2022年世界经济形势与展望世界经济面临巨大阻力英联合国2022231

andWorld

Economic1CHAPTER

IITHE

FUTURE

OF

GLOBAL

TRADE

Situation

Prospects

United

Nations

New

York,

2022WORLD

ECONOMIC

SITUATION

AND

PROSPECTS

2022The

World

Economic

Situation

and

Prospects

2022

is

a

report

produced

by

the

United

NationsDepartment

of

Economic

and

Social

Affairs

(UN

DESA),

in

partnership

with

the

UnitedNations

Conference

on

Trade

and

Development

(UNCTAD)

and

the

five

United

Nations

regionalcommissions:

Economic

Commission

for

Africa

(UNECA),

Economic

Commission

for

Europe(UNECE),

Economic

Commission

for

Latin

America

and

the

Caribbean

(UNECLAC),

Economic

andSocial

Commission

for

Asia

and

the

Pacific

(UNESCAP)

and

Economic

and

Social

Commission

forWestern

Asia

(UNESCWA).

The

United

Nations

World

Tourism

Organization

(UNWTO)

also

contributedto

the

report.For

further

information,

visit

/en/desa

or

contact:UN

DESALiu

Zhenmin,

Under-Secretary-GeneralDepartment

of

Economic

and

Social

AffairsRoom

S-2922United

NationsNew

York,

NY

10017USA(

+1-212-9635958

undesa@UNCTADRebeca

Grynspan,

Secretary-GeneralUnited

Nations

Conference

on

Trade

and

DevelopmentRoom

E-9042Palais

de

Nations,

8–141211

Geneva

10Switzerland(

+41-22-9175806

sgo@UNECAVera

Songwe,

Executive

SecretaryUnited

Nations

Economic

Commission

for

AfricaMenelik

II

AvenueP.O.

Box

3001Addis

AbabaEthiopia(

+251-11-5511231

ecainfo@UNECEOlga

Algayerova,

Executive

SecretaryUnited

Nations

Economic

Commission

for

EuropePalais

des

NationsCH-1211

Geneva

10Switzerland(

+41-22-9174444

unece_info@UNECLACAlicia

Bárcena,

Executive

SecretaryEconomic

Commission

for

Latin

America

and

the

CaribbeanAv.

Dag

Hammarskjöld

3477VitacuraSantiago,

ChileChile(

+56-2-22102000

secepal@UNESCAPArmida

Salsiah

Alisjahbana,

Executive

SecretaryEconomic

and

Social

Commission

for

Asia

and

the

PacificUnited

Nations

BuildingRajadamnern

Nok

AvenueBangkok

10200Thailand(

+66-2-2881234

escap-scas@UNESCWARola

Dashti,

Executive

SecretaryEconomic

and

Social

Commission

for

Western

AsiaP.O.

Box

11-8575Riad

el-Solh

Square,

BeirutLebanon(

+961-1-981301@

/contactISBN:

978-92-1-109183-0eISBN:

978-92-1-001183-9Print

ISSN:

1995-2074Online

ISSN:

2411-8370United

Nations

publicationSales

No.

E.22.II.C.1Copyright

@

United

Nations,

2022All

rights

reservedIII

FOREWORDForeword

The

world

is

now

two

years

into

the

COVID-19

pandemic,

and

the

end

is

nowhere

in

sight.

Thehuman,

economicandsocialtoll

ofthepandemichasbeendevastating.Rising

poverty,

joblosses,shredded

safety

nets,

health-care

systems

pushed

to

the

brink,

and

the

impacts

of

a

changing

climate

areplacing

the

Sustainable

Development

Goals

further

out

of

reach.

Inequalities

are

intensifying,

setting

the

stage

for

an

uncertain,

uneven

and

unfair

recovery.

In

some

countries,

ambitious

vaccination

roll-outs

and

bold

economic

support

and

stimulus

packagesare

paving

the

way

towards

recovery.

But

progress

is

not

being

shared

equally.

More

than

a

quarter

of

developing

countries

have

yet

to

achieve

their

pre-pandemic

levels

of

output,hampered

by

severely

inadequate

access

to

vaccines

and

limited

financial

resources.

Job

creation

has

beeninsufficient

to

make

up

for

earlier

losses,

with

employment

deficits

disproportionally

affecting

women

andyouth.

Against

this

backdrop,

the

risk

of

new

COVID-19

variants

emerging

and

spreading

threatens

to

derailany

recovery

prospects.

At

the

same

time,

rapidly

rising

inflation

in

many

parts

of

the

world

will

result

in

higher

interest

rates,limiting

borrowing

and

constraining

fiscal

space

at

eXactly

the

time

countries

should

be

investing

in

jobs,education,

health

care,

and

the

green

economy.

Fordevelopingcountriesalreadydrowningindebt,thisisarecipefordefaultsandprolongedeconomicdistress.

In

this

fragile

and

uneven

period

of

global

recovery,

the

World

Economic

Situation

and

Prospects

2022calls

for

better

targeted

and

coordinated

policy

and

financial

measures

at

the

national

and

internationallevels.

As

detailed

in

this

report,

national

fiscal

and

monetary

authorities

need

to

carefully

sequence,

calibrateand

coordinate

their

policies

to

avoid

sudden

disruptions.

Internationally,

the

world

needs

to

come

togetherto

reform

the

global

financial

system.

This

requires

the

full

mobilization

of

governments,

internationalfinancial

institutions,

credit-rating

agencies

and

others.

We

must

act

across

a

wide

range

of

challenges

–

from

addressing

illicit

financial

flows,

to

injectingmorefairnessintotheglobaltaXsystem,andencouragingmoreprivateinvestmentintodevelopingcountries.

We

must

also

overhaul

the

international

debt

architecture,

so

developing

countries

can

access

thefinancing

and

debt

relief

they

need

to

spur

recovery

in

the

short

term

and

invest

in

resilient

and

sustainabledevelopment

over

the

longer

term.

This

must

include

investments

in

education

systems,

universal

health

coverage

and

social

protection,jobs

in

the

green,

digital

and

care

economies,

and

access

to

COVID-19

vaccines

for

all,

so

we

can

put

thepandemic

behind

us.

The

time

is

now

to

close

the

inequality

gaps

within

and

among

countries.

If

we

work

in

solidarity

–

as

one

human

family

–

we

can

make

2022

a

true

year

of

recovery

for

peopleand

economies

alike.

The

United

Nations

system

stands

ready

to

work

with

every

country

to

make

our

way

through

thisglobal

crisis,

and

build

the

resilient,

inclusive,

equal

and

sustainable

world

economy

that

every

person

needsand

deserves.

António

Guterres

United

Nations

Secretary-GeneralIVWORLD

ECONOMIC

SITUATION

AND

PROSPECTS

2022ExplanatorynotesThe

following

symbols

have

been

used

in

the

tables

throughout

the

report:...

–

-

−Three

dots

indicate

that

data

are

not

availableor

are

not

separately

reported.A

dash

indicates

that

the

amount

is

nil

or

negligible.A

hyphen

indicates

that

the

item

is

not

applicable.A

minus

siGn

indicates

deficit

or

decrease,

except

asindicated../–A

full

stop

is

used

to

indicate

decimals.A

slash

between

years

indicates

a

crop

year

or

financial

year,for

example,

2021/22.Use

of

a

hyphen

between

years,

for

example,

2021–2022,signifies

the

full

period

involved,

including

the

beginning

andend

years.For

country

classifications,

see

Statistical

annex.Data

presented

in

this

publication

incorporateinformation

available

as

at

30

November

2021.Starting

in

2010,

data

for

the

Ukraine

excludes

thetemporarily

occupied

territory

of

the

AutonomousRepublic

of

Crimea

and

Sevastopol.

Reference

to

“dollars”($)indicatesUnitedStatesdollars,unlessotherwise

stated.

Reference

to

“billions”

indicates

one

thousand

million.

Reference

to

“tons”

indicates

metric

tons,

unless

otherwise

stated.

Annual

rates

of

growth

or

change,

unless

otherwise

stated,

refer

to

annual

compound

rates.

Details

and

percentaGes

in

tables

do

not

necessarily

add

to

totals,

because

of

rounding.The

following

abbreviations

have

been

used:APPASEANCAPECISECBEMUG20G7GCCGDPICTAsset

purchase

programme

Association

of

Southeast

Asian

Nations

Cyclically

Adjusted

Price

Earnings

Commonwealth

of

Independent

States

European

Central

Bank

European

Economic

and

Monetary

Union

Group

of

20

Group

of

7

Gulf

Cooperation

Council

gross

domestic

product

information

and

communications

technology

ILOIMFOECDOPECPEPPPPPS&PUN

DESAUNCTADWESPWHOInternational

Labour

OrganizationInternational

Monetary

Fund

Organisation

for

Economic

Co-operation

and

Development

Organization

of

the

Petroleum

Exporting

Countries

Pandemic

Emergency

Purchase

Programme

purchasing

power

parity

Standard

and

Poor’s

United

Nations

Department

of

Economic

and

Social

Affairs

United

Nations

Conference

on

Trade

and

Development

World

Economic

Situation

and

ProspectsWorld

Health

Organization

V

ACKNOWLEDGEMENTSAcknowledGementsThe

World

Economic

Situation

and

Prospects

2022

is

a

report

produced

by

the

United

NationsDepartment

of

Economic

and

Social

Affairs

(UN

DESA),

in

partnership

with

the

United

NationsConference

on

Trade

and

Development

(UNCTAD)

and

Economic

Commission

for

Africa

(UNECA),Economic

Commission

for

Europe

(UNECE),

Economic

Commission

for

Latin

America

and

theCaribbean

(UNECLAC),

Economic

and

Social

Commission

for

Asia

and

the

Pacific

(UNESCAP)

andEconomic

and

Social

Commission

for

Western

Asia

(UNESCWA).

The

United

Nations

World

TourismOrganization

(UNWTO)

also

contributed

to

the

report.

The

forecasts

presented

in

the

report

draw

onthe

World

Economic

Forecasting

Model

(WEFM)

of

UN

DESA

as

well

as

inputs

from

the

United

Nationsregional

commissions.Under

the

general

guidance

of

Liu

Zhenmin,

Under-Secretary-General

for

Economic

and

Social

Affairs;ElliottHarris,UnitedNationsChiefEconomist,Assistant-Secretary-GeneralforEconomicDevelopment;andShantanuMukherjee,DirectoroftheEconomicAnalysisandPolicyDivision(EAPD);HamidRashid,ChiefoftheGlobalEconomicMonitoringBranch(GEMB)ofEAPDledandcoordinatedthewritingofthereportwithacoreteamofauthorsfromGEMB,comprising,HelenaAfonso,GrigorAgabekian,IanCoX,Andrea

Grozdanic,

Ingo

Pitterle,

Julian

Rodrick

Slotman,

Sebastian

Vergara,

Yasuhisa

Yamamoto

andZhenqian

Huang.

The

core

team

benefited

from

the

research

and

analytical

support

from

Ali

Bargu,Lennart

Claas

Niermann

and

Lea

Steininger.ThecontributionsofCorneliaKaldewei,LeahC.Kennedy,PohLynnNgandGabeScelta

fromUNDESA;RachidAmui,BrunoAntunes,ReginaAsariotis,RashmiBanga,ChantalLineCarpentier,StefanCsordas,Cambiz

Daneshvar,

Marco

Fugazza,

Taisuke

Ito,

Richard

Kozul-Wright,

Nicolas

Maystre,

AlessandroNicita,

Janvier

Nkurunziza,

Ralf

Peters,

Mesut

Saygili,

Miho

Shirotori,

Vincent

Valentine,

Dong

Wu

fromUNCTAD;

Bartholomew

Armah,

Joseph

Atta-Mensah,

Jean

Paul

Boketsu

Bofili,

Hopestone

KayiskaChavula,

Adrian

Gauci,

Chaoyi

Hu,

Bosede

Olanike

from

ECA;

José

Palacín

Lucio

from

ECE;

ClaudioAravena,

Sonia

Gontero,

Ramon

Pineda,

Daniel

Titelman,

Cecilia

Vera

from

ECLAC;

Shuvojit

Banerjee,Zheng

Jian,

Michal

Podolski,

Kiatkanid

Pongpanich,

Sweta

SaXena,

Vatcharin

Sirimaneetham

fromESCAP;

Mohamed

Bchir,

Jan

Gaska,

Mohamed

El

Moctar

Mohamed

El

Hacene,

Ahmed

Moummi,Souraya

Zein

from

ESCWA;

Sandra

Carvão,

Michel

Julian

and

Javier

Ruescas

from

UNWTO;

JoaquinSalido

Marcos

and

Susanna

Wolf

from

UN-OHRLLS

are

duly

acknowledged.The

report

was

edited

by

Gretchen

Luchsinger,

with

graphic

design

by

Mackenzie

Crone

and

coverdesign

by

Parvati

Mcpheeters.VIWORLD

ECONOMIC

SITUATION

AND

PROSPECTS

2022SustainableDevelopment

GoalsGoal

1.

End

poverty

in

all

its

formseverywhereGoal

2.

End

hunger,

achieve

food

securityand

improved

nutrition

and

promotesustainable

agricultureGoal

3.

Ensure

healthy

lives

and

promotewell-being

for

all

at

all

agesGoal

4.

Ensure

inclusive

and

equitable

qualityeducation

and

promote

lifelong

learningopportunities

for

allGoal

5.

Achieve

gender

equality

andempower

all

women

and

girlsGoal

6.

Ensure

availability

and

sustainablemanagement

of

water

and

sanitation

for

allGoal

7.

Ensure

access

to

affordable,

reliable,sustainable

and

modern

energy

for

allGoal

8.

Promote

sustained,

inclusive

andsustainable

economic

growth,

full

and

productiveemployment

and

decent

work

for

allGoal

9.

Build

resilient

infrastructure,

promoteinclusive

and

sustainable

industrializationand

foster

innovationGoal

10.

Reduce

inequality

within

and

amongcountriesGoal

11.

Make

cities

and

human

settlementsinclusive,

safe,

resilient

and

sustainableGoal

12.

Ensure

sustainable

consumption

andproduction

patternsGoal

13.

Take

urgent

action

to

combat

climatechange

and

its

impactsGoal

14.

Conserve

and

sustainably

use

theoceans,

seas

and

marine

resources

for

sustain-able

developmentGoal

15.

Protect,

restore

and

promote

sustainableuse

of

terrestrial

ecosystems,

sustainably

manageforests,

combat

desertification,

and

halt

andreverse

land

degradation

and

halt

biodiversity

lossGoal

16.

Promote

peaceful

and

inclusive

societiesfor

sustainable

development,

provide

access

tojustice

for

all

and

build

effective,

accountable

andinclusive

institutions

at

all

levelsGoal

17.

Strengthen

the

means

of

implementationand

revitalize

the

Global

Partnership

forSustainable

DevelopmentVII

EXECUTIVE

SUMMARYExecutivesummaryGlobal

Growth

prospectsAfter

a

stronG

recovery

in

2021,

Global

Growth

momentum

islosinG

steamGlobal

economic

recovery

hinges

on

a

delicate

balance

amid

new

waves

of

COVID-19

infections,persistent

labour

market

challenges,

lingering

supply-chain

constraints

and

rising

inflationarypressures.

Afteraglobal

contraction

of3.4

percentin

2020

andfollowing

aneXpansionof

5.5percentin

2021,

the

highest

rate

of

growth

in

more

than

four

decades,

the

world

economy

is

projected

to

growby

4

per

cent

in

2022

and

3.5

per

cent

in

2023.

World

gross

product in

2021 was 1.9

per

cent higherthan

in

2019

but

still 3.3

per

cent

below

the level of

output

projected

prior

to

the

pandemic. Theseaggregategrowthfigures,however,maskmarkeddivergencesinthepaceofrecoveryacrosscountriesand

regions.Global

recovery

in

output

in

2021

was

largely

driven

by

robust

consumer

spending

and

some

uptake

ininvestment.

Trade

in

goods

bounced

back,

surpassing

the

pre-pandemic

level.

But

growth

momentumslowed

considerably

by

the

end

of

2021

including

in

big

economies

like

China,

the

European

Unionand

the

United

States

of

America,

as

the

effects

of

fiscal

and

monetary

stimuli

dissipated

and

majorsupply-chain

disruptions

emerged.

Growth

impetus

generally

has

been

weaker

in

most

developingcountries

and

economies

in

transition.

While

higher

commodity

prices

have

helped

commodity-eXporting

countries

at

large,

rising

food

and

energy

prices

have

triggered

rapid

inflation,

particularly

inthe

Commonwealth

of

Independent

States

(CIS)

and

Latin

America

and

the

Caribbean.

Recovery

hasbeen

especially

slow

in

tourism-dependent

economies,

notably

in

the

small

island

developing

States.Output

losses

relative

to

pre-pandemic

projections

willremain

substantial

in

most

developinG

countriesAccordingtocurrentforecasts,halfoftheworld’seconomieswilleXceedpre-pandemiclevelsofoutputby

at

least

7

per

cent

in

2023.

In

East

Asia

and

South

Asia,

average

gross

domestic

product

(GDP)

in2023isprojectedtobe18.4percentaboveits2019level,comparedtoonly3.4percentinLatinAmericaand

the

Caribbean.

This

does

not

necessarily

mean

that

countries

will

fully

regain

their

output

relativeto

trend

output

growth

before

the

pandemic.

Despite

a

robust

recovery,

East

Asia

and

South

Asia’sGDP

in

2023

is

projected

to

remain

1.7

per

cent

below

the

levels

forecast

prior

to

the

pandemic.

Africaand

Latin

America

and

the

Caribbean

are

projected

to

see

gaps

of

5.5

and

4.2

per

cent,

respectively,compared

to

pre-pandemic

projections.

These

persistent

output

gaps

will

eXacerbate

poverty

andinequality

and

undermine

sustainable

development.VIIIWORLD

ECONOMIC

SITUATION

AND

PROSPECTS

2022The

Global

outlook

faces

major

uncertainties

and

risksNear-term

global

growth

prospects

face

major

risks

with

the

pandemic

far

from

over.

With

new

wavesof

infections

spreading

quickly,

the

human

and

economic

tolls

are

eXpected

to

increase.

The

growthoutlook

presented

in

this

report

therefore

remains

susceptible

to

an

upsurge

in

cases

and

potentialrestrictions

on

economic

activities.

Limited

access

to

vaccines

poses

a

particular

challenge

to

mostdevelopingcountriesandtransitioneconomiesasaresurgenceoftheviruswilllikelyaffectthemmorethan

the

developed

countries,

which

have

achieved

relatively

high

vaccination

coverage.

By

December2021,

the

number

of

vaccine

doses

per

100

people

in

the

least

developed

countries

stood

at

just23.9

against

147.4

in

the

developed

countries.

Limited

supplies

of

vaccines

from

manufacturers

anddomestic

fiscal

constraints

continue

to

limit

access

for

many

developing

countries.Risinginflationarypressuresinmajordevelopedeconomiesandanumberoflargedevelopingcountriespresentadditionalriskstorecovery.Globalheadlineinflationrosetoanestimated5.2percentin2021,more

than

2

percentage

points

above

its

trend

rate

in

the

past

10

years.

The

inflationary

pressure

wasparticularly

pronounced

in

the

United

States,

the

euro

area

and

Latin

America

and

the

Caribbean.

Afaster-than-eXpected

tightening

of

global

monetary

conditions

represents

another

major

challenge.Any

uneXpected

shifts

in

the

monetary

policy

stances

of

the

Federal

Reserve

in

the

United

Statescould

abruptly

change

investor

eXpectations

and

trigger

large

adjustments

in

portfolio

allocations,while

significantly

altering

capital

flows

to

developing

countries.International trade

and

investment

registered

mixedperformanceInternational

trade

performance

was

miXed

in

2021.

Merchandise

trade

bounced

back,

with

globaltrade

in

goods

surpassing

the

pre-pandemic

level.

Trade

in

services

has

remained

subdued,

however,as

many

cross-border

services,

particularly

international

travel

and

tourism,

have

yet

to

recover.

Ourbaseline

scenario

projects

that

global

trade

in

goods

and

services

will

grow

by

5.7 per cent

in

2022after

an

eXpansion

of

11

per

cent

in

2021.

Although

trade

in

services

is

yet

to

recover,

it

is

eXpected

togradually

improve

as

external

demand

patterns

normalize. The

trade

outlook

remains

susceptible

topotentialrestrictionsineconomicactivities,however,withthenewOmicronvariantofCOVID-19posingconsiderable

risks

and

policy

uncertainties.In

many

parts

of

the

world,

investment

has

rebounded

from

the

pandemic-induced

slump,

supportedbyaneasingofCOVID-19restrictions,largefiscalstimuluspackagesandultraloosemonetarypolicies.Aftercontractingby2.7percentin2020,globalinvestmenteXpandedanestimated7.5percentin2021,driven

by

strong

albeit

moderating

growth

in

China

and

the

United

States.

Beyond

the

headline

figures,however,

the

global

investment

picture

is

more

troubling.

In

many

countries,

the

rebound

is

the

resultof

favourable

base

effects

and

an

eXceptionally

supportive

fiscal

and

monetary

policy

environment.As

financial

conditions

tighten

and

fiscal

support

is

withdrawn,

investment

growth

will

likely

return

toIX

EXECUTIVE

SUMMARYthe

slow

pace

that

prevailed

before

the

pandemic.

Medium-term

investment

prospects

are

particularlychallenging

for

developing

and

transition

economies

that

heavily

depend

on

fossil

fuels.Labour

market

recovery

is

laGGinGEmployment

levels

are

projected

to

remain

well

below

pre-pandemic

levels

during

2022–2023

andpossibly

beyond.

The

pace

of

job

creation

has

been

largely

inadequate

to

offset

earlier

employmentlosses

although

the

picture

varies

across

regions.

While

labour

markets

in

developed

countries

aregradually

improving

as

recovery

gathers

pace,

employment

growth

in

developing

countries

remainsweak

amid

lower

vaccination

progress

and

limited

stimulus

spending.

This

divergence

is

projected

tocontinue

in

the

near-term.

In

developed

economies,

full

employment

recovery

is

projected

in

2023

orin

some

cases

in

2024.

The

developing

economies,

especially

those

in

Africa,

Latin

America

and

theCaribbean,

and

Western

Asia,

are

eXpected

to

see

much

slower

recovery

of

jobs.Global

poverty

is

projected

to

remain

at

record

hiGhsAdverse

impacts

of

the

pandemic

on

growth

and

employment

have

significantly

undermined

progresson

global

poverty

reduction,

dashing

hopes

of

achieving

the

Sustainable

Development

Goal

of

endingeXtreme

poverty.

The

number

of

people

living

in

eXtreme

poverty

globally

is

projected

to

decreaseslightlyto876millionin2022butisexpectedtoremain wellabovepre-pandemiclevels.Fast-developingeconomies

in

East

Asia

and

South

Asia

and

developed

economies

are

eXpected

to

eXperience

somepoverty

reduction.

In

contrast,

poverty

is

forecast

to

further

increase

in

the

world’s

most

vulnerableeconomies.

Insufficient

fiscal

space

and

the

slow

recovery

of

employment

in

general

will

underminepoverty

reduction

in

many

developing

countries

in

the

near

term.This

is

particularly

the

case

in

Africa,where

the

absolute

number

of

people

in

poverty

is

anticipated

to

rise

through

2023.HiGher

inequality

may

emerGe

as

a

lonGer-term

leGacy

of

theCOVID-19

crisisHigher

levels

of

inequality

within

and

between

countries

are

emerging

as

a

longer-term

consequenceof

the

pandemic. For

the

vast

majority

of

developing

countries,

a

full

recovery

of

GDP

per

capita

willremain

elusive.

The

gap

between

what

they

will

achieve

and

what

they

would

have

achieved

withoutthe

pandemic

will

persist

well

into

2023.

In

contrast,

GDP

per

capita

in

the

developed

economies

iseXpected

to

almost

fully

recover

by

2023

relative

to

pre-pandemic

projections.Uneven

recovery

of

employment

and

income

across

different

population

groups

is

increasinginequalities

within

countries.

In

particular,

the

crisis

has

eXacerbated

the

gender

divide,

especially

indeveloping

countries,

where

women

eXperienced

a

sharper

decline

in

employment

and

labour

forceparticipation

than

men.

Many

women

face

serious

barriers

to

re-entering

the

labour

force,

especiallywomen

with

young

children.

Support

for

unpaid

domestic

work,

including

childcare,

will

remain

crucialXWORLD

ECONOMIC

SITUATION

AND

PROSPECTS

2022to

reversing

the

gender

divide

in

the

recovery

of

jobs.

More

broadly,

an

inclusive

and

sustainablerecovery

will

require

putting

gender

considerations

at

the

heart

of

social

protection

and

labour

marketpolicies.Fiscal

asymmetries

are

shapinG

recovery

and

developmentprospects

Governments

around

the

world

will

need

to

continue

accommodative

fiscal

stances

and

avoid

thetemptationsofprematurefiscalconsolidation.Thiswillhelpensurearobust,inclusiveandsustainablerecovery.

Yet

differences

in

fiscal

space

and

structural

constraints

across

countries

will

continue

tolimit

the

ability

to

support

pandemic-related

eXpenditures,

including

vaccination,

as

well

as

to

providerelief

to

the

most

vulnerable

and

support

the

restoration

of

employment.Fiscal

and

debt

situations

are

eXtremely

challenging

for

low-income

d