There is ample research showing that growth-oriented strategies accompanied by redistribution policies are the most promising path to recovery across the Global South. Rather than imposing cookie-cutter austerity programs, the International Monetary Fund should be following the evidence.
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BOSTON/NAIROBI—With the Iran war sparking economic shocks around the world, the macroeconomic picture for developing countries has darkened. Rising fuel and food prices are draining foreign-exchange reserves and stretching budgets. The pass-through effects on domestic prices have fueled an inflationary spiral. Sovereign bond spreads are pushing the growing number of countries with serious external debt vulnerabilities toward the precipice.
