South Africa is an important economy in sub-Saharan Africa and when growth is high the entire region benefits. But the latest review of South Africa's economy shows real GDP growth is estimated at about 0.4 percent in 2019 and projected to moderately rise to 1½ percent in the medium term: a level insufficient to raise per-capita income and reduce unemployment. In this podcast, economist Ana Lucia Coronel says South Africa's growth slowdown in recent years stems in part from slow reform implementation to tackle structural impediments to growth. Coronel heads the South Africa team and oversees the writing of the IMF's annual assessment of South Africa's economy.
Inefficiencies in South Africa's state-owned enterprises have triggered costly government bailouts of electricity provider Eskom and others. (iStock by Getty Images/brazzo)
Inequality and climate change are two of the most pressing issues of our time, with repercussions likely to last long into the future. In this podcast, IMF Chief Economist Gita Gopinath sits down with two young leaders to talk about how best to tackle these issues. Lyndsay Walsh (Trinity College, Dublin) and Tarik Gooptu (University of Oxford) are both students and both of a generation that is highly motivated to bridge income gaps and stop global warming. Walsh and Gooptu are the winners of an essay competition launched by Finance and Development Magazine. Their essays are published in the December 2019 issue.
Without major efforts to reduce the accumulation of carbon emissions in the atmosphere, future generations will inherit a much warmer planet with risks of dangerous climate events, higher sea levels, and destruction of the natural world. In this podcast, economist Ian Parry makes the case for carbon taxation as the most effective way to nudge people towards cleaner fuels and to encourage them to adopt more efficient appliances or lower emission vehicles. But while convincing people to buy electric cars and more efficient appliances is important, the largest CO2 emitting countries need to work together to make a real dent in global greenhouse gas emissions. That, Parry says, is proving to be difficult. Parry's latest article Putting a Price on Pollution is published in the December 2019 edition of Finance and Development Magazine.
Over two-thirds of global financial institutions have seen an increase in cyberattacks in recent years. In the UK alone, the number of security breaches has increased by over 480%. Cybersecurity is no longer just about firewalls, data encryption, and strong passwords. While those are still necessary, they are not enough to fight a threat that knows no borders. One recent law enforcement operation that started in Spain busted a cyber gang operating in 15 countries and required coordinated efforts with the FBI, Europol and other private companies. In this podcast, three leading specialists in cybersecurity discuss how to create a safer digital world for financial institutions. Carnegie Endowment's Tim Maurer, IMF's Chris Wilson, and Central Bank of Spain's Silvia Senabre participated in a recent workshop on cybersecurity hosted by the IMF.
Tim Maurer is co-director of the Cyber Policy Initiative at the Carnegie Endowment for International Peace and author of Cyber Mercenaries: The State, Hackers, and Power.
Silvia Senabre is a mathematician and computer engineer who works on cybersecurity risk evaluation for the Central Bank of Spain.
Chris Wilson is a Senior Financial Sector Expert in the IMF's Monetary and Capital Markets Department and co-author of Cybersecurity Risk Supervision.