Investment Growth after the Pandemic

Abstract

No AccessFeb 2023Investment Growth after the PandemicAuthors/Editors: World BankWorld BankSearch for more papers by this authorhttps://doi.org/10.1596/978-1-4648-1906-3_ch3AboutView ChaptersFull TextPDF (35.3 MB) ToolsAdd to favoritesDownload CitationsTrack Citations ShareFacebookTwitterLinked In Abstract: Reports that investment growth in emerging market and developing economies (EMDEs) should remain below its average rate of the past two decades through the medium term. This subdued outlook follows a geographically widespread investment growth slowdown in the decade before the COVID-19 pandemic. During the past two decades, investment growth reflected a strong real output growth, robust real credit growth, terms of trade improvements, growth in capital inflows, and investment environment reform spurts. All of these factors have seen a declining trend since the 2007–09 global financial crisis. Policies to boost investment growth require tailoring to country circumstances but include comprehensive fiscal and structural reforms, including repurposing of expenditure on inefficient subsidies. Given EMDEs’ limited fiscal space, the international community will need to significantly scale up international cooperation and official financing and grants as well as help leverage private sector financing for sufficient investment to materialize. ReferencesAksoy, Y, H S Basso, R P Smith, and T Grasl. 2019. “Demographic Structure and Macroeconomic Trends.” American Economic Journal: Macroeconomics 11 (1): 193-222. CrossrefGoogle ScholarAlfaro, L, A Chanda, S Kalemli-Ozcan, and S Sayek. 2004. “FDI and Economic Growth: The Role of Local Financial Markets.” Journal of International Economics 64 (1): 89-112 CrossrefGoogle ScholarAlvarez, F 2017. “Capital Accumulation and International Trade.” Journal of Monetary Economics 91 (C): 1-18. 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