At head of title page Research Department; Strategy, Policy, and Review Department

​Overview, Impact, and Looking Forward/ Hites Ahir (RES), Futoshi Narita (RES), and Linda G. Venable (IMF Library) –- 1. Debt-Investment-Growth Nexus/ Daniel Gurara (AFR), Giovanni Melina (RES), and Luis-Felipe Zanna (ICD) -- 2. Monetary Policy in Low-Income Countries/ Hendre Garbers (RES) and D. Filiz Unsal (RES) -- 3. Gender Issues/ Vivian Malta (SPR) -- 4. Income Inequality in Low-Income Countries/ Xin Tang (SPR) -- 5. Diversification/ Mattia Coppo (RES) and Giovanni Melina (RES) -- References

Despite strong economic growth since 2000, many low-income countries (LICs) still face numerous macroeconomic challenges, even prior to the COVID-19 pandemic. Despite the deceleration in real GDP growth during the 2008 global financial crisis, LICs on average saw 4.5 percent of real GDP growth during 2000 to 2014, making progress in economic convergence toward higher-income countries. However, the commodity price collapse in 2014–15 hit many commodity-exporting LICs and highlighted their vulnerabilities due to the limited extent of economic diversification. Furthermore, LICs are currently facing a crisis like no other—COVID-19, which requires careful policymaking to save lives and livelihoods in LICs, informed by policy debate and thoughtful research tailored to the COVID-19 situation. There are also other challenges beyond COVID-19, such as climate change, high levels of public debt burdens, and persistent structural issues. (IMF page)​