2011—A Pivotal Year for Global Cooperation

Posted on January 4, 2011 by iMFdirect

By John Lipsky

(Version in Español | 中文 | Français | 日本語 | Русский | عربي )

2011 represents a pivotal year for the global economic recovery and for international policy cooperation—as well as for the role of the Fund in addressing these two principal challenges.

With the crisis of 2008-09 receding, and following the unprecedented efforts expended in 2010 developing the outlines of a new, post-crisis world, 2011 will be the year in which post-crisis plans will be implemented, tested, and assessed. If they are deemed to be successful, it will not be an exaggeration to claim that a new model for global economic and financial governance will be under way. If unsuccessful, however, the sense of failure likely would undermine confidence while adding to the formidable list of challenges to be overcome. (more…)

Filed under: Advanced Economies, Africa, Asia, Economic Crisis, Economic outlook, Employment, Europe, Financial Crisis, Financial regulation, Fiscal policy, Fiscal Stimulus, G-20, Global Governance, Globalization, growth, International Monetary Fund, Latin America, Low-income countries, Middle East, Public debt, recession, 中文, عربي | Tagged: , , , , , , , | 3 Comments »

Is There a Silver Lining to Sluggish Credit Growth in the Gulf Countries?

Posted on December 7, 2010 by iMFdirect

By Masood Ahmed

(Version in عربي )

Bank credit has been very slow to pickup in the six nations of the Gulf Cooperation Council (GCC). How big a problem is this for their economic recovery?

Sluggish credit growth in the post-crisis period was hardly a unique development, as indicated in our latest Regional Economic Outlook. More than a dozen countries in the Middle East and Central Asia region, and countless more outside the region, shared this experience. But while there are clearer signs of recovery in some countries, credit to the private sector is still barely growing in the GCC, notwithstanding policy efforts to revive it.

It might seem easy to ring the alarm bells. After all, won’t the prospect of weak credit growth restrain economic activity in the short-term? Perhaps. But we believe the negative impact of credit growth may not be quite so severe.

Why not? In part, that answer lies in how we arrived at the current situation. (more…)

Filed under: Economic Crisis, Economic outlook, Middle East, عربي | Tagged: , , , , , , , , , , , , , | 1 Comment »

More than 18 Million Jobs Needed!

Posted on October 31, 2010 by iMFdirect

By Masood Ahmed

(Version in عربي )

For the six oil-importing countries in the Middle East and North Africa region—Egypt, Jordan, Lebanon, Morocco, Syria, and Tunisia—high unemployment is a chronic problem. Unemployment rates here are among the highest worldwide. This can have enormous economic and social costs, with the potential for what the IMF Managing Director has described as a ‘lost generation’ of unemployed.

Figures for these six countries in the region, outlined in our October 2010 Regional Economic Outlook, are staggering. (more…)

Filed under: Economic Crisis, Economic outlook, Employment, International Monetary Fund, Middle East, عربي | Tagged: , , , , , , , , , , , , , , , , , , , , | 2 Comments »

Raising Competitiveness: Recipe for Tapping into the Middle East’s Growth Potential

Posted on October 29, 2010 by iMFdirect

By Masood Ahmed

(Version in  عربي )

With the global economy on the mend, countries in the Middle East and North Africa are witnessing a pickup in trade and economic growth. Aided by rising oil prices and production levels and supportive fiscal policies, economic growth for the region as a whole is projected to exceed 4 percent in 2010, almost double what it was in 2009.

In contrast, and unlike many emerging markets elsewhere, the region’s oil-importing countries saw only a mild slowdown in economic growth last year to 4½ percent and are likely to see growth nudge up to around 5 percent this year. However, as our October 2010 Regional Economic Outlook for the Middle East points out, that growth rate is well below the average of 6½ percent a year required to create the 18 million jobs needed over the next decade to absorb new labor-market entrants and eliminate chronically high unemployment. (more…)

Filed under: Economic outlook, International Monetary Fund, Middle East, عربي | Tagged: , , , , , , , , , , , , , | Leave a Comment »

Weekend in Washington: Cooperating Our Way Out of Crisis

Posted on October 12, 2010 by iMFdirect

By Dominique Strauss-Kahn

(Version in عربي 中文 Español Français 日本語 Русский )

This past weekend in Washington DC, as the economic leaders of 187 countries gathered for the Annual Meetings of the IMF and World Bank, the mood was tense. The world’s finance ministers and central bank governors were concerned because the global recovery is fragile. And uneven. And it is fragile because it is so uneven.

In the emerging markets of Asia, Latin America, and the Middle East, things are going pretty well. Even in Africa, many countries have returned to growth much faster than in previous recessions. In Europe, however, the recovery is sluggish. And in the United States, it remains subdued. The IMF’s latest economic outlook, released during the meetings, does not anticipate a “double dip.” But there are risks. (more…)

Filed under: Advanced Economies, Annual Meetings, G-20, IMF, International Monetary Fund, Multilateral Cooperation, عربي | Tagged: , , , , , , , , , , , , , , , , , , | 10 Comments »

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