Economic Developments  Developments in the Global Economy Major Economies′ Growth Rates (IMF's April 2021 WEO)  Global Growth Rate (IMF's April 2021 WEO)  y/y % chg., % pts 2019 World  2.8  Advanced economies  1.6 2.2  United States  1.3  Euro area United Kingdom  1.4 0.3  Japan Emerging market and developing economies  3.6 5.8  China  4.0  India Latin America  0.2  2021 2022 2020 [Forecast] [Forecast] -3.3 6.0 4.4  5  (0.5)  (0.2)  -4.7  5.1  3.6  (0.2)  (0.8)  (0.5)  -3.5  6.4  3.5  (-0.1)  (1.3)  (1.0)  -6.6  4.4  3.8  2  (0.6)  (0.2)  (0.2)  1  -9.9  5.3  5.1  (0.8)  (0.1)  -4.8  3.3  2.5  (0.3)  (0.2)  (0.1)  -2.2  6.7  5.0  (0.2)  (0.4)  (0.0)  2.3  8.4  5.6  (0.0)  (0.3)  (0.0)  -8.0  12.5  6.9  (0.0)  (1.0)  (0.1)  -7.0  4.6  3.1  (0.4)  (0.5)  (0.2)  CY 2022: +4.4%  CY 2021: +6.0%  6  (0.2)  (0.1)  y/y % chg.  7  4 3  CY 2019: +2.8%  Average from 1980 through 2019: +3.5%  0 -1 -2  CY 2020: -3.3%  -3 -4  IMF forecasts  -5 -6 CY 00  02  04  06  08  10  12  14  16  18  20  22  Note: In the left-hand chart, figures in parentheses are the difference from the forecasts in the January 2021 World Economic Outlook (WEO).
Purchases of public-sector bonds in the secondary market in turn are forbidden, if they circumvent the monetary financing prohibition, i.e. have an effect equivalent to that of purchases in the primary market. We have made sure that this is not the case by putting in place several safeguards4. As one of these safeguards, PSPP purchases adhere to a blackout period, i.e.