•  At the same time, uncertainty will remain with respect to the widespread availability and deployment of a vaccine, which implies that the spectre of potential future containment measures may weigh onto economic activity into 2021. The outlook will be shaped by different forces, which may pull it in different directions.
Consequently, an international consensus has been reached that policy responses in mitigation are needed, in the case of emerging market countries, whose capital flow volatility is greater than that of advanced countries. For the advanced countries, net flow volatility is slight because capital outflows and inflows are mutually offsetting, despite the high volatility of certain types of capital flows.