In partnership with the University of São Paulo, the SP&PFM programme is carrying out a research study that investigates the relationship between social protection expenditures, inclusive economic growth and macroeconomic stability. The proposed study is particularly relevant in the context of the COVID-19 recovery when economic growth is slowing-down and governments’ budgets are under pressure. Nine countries are examined in the research: Angola, Cabo Verde, Ecuador, Malawi, Mexico, Pakistan, Paraguay, Senegal and Vietnam. Preliminary findings of the research will be available in mid-2021.