Escaping the Resource Curse

Posted on May 16, 2012 by iMFdirect

In our study, we analyze how fiscal frameworks for resource-rich countries be made more flexible in practice from a practitioner’s perspective, proposing specific options to effectively anchor fiscal policy while allowing for a sustainable scaling up of spending in the context of increased resource revenue.

Filed under: Africa, Asia, Economic outlook, Economic research, Emerging Markets, Employment, Fiscal policy, growth, Inequality, Investment, Latin America, Low-income countries, Middle East, Multilateral Cooperation, Politics, Public debt | Tagged: , , , , , , , , , , , , | Leave a Comment »

Fiscal Consolidation: Striking the Right Balance

Posted on May 8, 2012 by iMFdirect

The debate on austerity vs. growth has gained in intensity, as countries in Europe and elsewhere struggle with low growth, high debt, and rising unemployment. In essence, policymakers are being asked to tackle a continuation of the worst crisis since the Great Depression. This would be no easy task under any circumstances. But it is made considerably harder by the fact that a number of countries need to engage in fiscal consolidation simultaneously. Complicating the picture further is the fact that monetary policy in most advanced economies is approaching the limits of what it technically can do to stimulate activity, while global growth remains weak.

Filed under: Advanced Economies, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Employment, Europe, Finance, Financial Crisis, Fiscal policy, growth, IMF, Inequality, International Monetary Fund, Multilateral Cooperation, Public debt, recession | Tagged: , , , , , , , , , , , , , , , , , | 7 Comments »

How to Get the Balance Right: Fiscal Policy At a Time of Crisis

Posted on May 6, 2012 by iMFdirect

The crisis has harmed growth, increased unemployment, and left a large number of people less protected. We are now seeing some signs of stabilization. Most countries are reducing their deficits and even if debt ratios are still rising, the return back to fiscal health has begun.

Filed under: Advanced Economies, Economic Crisis, Employment, Europe, Financial Crisis, Financial sector supervision, Fiscal policy, Fiscal Stimulus, growth, Inequality, International Monetary Fund, Multilateral Cooperation, Politics, Public debt, recession | Tagged: , , , , , , , , , , , , , , , , , | 8 Comments »

The Art of Shifting Gear

Posted on April 27, 2012 by iMFdirect

The fact is, the global outlook underpins any turnaround in Asia and at this point, it could go either way: too early to declare victory over the forces of financial volatility and contagion. The art then is being prepared for either eventuality and policymakers should be ready to shift gears if, and when, circumstances warrant.

Filed under: Advanced Economies, Asia, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Employment, Europe, Financial Crisis, Fiscal policy, Globalization, growth, Inequality, International Monetary Fund, Multilateral Cooperation, recession | Tagged: , , , , , , , , , , , | 2 Comments »

Spring Is in the Air in Parts of Latin America

Posted on April 25, 2012 by iMFdirect

Most of Latin America stands out from much of the rest of the world—not for great economic performance, but for good performance in a subpar environment. Growth is generally solid, despite a slowdown late last year owing to policy tightening and global volatility. Under our baseline scenario, we expect regional growth to moderate to near 3¾ percent in 2012, down from 4½ percent last year (but modestly up from our January projections).

Filed under: Advanced Economies, Economic Crisis, Economic outlook, Emerging Markets, Employment, G-20, growth, IMF, International Monetary Fund, Latin America, LICs, Multilateral Cooperation | Tagged: , , , , , , , , | 3 Comments »

“Macro…, what?!” The New Buzz on Financial Stability

Posted on March 23, 2012 by iMFdirect

When carefully implemented, macroprudential policy can become a cornerstone of financial stability policy. The dictionary of financial lingo has been given an important new entry.

Filed under: Advanced Economies, Africa, Asia, Debt Relief, Economic Crisis, Economic research, Emerging Markets, Europe, Finance, Financial Crisis, Financial regulation, Financial sector supervision, Fiscal policy, growth, IMF, International Monetary Fund, Latin America, Middle East, Multilateral Cooperation | Tagged: , , , , , , | 6 Comments »

Lagarde: “World Economy Not Out of Danger Zone”

Posted on February 26, 2012 by iMFdirect

“Derailment of the global recovery, which was a clear and distinct danger a few months ago, has been avoided for now thanks to strong policy measures–in particular those of the European Central Bank–and strengthened governance in the euro area, and reforms and adjustment in countries such as Italy, Spain, and Greece,” Lagarde said. “High frequency indicators also now suggest an uptick in activity, mostly in the United States.”

Filed under: Advanced Economies, Economic Crisis, Economic outlook, Emerging Markets, Employment, Europe, Finance, Financial Crisis, Financial regulation, Financial sector supervision, Fiscal policy, Fiscal Stimulus, G-20, growth, IMF, Inequality, International Monetary Fund, Low-income countries, Multilateral Cooperation, Public debt, recession | Tagged: , , , , , , , , , , , | 3 Comments »

Saudi Arabia: a Key Regional and Global Player

Posted on February 8, 2012 by iMFdirect

I leave the Middle East and North Africa region with a sense of hope and resolve to return to the region again soon.

I believe that with determination, the goals of the Arab reform agenda are within reach. Putting such reforms in place will help countries in the region both meet people’s aspirations and help them contribute even more to the rest of the world.

Filed under: Economic Crisis, Economic outlook, Employment, Europe, Global Governance, growth, IMF, Inequality, International Monetary Fund, Middle East, Multilateral Cooperation, recession | Tagged: , , , , , , , , , , , | 2 Comments »

Sins of Emission and Omission in Durban

Posted on January 9, 2012 by iMFdirect

As we slide into another year of tough economic times, it’s easy to understand why policymakers are preoccupied with the next few weeks. But they also need to be thinking about the longer term issue of leaving the planet in reasonable shape for future generations.

Without serious efforts to reduce greenhouse gases, scientists predict that by the end of this century global temperatures could be 2.5 to 6.0 degrees (celsius) higher than a couple of hundred years ago. That could mean more heatwaves, more droughts, higher sea levels, more violent storms—and so on. When you start to think about the potential impact of, say, droughts on the livelihood of farmers, especially in poorer countries… well, you get the point.

While some progress was made in the latest round of United Nations’ climate change negotiations in Durban, South Africa, we saw two major omissions. There was little progress on either carbon pricing or, related, financing for action against climate change. And there was not enough recognition of what economics has to offer to help tackle the problems.

Filed under: Advanced Economies, Emerging Markets, IMF, International Monetary Fund, Low-income countries, Multilateral Cooperation | Tagged: , , , , , , , , , , , | 4 Comments »

Trade Winds—Has the Spectre of Protectionism Blown Away?

Posted on January 5, 2012 by iMFdirect

The global crisis has pushed trade reforms off—or at least to the edge of—the political radar screen. But shying away from improving the trade system may actually jeopardize growth and jobs, and in these tough economic times that seems a little like cutting off your nose to spite your face.

The Fund may not be the main player on the trade ‘block’, but we certainly take an interest given its macroeconomic importance. And, in the spirit of moving forward the discussion, and indeed the policies in support of, trade integration, the Fund has three main lines of work in the pipeline.

Filed under: Advanced Economies, Emerging Markets, Globalization, growth, IMF, International Monetary Fund, Low-income countries, Multilateral Cooperation | Tagged: , , , , , , , , , , , , | 6 Comments »

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