4 60.4 60.4
702.5 581.6 60.4 60.4 60.4 60.4
756.0 635.1 60.4 60.4 60.4 60.4
746.5 625.6 60.4 60.4 60.4 60.4
692.0 571.1 60.4 60.4 60.4 60.4
668.0 547.1 60.4 60.4 60.4 60.4
674.5 553.6 60.4 60.4 60.4 60.4
688.5 567.6 60.4 60.4 60.4 60.4
686.0 565.1 60.4 60.4 60.4 60.4
696.5 575.6 60.4 60.4 60.4 60.4
694.0 573.1 60.4 60.4 60.4 60.4
688.0 567.1 60.4 60.4 60.4 60.4
690.5 569.6 60.4 60.4 60.4 60.4
636.0 515.1 60.4 60.4 60.4 60.4
642.0 521.1 60.4 60.4 60.4 60.4
630.0 509.1 60.4 60.4 60.4 60.4
630.0 509.1 60.4 60.4 60.4 60.4
626.5 505.6 60.4 60.4 60.4 60.4
616.5 495.6 60.4 60.4 60.4 60.4
635.5 514.6 60.4 60.4 60.4 60.4
649.5 528.6 60.4 60.4 60.4 60.4
642.5 521.6 60.4 60.4 60.4 60.4
659.5 538.6 60.4 60.4 60.4 60.4
684.0 563.1 60.4 60.4 60.4 60.4
680.0 559.1 60.4 60.4 60.4 60.4
685.5 564.6 60.4 60.4 60.4 60.4
688.5 567.6 60.4 60.4 60.4 60.4
686.5 565.6 60.4 60.4 60.4 60.4
688.5 567.6 60.4 60.4 60.4 60.4
681.5 560.6 60.4 60.4 60.4 60.4
673.0 552.1 60.4 60.4 60.4 60.4
679.0 558.1 60.4 60.4 60.4 60.4
680.0 559.1 60.4 60.4 60.4 60.4
664.5 543.6 60.4 60.4 60.4 60.4
655.5 534.6 60.4 60.4 60.4 60.4
661.5 540.6 60.4 60.4 60.4 60.4
649.5 528.6 60.4 60.4 60.4 60.4
634.5 513.6 60.4 60.4 60.4 60.4
634.0 513.1 60.4 60.4 60.4 60.4
637.5 516.6 60.4 60.4 60.4 60.4
647.5 526.6 60.4 60.4 60.4 60.4
634.0 513.1 60.4 60.4 60.4 60.4
601.0 480.1 60.4 60.4 60.4 60.4
597.0 476.1 60.4 60.4 60.4 60.4
584.5 463.6 60.4 60.4 60.4 60.4
580.5 459.6 60.4 60.4 60.4 60.4
598.0 477.1 60.4 60.4 60.4 60.4
598.0 477.1 60.4 60.4 60.4 60.4
578.5 457.6 60.4 60.4 60.4 60.4
581.5 460.6 60.4 60.4 60.4 60.4
Figure 1.15.C. Change in nominal broad effective exchange
Index, 100=January 2, 2020
110
105
100
95 United States
90 Emerging Asia
Latin America
85 Middle East and Africa
Central and Eastern Europe
80
2020-...

2020-...

2020-...
2020-...

Source: Haver Analytics; J.P.Morgan; World Bank.

Note: Figure shows the 7-day moving average of the J.P. Morgan nominal broad effective e
Last observation is May 28, 2020.
Return to Read Me
e exchange rate
Date
2020-01-02
2020-01-03
2020-01-06
2020-01-07
2020-01-08
2020-01-09
2020-01-10
2020-01-13
2020-01-14
2020-01-15
2020-01-16
2020-01-17
2020-01-20
2020-01-21
2020-01-22
2020-01-23
2020-01-24
2020-01-27
2020-01-28

pe 2020-01-29
2020-01-30
2020-01-31
2020-...

2020-...

2020-02-03
2020-02-04
2020-02-05
2020-02-06
2020-02-07
2020-02-10
2020-02-11
2020-02-12
l broad effective exchange rate for each region. 2020-02-13
2020-02-14
2020-02-17
2020-02-18
2020-02-19
2020-02-20
2020-02-21
2020-02-24
2020-02-25
2020-02-26
2020-02-27
2020-02-28
2020-03-02
2020-03-03
2020-03-04
2020-03-05
2020-03-06
2020-03-09
2020-03-10
2020-03-11
2020-03-12
2020-03-13
2020-03-16
2020-03-17
2020-03-18
2020-03-19
2020-03-20
2020-03-23
2020-03-24
2020-03-25
2020-03-26
2020-03-27
2020-03-30
2020-03-31
2020-04-01
2020-04-02
2020-04-03
2020-04-06
2020-04-07
2020-04-08
2020-04-09
2020-04-10
2020-04-13
2020-04-14
2020-04-15
2020-04-16
2020-04-17
2020-04-20
2020-04-21
2020-04-22
2020-04-23
2020-04-24
2020-04-27
2020-04-28
2020-04-29
2020-04-30
2020-05-01
2020-05-04
2020-05-05
2020-05-06
2020-05-07
2020-05-08
2020-05-11
2020-05-12
2020-05-13
2020-05-14
2020-05-15
2020-05-18
2020-05-19
2020-05-20
2020-05-21
2020-05-22
2020-05-25
2020-05-26
2020-05-27
2020-05-28
United States Central and Eastern Europe Emerging Asia Latin America
100 100 100 100
100.0 100.0 99.9 100.0
100.0 100.1 99.9 100.0
100.1 100.0 100.0 100.0
100.1 100.1 100.1 100.0
100.1 100.1 100.2 100.0
100.1 100.2 100.3 100.0
100.1 100.2 100.5 99.9
100.1 100.3 100.7 99.8
100.0 100.3 100.9 99.7
100.0 100.3 101.1 99.6
100.0 100.3 101.2 99.5
99.9 100.3 101.3 99.4
100.0 100.2 101.3 99.4
100.0 100.1 101.3 99.4
100.1 100.0 101.2 99.4
100.2 99.9 101.2 99.5
100.3 99.8 101.1 99.4
100.4 99.7 101.0 99.4
100.4 99.6 101.0 99.4
100.5 99.5 100.9 99.4
100.6 99.4 100.8 99.2
100.7 99.3 100.7 99.2
100.7 99.2 100.6 99.3
100.7 99.3 100.5 99.4
100.8 99.3 100.5 99.5
100.9 99.3 100.4 99.5
101.0 99.3 100.5 99.5
101.0 99.4 100.6 99.6
101.0 99.4 100.7 99.6
101.1 99.4 100.8 99.5
101.1 99.4 100.9 99.5
101.2 99.3 100.9 99.5
101.2 99.3 101.0 99.6
101.2 99.4 101.1 99.6
101.4 99.3 101.1 99.6
101.5 99.2 101.0 99.6
101.6 99.1 100.9 99.3
101.8 98.9 100.8 99.0
101.8 98.8 100.7 98.8
101.9 98.6 100.6 98.3
102.0 98.3 100.5 97.7
101.9 98.1 100.3 97.2
101.9 98.0 100.2 96.7
101.7 97.9 100.2 96.3
101.7 97.8 100.2 95.7
101.6 97.7 100.0 94.9
101.5 97.4 99.7 94.0
101.5 97.2 99.5 93.2
101.7 96.9 99.5 92.4
102.2 96.4 99.4 91.1
102.6 96.0 99.5 90.1
103.1 95.4 99.5 88.9
103.7 94.9 99.7 87.9
104.5 94.2 100.1 87.1
105.3 93.5 100.4 86.2
106.1 93.0 100.7 85.4
106.8 92.4 101.0 84.7
107.4 91.9 101.2 83.8
107.9 91.7 101.5 83.4
108.0 91.4 101.4 83.4
107.8 91.5 101.3 83.5
107.7 91.4 101.1 83.3
107.4 91.4 100.9 83.3
107.2 91.3 100.7 83.3
107.0 91.3 100.5 83.4
107.0 91.2 100.4 83.2
107.2 91.0 100.5 82.7
107.2 91.0 100.7 82.6
107.2 91.2 100.8 82.7
107.2 91.3 100.8 82.7
107.0 91.6 101.0 83.1
106.9 91.7 101.0 83.2
106.6 92.0 100.9 83.4
106.5 92.1 100.8 83.5
106.5 92.1 100.7 83.5
106.5 92.1 100.7 83.4
106.6 92.0 100.7 83.2
106.8 91.7 100.7 82.9
107.0 91.6 100.7 82.5
107.2 91.4 100.8 82.1
107.3 91.4 100.9 81.7
107.4 91.3 100.9 81.3
107.4 91.3 100.9 81.0
107.4 91.3 100.9 81.0
107.2 91.4 100.9 81.1
107.1 91.4 100.9 81.0
107.0 91.4 100.8 81.0
106.8 91.4 100.8 81.4
106.8 91.4 100.8 81.6
106.8 91.4 100.8 81.6
106.8 91.4 100.8 81.5
106.9 91.3 100.8 81.4
106.9 91.4 100.9 81.5
106.9 91.5 100.9 81.4
107.0 91.4 100.9 81.2
107.0 91.5 101.0 81.3
107.0 91.6 100.9 81.4
107.0 91.7 100.9 81.5
106.8 91.9 100.8 81.7
106.7 92.1 100.7 82.1
106.6 92.3 100.5 82.7
106.4 92.4 100.4 83.1
106.1 92.8 100.2 83.9
106.0 93.1 100.0 84.5
105.8 93.3 99.8 85.2
Middle East and Africa
100
99.9
99.8
99.8
99.9
99.9
99.9
99.8
99.8
99.8
99.8
99.8
99.7
99.7
99.8
99.9
100.0
100.1
100.1
100.1
100.2
100.1
100.1
100.1
100.1
100.1
100.1
100.2
100.3
100.4
100.5
100.6
100.6
100.7
100.8
100.9
101.0
101.1
101.1
101.0
100.9
100.7
100.4
100.1
99.9
99.6
99.2
98.8
98.5
98.3
98.0
97.8
97.5
97.4
97.5
97.7
98.0
98.0
98.0
98.1
98.0
97.7
97.3
96.8
96.5
96.2
95.9
95.7
95.7
95.6
95.6
95.5
95.6
95.5
95.4
95.4
95.3
95.3
95.3
95.4
95.5
95.6
95.8
95.9
96.0
96.1
96.1
96.1
96.1
96.1
96.2
96.2
96.2
96.4
96.4
96.4
96.5
96.4
96.4
96.4
96.4
96.5
96.5
96.6
96.8
96.8
Figure 1.15.D. U.S corporate bond yields
Percent
6 AAA BBB CCC & lower (R

1
2019...

2019...

2019...

2020...

2020...

2020...

2020...
Source: Federal Reserve Bank of St.Louis; World Bank.
Note: Last observation is May 28, 2020.
Return to Read Me
 Date AAA
Percent 2019-10-01 2.5
2019-10-02 2.4

lower (RHS) 24 2019-10-03

2019-10-04
2.4
2.4
2019-10-07 2.4
2019-10-08 2.4
20 2019-10-09
2019-10-10
2.4
2.5
2019-10-11 2.5
2019-10-14 2.5
16 2019-10-15 2.5
2019-10-16 2.5
2019-10-17 2.5

12 2019-10-18
2019-10-21
2.5
2.5
2019-10-22 2.5
2019-10-23 2.5

8 2019-10-24
2019-10-25
2.5
2.5
2019-10-28 2.6
2019-10-29 2.6
4 2019-10-30 2.5
2020...

2020...

2020...

2019-10-31 2.5
2019-11-01 2.5
2019-11-04 2.5
2019-11-05 2.6
2019-11-06 2.5
2019-11-07 2.6
2019-11-08 2.6
2019-11-11 2.6
2019-11-12 2.6
2019-11-13 2.6
2019-11-14 2.5
2019-11-15 2.6
2019-11-18 2.5
2019-11-19 2.5
2019-11-20 2.5
2019-11-21 2.5
2019-11-22 2.5
2019-11-25 2.5
2019-11-26 2.5
2019-11-27 2.5
2019-11-29 2.5
2019-11-30 2.5
2019-12-02 2.6
2019-12-03 2.5
2019-12-04 2.5
2019-12-05 2.5
2019-12-06 2.5
2019-12-09 2.5
2019-12-10 2.5
2019-12-11 2.5
2019-12-12 2.6
2019-12-13 2.5
2019-12-16 2.5
2019-12-17 2.5
2019-12-18 2.6
2019-12-19 2.6
2019-12-20 2.6
2019-12-23 2.6
2019-12-24 2.6
2019-12-26 2.6
2019-12-27 2.5
2019-12-30 2.5
2019-12-31 2.6
2020-01-02 2.5
2020-01-03 2.5
2020-01-06 2.5
2020-01-07 2.5
2020-01-08 2.6
2020-01-09 2.5
2020-01-10 2.5
2020-01-13 2.5
2020-01-14 2.5
2020-01-15 2.5
2020-01-16 2.5
2020-01-17 2.5
2020-01-20 2.5
2020-01-21 2.4
2020-01-22 2.4
2020-01-23 2.4
2020-01-24 2.4
2020-01-27 2.3
2020-01-28 2.4
2020-01-29 2.3
2020-01-30 2.3
2020-01-31 2.3
2020-02-03 2.3
2020-02-04 2.3
2020-02-05 2.4
2020-02-06 2.4
2020-02-07 2.3
2020-02-10 2.3
2020-02-11 2.3
2020-02-12 2.3
2020-02-13 2.3
2020-02-14 2.3
2020-02-17 2.3
2020-02-18 2.3
2020-02-19 2.3
2020-02-20 2.3
2020-02-21 2.2
2020-02-24 2.2
2020-02-25 2.1
2020-02-26 2.1
2020-02-27 2.2
2020-02-28 2.1
2020-02-29 2.1
2020-03-02 2.0
2020-03-03 2.0
2020-03-04 1.9
2020-03-05 1.9
2020-03-06 1.8
2020-03-09 1.8
2020-03-10 2.0
2020-03-11 2.1
2020-03-12 2.3
2020-03-13 2.4
2020-03-16 2.3
2020-03-17 2.6
2020-03-18 3.0
2020-03-19 3.1
2020-03-20 3.4
2020-03-23 3.0
3/24/2020 2.8
3/25/2020 2.5
3/26/2020 2.4
3/27/2020 2.2
3/30/2020 2.1
3/31/2020 2.1
4/1/2020 2.1
4/2/2020 2.1
4/3/2020 2.1
4/6/2020 2.1
4/7/2020 2.1
4/8/2020 2.1
4/9/2020 1.9
4/13/2020 1.9
4/14/2020 1.9
4/15/2020 1.9
4/16/2020 1.8
4/17/2020 1.8
4/20/2020 1.8
4/21/2020 1.8
4/22/2020 1.8
4/23/2020 1.8
4/24/2020 1.8
4/27/2020 1.8
4/28/2020 1.8
4/29/2020 1.8
4/30/2020 1.8
5/1/2020 1.9
5/4/2020 1.8
5/5/2020 1.9
5/6/2020 1.9
5/7/2020 1.9
5/8/2020 1.9
5/11/2020 2.0
5/12/2020 1.9
5/13/2020 1.9
5/14/2020 1.9
5/15/2020 1.9
5/18/2020 1.9
5/19/2020 1.8
5/20/2020 1.7
5/21/2020 1.7
5/22/2020 1.7
5/25/2020 1.7
5/26/2020 1.7
5/27/2020 1.7
5/28/2020 1.7
BBB CCC & lower (RHS)
3.3 12.2
3.2 12.5
3.2 12.6
3.2 12.5
3.2 12.5
3.2 12.6
3.2 12.6
3.3 12.6
3.3 12.5
3.3 12.3
3.3 12.3
3.3 12.3
3.3 12.2
3.3 12.3
3.3 12.2
3.3 12.3
3.3 12.2
3.3 12.2
3.3 12.2
3.3 12.2
3.3 12.1
3.3 12.3
3.2 12.4
3.2 12.4
3.3 12.3
3.3 12.3
3.3 12.4
3.4 12.5
3.4 12.5
3.4 12.5
3.3 12.5
3.3 12.7
3.3 12.7
3.3 12.7
3.3 12.8
3.3 13.0
3.2 13.0
3.3 13.1
3.3 13.1
3.2 13.1
3.2 13.0
3.2 13.0
3.2 13.0
3.3 13.1
3.3 13.2
3.2 13.2
3.2 13.0
3.2 12.9
3.3 12.8
3.2 12.7
3.2 12.6
3.2 12.5
3.3 12.4
3.2 12.2
3.2 12.0
3.2 11.9
3.2 11.8
3.2 11.7
3.2 11.7
3.2 11.6
3.2 11.6
3.2 11.6
3.2 11.6
3.2 11.6
3.2 11.8
3.2 11.7
3.1 11.6
3.1 11.7
3.2 11.6
3.2 11.6
3.2 11.5
3.1 11.4
3.1 11.5
3.1 11.4
3.1 11.3
3.1 11.3
3.1 11.2
3.1 11.2
3.0 11.3
3.0 11.3
3.0 11.5
3.0 11.5
3.0 12.0
3.0 11.9
2.9 11.8
2.9 12.0
2.9 11.9
2.9 11.8
3.0 11.7
3.0 11.6
3.0 11.4
2.9 11.3
2.9 11.4
2.9 11.4
3.0 11.3
3.0 11.3
2.9 11.2
2.9 11.2
2.9 11.3
2.9 11.3
2.9 11.3
2.9 11.2
2.8 11.6
2.8 11.7
2.8 11.8
2.9 12.3
2.8 12.6
2.8 12.8
2.8 12.6
2.7 12.4
2.7 12.4
2.7 12.8
2.6 13.5
3.0 14.6
3.2 14.3
3.3 14.7
3.6 15.9
3.8 15.7
3.9 16.7
4.3 16.9
4.8 18.0
5.2 18.9
5.5 19.2
5.6 19.9
5.5 19.8
5.2 19.4
4.9 18.3
4.8 17.9
4.7 17.7
4.6 18.2
4.6 18.8
4.6 18.9
4.6 19.4
4.6 19.3
4.5 18.9
4.4 18.9
4.1 17.8
3.9 17.5
3.8 17.0
3.7 17.0
3.7 17.0
3.7 16.5
3.7 16.7
3.7 17.1
3.7 17.0
3.7 17.1
3.7 17.3
3.7 17.3
3.7 17.3
3.6 17.2
3.4 18.1
3.4 18.2
3.5 18.3
3.5 18.1
3.5 18.2
3.4 18.1
3.5 18.1
3.5 18.2
3.5 18.0
3.5 18.1
3.4 18.1
3.4 18.1
3.4 17.9
3.3 17.8
3.2 17.5
3.2 17.4
3.2 17.4
3.2 17.4
3.2 17.1
3.1 17.0
3.1 16.7
Figure 1.16.A. Global value chains as a share of global trade
Percent of global trade
55

50

45

40

35

30
1970
1973
1976
1979
1982
1985

1997
2000
1988
1991
1994

Source: World Bank.

Note: Data are from Word Development Report 2020.
Return to Read Me
global trade
Year
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1997
2000
2003
2006
2009
2012
2015

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Global value chains
37.1
37.1
37.2
37.9
40.0
39.2
39.7
39.9
39.5
40.7
41.4
41.3
41.0
40.9
41.3
41.2
40.3
40.3
40.5
40.8
41.6
42.2
43.0
42.2
43.1
44.5
44.8
45.2
45.4
45.2
46.2
46.4
46.4
47.3
48.4
48.7
50.2
51.1
51.8
49.6
50.4
51.1
50.6
50.5
49.9
48.1
Figure 1.16.B. Change in container throughput volumes
Percent, year-on-year
25
20
15
10
5
0
-5
-10
-15
-20
Jan-08 Jan-11 Jan-14 Jan-

Source: Institute of Shipping Economics and Logistics; World Bank.

Note: Last observation is April 2020.
Return to Read Me
volumes
Date
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Jan-17 Jan-20 Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
Change in container throughput volumes
9.1
4.8
10.1
6.5
7.4
7.3
6.8
6.5
4.2
3.8
(3.0)
(7.8)
(16.9)
(12.2)
(13.1)
(15.4)
(14.2)
(14.1)
(12.7)
(12.0)
(9.1)
(7.8)
(1.2)
5.2
18.5
12.9
13.6
18.1
18.4
19.2
19.1
19.4
14.3
11.6
13.2
 9.2
9.9
7.3
7.7
8.6
8.0
6.4
6.6
4.8
7.2
8.3
2.9
7.1
3.7
4.8
5.3
3.3
3.8
3.8
2.3
2.0
6.4
2.3
4.6
2.6
5.5
1.2
2.2
1.7
1.6
1.5
2.7
3.7
(0.5)
2.2
2.9
1.7
0.2
 4.8
4.0
5.6
4.0
5.5
4.3
5.1
4.8
6.7
4.5
4.0
4.3
3.1
2.7
0.6
0.8
0.1
0.3
(1.5)
(1.9)
(2.7)
(1.6)
(0.9)
(1.2)
(1.0)
(1.8)
0.1
1.1
1.6
1.4
2.2
3.1
3.1
4.8
5.5
4.3
6.4
8.0
 7.1
7.0
7.0
7.1
7.9
8.4
7.4
6.5
5.7
7.7
6.2
2.4
3.8
5.8
3.6
4.6
3.9
2.0
5.1
3.2
4.0
3.1
0.4
4.7
4.1
1.3
2.9
3.3
2.4
3.4
0.6
0.1
(2.2)
(1.1)
(6.8)
(4.4)
(6.4)
Figure 1.16.C. China's purchase commitments

US$, billions
300
Services Goods
Column V Total
200

1
100

0
2006

2008

2010

2012
2013
2014

2016
2007

2009

2011

2015

Source: Bown (2020); World Bank.

Note: Trade is the average of import and export values.
Return to Read Me
 Year Goods
2006 36.4
2007 43.2
2008 47.7
2009 42.3

257.5 2010 56.1

2011 62.6
2012 68

210.9 2013 73.3

2014 74.6
2015 69.2
2016 70.2
2017 78.8
2018 67.3
2019 105
123.9 2020 142.7
2021 177
2016
2017

2021
2015

2018
2019
2020
Services Total
10.3 46.6
12.8 56
15.5 63.2
16.9 59.2
22 78.1
28 90.6
32.7 100.7
37.1 110.4
43.8 118.4
48.4 117.6
53.8 123.9
55.4 134.2
56.6 123.9
62.4 167.4
68.2 210.9 ###
80.5 257.5 ###
Figure 1.16.D. Bilateral U.S.-China trade and U.S.-Euro Area
Percent of U.S. trade
20

15

10

0
China Euro

Source: International Monetary Fund; World Bank.

Note: Trade is the average of import and export values.
Return to Read Me
S.-Euro Area trade in 2018
China
Euro Area

Euro Area
Bilateral trade in 2018
15.7
14.7
Figure 1.17.A. Cumulative change in policy rates
Percentage points, daily cumulative ch
0.1

-0.2

-0.5

-0.8
Fe
Fe
Ma
Ma
Ma
Ma
Ma
Ap
Ap
Ap
Ap
Source: Bank for International Settlements; World Bank.
Note: Average changes in policy rates are weighted by 2018 GDP at 2010 prices and mark
includes 19 advanced economies. Last observation is May 28, 2020.
Return to Read Me
 Date
ative change Feb-18
Feb-19
Feb-20
Feb-21
Feb-24
Feb-25
Feb-26
Feb-27
Feb-28
Mar-02
Mar-03
Mar-04
Mar-05
Mar-06
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Ma
Ma
Ma
Ma
Ap
Ap
Ap

Mar-23
Mar-24
Mar-25
Mar-26
Mar-27
Mar-30
Mar-31
0 prices and market exchange rates. Sample Apr-01
Apr-02
Apr-03
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-20
Apr-21
Apr-22
Apr-23
Apr-24
Apr-27
Apr-28
Apr-29
Apr-30
May-01
May-04
May-05
May-06
May-07
May-08
May-11
May-12
May-13
May-14
May-15
May-18
May-19
May-20
May-21
May-22
May-25
May-26
May-27
May-28
Cumulative policy rates
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
-0.7
Figure 1.17.B. Unconventional monetary policy in major adv

Percent of GDP
16 COVID-19 (Janua
Global financial c

12

0
United States Euro Area
Source: Haver Analytics; World Bank.

Note: "COVID-19" reflects recently increases in central bank balance sheets since January
share of 2019 nominal GDP. "Global financial crisis" asset purchases reflect the increase in
between August 2008 and December 2009 as a share of 2008 nominal GDP. Last observa
Note: "COVID-19" reflects recently increases in central bank balance sheets since January
share of 2019 nominal GDP. "Global financial crisis" asset purchases reflect the increase in
between August 2008 and December 2009 as a share of 2008 nominal GDP. Last observa
Return to Read Me
in major advanced economies
United States
Euro Area
9 (January to May) Japan

nancial crisis

ea Japan

ets since January 2020 and are expressed as a

ect the increase in central bank balance sheets
DP. Last observation is May 2020.
COVID-19 (January to May) Global financial crisis
13.7 9.0
7.8 4.7
10.9 2.4
Figure 1.17.C. Monetary policies across advanced economi
Cumulative number of policies announc
120 Swap lines
100 Interest rate changes
80
60
40
20
0
9-Apr
30-Jan

Source: Yale Program on Financial Stability; World Bank.

Note: Sample includes 27 advanced economies and the Euro Area. Last observation is Ma
Return to Read Me
ed economies
Date
announced 30-Jan

9-Feb

19-Feb
9-Apr

29-Feb
observation is May 27, 2020.
10-Mar

20-Mar

30-Mar

9-Apr
19-Apr

29-Apr

9-May

19-May
27-May
Asset purchases Interest rate changes Swap lines
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 2 0
 0 4 0
0 4 0
0 4 0
0 4 0
0 4 0
0 4 0
0 4 0
0 6 0
2 6 0
3 8 0
3 8 0
8 10 6
13 14 6
14 14 6
18 15 6
23 20 14
26 23 22
26 23 22
26 23 22
30 23 22
31 23 22
31 23 22
33 24 22
34 25 22
34 25 22
35 25 22
38 26 22
38 26 23
38 26 23
38 26 23
38 26 23
38 26 23
38 26 23
38 26 23
39 27 23
40 27 23
41 27 23
41 27 23
41 27 23
41 27 23
41 27 23
44 27 23
44 27 23
44 27 23
44 27 23
44 27 23
44 27 23
44 27 23
46 27 23
46 27 23
46 27 23
46 27 23
46 27 23
48 28 23
48 28 23
48 28 23
48 28 23
49 28 23
49 28 23
49 28 23
49 28 23
49 28 23
49 28 23
49 28 23
49 28 23
49 28 23
49 28 23
49 28 23
49 28 23
51 28 23
51 28 23
51 28 23
51 28 23
51 28 23
52 28 23
53 28 23
53 29 23
53 29 23
53 29 23
53 29 23
53 29 23
53 29 23
53 29 23
53 29 23
Figure 1.17.D. Fiscal policies across advanced economies
Cumulative number of policies announc
800 Guarantees to financial secto
Liquidity measures
600 Macroprudential policies

400

200

0
10-Mar
20-Mar
30-Mar
9-Apr
19-Apr
9-Feb
19-Feb
29-Feb
30-Jan

Source: Yale Program on Financial Stability; World Bank.

Note: Sample includes 27 advanced economies and the Euro Area. Last observation is Ma
Return to Read Me
economies
Date
announced 30-Jan

ial sector

cies
9-Feb

19-Feb
9-Apr
19-Apr
29-Apr

19-May
9-May

27-May

29-Feb
observation is May 27, 2020.
10-Mar

20-Mar

30-Mar

9-Apr
19-Apr

29-Apr

9-May

19-May
27-May
Macroprudential policies Liquidity measures
0 0
0 0
0 0
0 0
0 1
0 1
4 1
4 1
5 4
5 4
5 4
5 4
5 4
5 7
5 7
5 7
5 7
5 7
11 8
12 8
12 8
12 8
12 8
12 8
12 8
12 8
12 8
12 9
12 10
18 11
18 11
19 11
19 11
19 11
19 11
19 11
20 11
20 11
20 11
21 11
25 14
30 14
35 15
48 20
50 20
54 20
66 24
80 25
102 28
118 35
131 40
132 40
142 42
150 44
165 46
193 48
223 49
242 54
244 54
249 54
258 55
275 57
279 57
285 59
290 62
290 62
290 62
293 64
309 68
324 70
331 74
335 76
335 76
335 76
338 77
340 77
348 77
355 77
357 81
357 81
357 81
377 85
384 86
393 89
398 90
405 92
405 94
405 94
410 97
413 97
417 98
423 99
429 100
430 100
432 100
434 100
439 101
447 102
453 102
456 103
456 103
459 103
461 103
464 104
470 105
475 107
478 109
478 109
478 109
498 109
503 109
513 112
517 113
520 117
521 117
522 117
522 117
530 117
532 118
Guarantees to financial sector
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
 0
0
0
0
0
0
1
7
10
10
12
23
29
35
41
47
47
48
52
61
62
63
66
66
67
69
73
73
73
75
75
75
77
78
78
82
84
84
 84
84
85
85
86
87
87
87
87
89
91
93
95
95
95
97
98
98
100
100
101
101
101
101
101
101
102
102
102
103
105
105
106
106
106
106
106
107
108
108
110
110
110
110
111
111
Figure 1.18.A. Fiscal support measures in major advanced e
Percent of GDP
45 Total stimul
Global finan

30

15

0
Japan United Euro Area
States
Source: Bloomberg; International Monetary Fund; Morgan Stanley; Yale Program on Financ
Note: Total of measures either planned or under consideration as of May 28, 2020. Share o
financial crisis indicates fiscal measures implemented over the period 2008-09.
Return to Read Me
 advanced economies
Japan
United States
Euro Area
al stimulus United Kingdom

bal financial crisis

uro Area United

Kingdom
Program on Financial Stability; World Bank.
28, 2020. Share of 2019 nominal GDP. Global
8-09.
Fiscal (other) Loan guarantees Global financial crisis Total stimulus
10.8 31.4 5.0 42.3
21.6 5.5 5.6 27.0
11.0 15.6 2.0 26.6
5.9 14.9 2.0 20.8
Figure 1.18.B. Fiscal policies across advanced economies
Cumulative number of policies announc
700 Loan guarantees
600 Credit facilities
500 Fiscal stimulus
400
300
200
100
0
9-Apr
19-Apr
10-Mar
20-Mar
30-Mar
30-Jan
9-Feb
19-Feb
29-Feb

Source: Yale Program on Financial Stability; World Bank.

Note: Sample includes 27 advanced economies and the Euro Area. Last observation is Ma
Return to Read Me
economies
Fiscal stimulus
announced 30-Jan 1
1
1
1
1
1
1
1
1
1
9-Feb 1
1
1
1
1
2
2
2
2
2
19-Feb 2
4
9-Apr
19-Apr
29-Apr
9-May
19-May
27-May

4
4
4
5
5
7
7
8
29-Feb 9
observation is May 27, 2020 9
10
11
13
 15
16
16
16
17
10-Mar 24
28
28
31
32
35
43
46
56
59
20-Mar 71
71
76
83
88
104
112
142
144
144
30-Mar 157
162
166
174
179
181
181
189
198
230
9-Apr 236
236
236
 238
239
241
243
245
245
246
19-Apr 246
248
249
252
257
264
265
266
272
277
29-Apr 281
288
291
293
295
306
316
322
332
343
9-May 344
344
352
362
368
387
396
398
399
406
19-May 415
 437
441
447
448
452
460
482
27-May 485
Credit facilities Loan guarantees
0 0
0 0
0 0
0 0
1 0
1 0
1 0
1 0
4 1
4 1
4 1
4 1
4 1
6 1
6 1
6 1
6 1
6 1
7 1
7 1
7 1
7 1
7 1
7 1
7 1
7 1
7 1
8 2
9 2
10 4
10 4
10 4
10 4
10 4
10 4
10 4
10 4
10 4
10 5
10 5
13 5
13 5
14 7
19 10
19 10
19 12
23 14
24 20
26 21
33 29
38 34
38 34
40 36
42 38
44 42
45 43
46 43
51 44
51 44
51 46
52 47
54 47
54 47
56 49
59 50
59 50
59 50
61 53
65 55
67 56
71 57
73 57
73 57
 73 58
74 58
74 58
74 59
74 61
78 63
78 64
78 64
82 65
83 65
86 67
87 68
89 69
91 69
91 69
94 69
94 69
95 70
96 70
97 71
97 71
97 71
97 73
98 73
99 73
99 73
100 73
100 73
100 73
100 73
101 75
102 75
104 75
106 75
106 75
106 75
106 75
106 76
109 78
110 78
113 78
113 78
113 78
113 78
113 79
114 79
Figure 1.19.A. Health security in advanced economies

Index, 100=best conditions

80

60

40

20

0
Early Prevention Rapid
detection response

Source: Global Health Index (2019); World Bank.

Note: All data are normalized through a scale from 0 to 100, where 100 represents the best
Prevention refers to preventing the emergence of pathogens and a potential outbreak. Early
government's capacity to detect and report spread of epidemics. Rapid response indicates
mitigate the spread of an epidemic. The robustness of the health sector indicates the capac
providing safety for health care workers. Sample includes 34 advanced economies.
Note: All data are normalized through a scale from 0 to 100, where 100 represents the best
Prevention refers to preventing the emergence of pathogens and a potential outbreak. Early
government's capacity to detect and report spread of epidemics. Rapid response indicates
mitigate the spread of an epidemic. The robustness of the health sector indicates the capac
providing safety for health care workers. Sample includes 34 advanced economies.
Return to Read Me
omies
Early detection
Index 70.0

apid Robust
esponse health
sector

presents the best health security conditions.

ial outbreak. Early detection measures the
sponse indicates the ability of a government to
dicates the capacity of treating the sick and
conomies.
Prevention Rapid response Robust health sector
57.8 55.1 49.5
Figure 1.19.B. Public unemployment spending in 2015
Percent of GDP
1.4 2015
1.2
1.0
0.8
0.6
0.4
0.2
0.0
United States Japan

Source: Organisation for Economic Co-operation and Development; World Bank.

Note: Aggregates calculated as simple averages.
Return to Read Me
n 2015
2015
United States 0.2
Japan 0.2
Euro Area 1.2

n Euro Area
Advanced-economy average
0.8
0.8
0.8
Figure 1.20.A. EMDE inflation and oil prices

Percent, year-on-year Percent,

6 Core Headline Oil price (R
5
4
3
2
1
0
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19

May-19
Jul-19
Sep-19
Mar-19

Source: World Bank.

Note: Aggregates calculated using 2019 real U.S. dollar GDP weights. "Headline" and “Cor
EMDEs. Last observation is April 2020.
Return to Read Me
 Date Headline
Percent, year-on-year Jan-18 3.3
Feb-18 3.8

price (RHS) 80 Mar-18

Apr-18
3.3
3.3
May-18 3.3
Jun-18 3.7

40 Jul-18
Aug-18
3.7
4
Sep-18 4.4
Oct-18 4.5
Nov-18 4
0 Dec-18
Jan-19
3.7
3.5
Feb-19 3.5
Mar-19 4
Apr-19 4.2
-40 May-19
Jun-19
4.2
3.8
Jul-19 3.9
Aug-19 3.8

-80 Sep-19
Oct-19
3.6
3.9
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20

Nov-19 4.5
Dec-19 4.9
Jan-20 5.4
Feb-20 5.2
Mar-20 4.6
Apr-20 3.1

eadline" and “Core” samples include 15 and 11

Core Oil price (RHS)
3.2 25.7
3.2 17.9
3 27.9
3 35.2
3 50.7
3.1 60.4
3.1 52.9
3.3 42.4
3.6 43
3.7 39.7
3.5 4.2
3.5 -12.1
3.6 -14.1
3.6 -2
3.6 -0.1
3.5 -0.6
3.4 -8
3.3 -15.8
3.4 -14
3.1 -19
2.7 -21
2.6 -26.2
2.7 -3.7
2.7 16.6
2.6 7.3
2.5 -14.2
2.5 -50.3
2.4 -67.2
Figure 1.20.B. External financing needs in 2020, by year-to-d

Percent Ratio to GDP

10 Ratio to reserves (RH

8
6
4
2
0
Above-median Below-med
currency currency
depreciation depreciatio

Source: Haver Analytics; World Bank.

Note: Figure shows median values for each EMDE group. External financing needs are calc
current account balance and external debt amortization due in 2020 relative to either GDP o
that are “Above median” reflect those who have depreciated against the U.S. dollar by more
Sample includes 26 EMDEs. Last observation is May 28, 2020.
Return to Read Me
 by year-to-date currency depreciation

Percent
ves (RHS) 80

60

40

20

0
ow-median
rency
preciation

ing needs are calculated as the sum of the

ve to either GDP or foreign reserves. EMDEs
U.S. dollar by more than the median EMDE.
Above-median
currency
Below-median Ratio to GDP
depreciation
currency 8.3
depreciation 6.4
Ratio to reserves (RHS)
59.9
39.9
Figure 1.20.C. Monetary policy in EMDEs
Number EMDEs loosening p
20 EMDEs tightening p
0
-20
-40
-60
S e p -0 8

D e c -0 8
N lo v -0 8

F e b -2 0
J a n -0 9

J a n -2 0
O c t-0 8

G lo b a l fin a n c ia
c r...

Source: Haver Analytics; World Bank.

Note: Sample includes 72 EMDEs. Last observation is May 2020.
Return to Read Me
 J a n -2 0
F e b -2 0
C o ro n a v iru s
M a r-2 0
p a n d e m ic
A p r-2 0
loosening policy rates
tightening policy rates

M a y -2 0
 Global financial
crisis
Sep-08 Oct-08 Nov-08 Dec-08 Jan-09
EMDEs loosening policy rates -4 -9 -15 -22 -22
EMDEs tightening policy rates 11 8 6 6 5
 Coronavirus
pandemic
Jan-20 Feb-20 Mar-20 Apr-20 May-20
-11 -12 -43 -26 -18
0 2 1 0 1
Figure 1.20.D. Central bank asset purchases in EMDEs

Percent of GDP
4

0
Chile

Thailand

Colombia
Turkey
Philippines

Source: Haver Analytics; International Monetary Fund; World Bank.

Note: Announced central bank asset purchases, expressed relative to nominal local-curren
have also announced similar programs; however, their size is dependent on market conditio
Romania, South Africa). Last observation is May 29, 2020.
Return to Read Me
EMDEs
Asset purchases

Indonesia

India
Colombia

minal local-currency GDP in 2019. Other EMDEs

on market conditions (Hungary, Poland,
Chile Thailand Philippines Turkey Colombia Indonesia India
3.4 2.4 1.7 1.7 1.3 1.0 0.5
Figure 1.20.E. Government bond yields following asset purc
Percent EMDEs announcing asset
All EMDEs
0

-4

-8

-12

-16
Next day One week O
after a
Source: Haver Analytics; World Bank.
Notes: Bars show the median percent change in 10-year government bond yields for EMDE
purchase programs, one day, one week, and one month after the announcement. Diamond
median EMDE yield on corresponding dates. Sample includes 24 EMDEs of which 10 anno
observation is May 29, 2020.
Return to Read Me
g asset purchase program announcements

ng asset purchases

eek One month

after

d yields for EMDEs that have announced asset

cement. Diamonds show the change in the
of which 10 announced asset purchases. Last
 Next day One week after
EMDEs announcing asset purchases -3.7 -5.5
All EMDEs -2.1 -5.0
One month after
-13.3
-9.3
Figure 1.20.F. Macroprudential and other monetary policies
Cumulative number of policies announc
800 Asset purchases
700 Interest rate changes
600 Liquidity measures
500 Macroprudential policies
400
300
200
100
0

16-Apr
5-Mar

19-Mar

2-Apr
23-Jan

6-Feb

20-Feb

Source: Yale Program on Financial Stability; World Bank.

Note: Sample includes 26 EMDEs. Last observation is May 28, 2020.
Return to Read Me
 ary policies in EMDEs
Date
announced 23-Jan
24-Jan
25-Jan
26-Jan
27-Jan
28-Jan
29-Jan
30-Jan
31-Jan

es 1-Feb
2-Feb
3-Feb
4-Feb
5-Feb
6-Feb
7-Feb
8-Feb
9-Feb
10-Feb
11-Feb
12-Feb
16-Apr
2-Apr

30-Apr

14-May

28-May

13-Feb
14-Feb
15-Feb
16-Feb
17-Feb
18-Feb
19-Feb
20-Feb
21-Feb
22-Feb
23-Feb
24-Feb
25-Feb
26-Feb
27-Feb
28-Feb
29-Feb
1-Mar
2-Mar
3-Mar
4-Mar
5-Mar
6-Mar
7-Mar
8-Mar
9-Mar
10-Mar
11-Mar
12-Mar
13-Mar
14-Mar
15-Mar
16-Mar
17-Mar
18-Mar
19-Mar
20-Mar
21-Mar
22-Mar
23-Mar
24-Mar
25-Mar
26-Mar
27-Mar
28-Mar
29-Mar
30-Mar
31-Mar
1-Apr
2-Apr
3-Apr
4-Apr
5-Apr
6-Apr
7-Apr
8-Apr
9-Apr
10-Apr
11-Apr
12-Apr
13-Apr
14-Apr
15-Apr
16-Apr
17-Apr
18-Apr
19-Apr
20-Apr
21-Apr
22-Apr
23-Apr
24-Apr
25-Apr
26-Apr
27-Apr
28-Apr
29-Apr
30-Apr
1-May
2-May
3-May
4-May
5-May
6-May
7-May
8-May
9-May
10-May
11-May
12-May
13-May
14-May
15-May
16-May
17-May
18-May
19-May
20-May
21-May
22-May
23-May
24-May
25-May
26-May
27-May
28-May
Macroprudential policies Liquidity measures Interest rate changes
0 0 0
0 0 0
0 0 0
0 0 0
1 0 0
1 0 0
1 0 0
2 0 0
2 0 0
3 0 0
3 0 0
3 1 1
3 1 1
3 1 3
3 1 3
3 1 3
3 1 3
3 1 3
3 1 3
3 1 3
3 1 3
3 1 4
3 1 4
3 1 4
3 1 4
3 1 5
3 1 5
3 1 5
5 1 7
5 1 7
5 1 7
5 1 7
6 1 7
7 1 7
7 1 7
 7 1 7
8 1 7
8 1 7
8 1 7
11 1 7
12 1 9
14 1 10
14 1 10
14 1 10
16 1 10
16 1 10
16 2 10
22 4 10
22 4 10
22 11 11
24 13 11
26 14 11
33 14 11
48 22 16
62 26 19
76 34 22
100 39 27
125 46 31
125 46 31
127 47 31
145 49 32
165 52 32
191 53 32
204 57 33
249 62 36
250 62 36
256 62 36
274 65 37
282 67 37
290 68 37
295 70 37
300 71 38
303 72 38
309 73 38
316 73 38
321 73 38
323 73 38
333 73 40
334 75 40
335 75 40
335 75 40
339 75 40
346 76 41
348 77 42
363 78 44
373 79 45
373 79 45
373 79 45
375 80 46
378 90 47
382 90 48
389 90 48
389 91 49
390 91 49
390 91 49
396 92 49
403 92 49
406 93 50
423 99 51
425 99 51
425 99 51
426 99 51
427 99 51
436 99 52
439 99 54
445 99 54
448 104 54
450 104 54
451 104 54
456 104 54
468 104 55
486 105 55
488 105 56
494 105 56
505 105 56
510 105 56
513 105 56
513 105 56
515 105 57
521 105 59
533 106 60
533 106 60
533 106 60
536 106 60
538 106 60
543 106 60
547 106 60
Asset purchases
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
2
3
4
4
5
9
9
10
10
10
10
10
10
12
12
12
12
12
12
12
12
12
12
13
13
13
13
14
14
14
16
16
16
16
16
16
17
17
17
17
17
17
17
18
18
18
18
18
18
18
18
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20