Person:
Grosh, Margaret

Social Protection and Jobs Global Practice
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Social safety nets, Poverty analysis, Labor markets, Social protection
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Social Protection and Jobs Global Practice
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Last updated: January 31, 2023
Biography
Margaret Grosh is the Senior Advisor for the World Bank’s Social Protection and Jobs Global Practice. She has written, lectured, and advised extensively on social protection programs, especially on targeting and cash transfer programs, globally and for Latin America. She has extensive experience with social protection both for responding to a crisis and for improving equality of opportunity. Earlier, she served as Lead Economist in the Latin American and Caribbean Region’s Human Development Department, led the team for Social Assistance in the World Bank’s Global Social Protection Department and, before that, the Living Standard Measurement Study in the Research Department. She holds a Ph.D. in economics from Cornell University.

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Understanding the Poverty Impact of the Global Financial Crisis in Latin America and the Caribbean

2014-06-18, Grosh, Margaret, Bussolo, Maurizio, Freije, Samuel, Grosh, Margaret, Bussolo, Maurizio, Freije, Samuel

Any time there is an economic crisis; there is the very real potential that its consequences for human welfare will be severe. Thus when the developed world plunged into such a crisis in 2008 and growth rates in Latin America and the Caribbean (LAC) began to plummet, fears rose that the region will suffer rising unemployment, poverty, malnutrition, and infant mortality, among other things. This study confirms and quantifies many of the sobering links between crisis and poverty, but it also shows how powerful good policy in stable times is in attenuating those links. It thus underscores the need for sound growth policies, good macro prudential care, fiscal balance, low debt, reasonably flexible exchange rates, and the like to help prevent and manage crises. It equally shows how effective social protection responses built on adequate existing programs can be. This study documents the effects of the 2008-09 global financial crisis on poverty in 12 countries in the LAC region, and it comes away with six big picture messages, each with much nuance and many caveats that are explained briefly in this overview.