March 2011
Summary:
International oil prices increased further amidst continued unrest in the Middle East
Food prices reached new record highs, pushing up inflation worldwide
As this went to press, a devastating earthquake in Japan occurred, causing the loss of thousands?of human lives and huge economic damages
Ministers of Finance and Central Bank Governors of the G20 met in Paris on 18 and 19 February in preparation for the April G20?summit. Recently, differences of approach have been surfacing between G20 members on central issues, such as the re-emergence?of global imbalances, escalations in prices of commodities and fiscal and private sector balances. The meeting succeeded in…
Monthly Briefing on the World Economic Situation and Prospects, No. 29
February 2011
Summary:
International food prices increased to record levels, contributing to both political unrest and greater uncertainty about the global recovery; other commodity prices also increased strongly in January
The economic recovery in the United States and Europe remains too weak to push unemployment ?rates down
Economic growth in developing regions is still robust, though its pace is moderating in some countries
According to the Food and Agriculture Organization of the United Nations (FAO),?the world food price index reached an unprecedented high of 231?in January, accelerating the recent upward trend that started in mid-2010.?The prices of sugar, oil and fats, and cereals…
Monthly Briefing on the World Economic Situation and Prospects, No. 28
January 2011
Summary:
A further slowdown in global economic growth is expected
Developing economies continue to lead the recovery
There are major downside risks for a gloomier outlook, including too early moves to fiscal austerity, further exchange rate volatility and a renewed widening of the global imbalances
After a year of fragile and uneven recovery, global economic growth started?to decelerate on a broad front in mid-2010 and this slowdown is expected to?continue into 2011 and 2012. The United Nations baseline forecast for the?growth of world gross product (WGP) is 3.1 per cent for 2011 and 3.5 per cent?for 2012, which is below the 3.6 per cent estimated for 2010 and the pre-crisis?…
Monthly Briefing on the World Economic Situation and Prospects, No. 27
December 2010
Summary:
European sovereign debt crisis is spreading to larger economies?
Increased volatility in equity and foreign exchange markets
Uneven economic recovery during the third quarter
The euro area?s sovereign debt crisis continues, despite the agreement reached on November 28th which put together a bailout package worth ?85 billion euro ($111 billion) for Ireland. European Union officials also agreed on a mechanism to smooth bond restructurings after 2013, but investors are speculating that European nations will not be able to cut deficits fast enough before that target date, especially as economic growth prospects remain gloomy.
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Monthly Briefing on the World Economic Situation and Prospects, No. 26
November 2010
Summary:
Surges in private capital flows pose challenges to emerging economies and enhance tensions over currencies
European countries go deeper into fiscal austerity
Industrial production growth is slowing worldwide
Heavy floods in Central and West Africa threaten food security
Capital inflows have been returning to emerging economies since the second?half of 2009, after a sharp decline during the height of the global financial?crisis. Portfolio investment inflows have been particularly strong. Portfolio?inflows to emerging economies are estimated to be about $150 billion in?2009 and $190 billion in 2010, well above peak levels registered before the?crisis in 2007. The…
Monthly Briefing on the World Economic Situation and Prospects, No. 25
October 2010
Summary:
Trade tensions and risks of competitive devaluations heighten amidst global economic slowdown and increased turmoil in currency markets
Sovereign debt stress returns in some European countries?
United Nations summit on MDGs secures more than $40 billion for women?s and children?s health
A decelerating global recovery and increased exchange-rate instability among?major reserve currencies have given rise to new trade tensions and could well?trigger a downward spiral of competitive devaluations. The dollar has been?sliding amidst this volatility. Representatives in the United States?Congress have recently approved legislation to impose trade sanctions on countries?China…
Monthly Briefing on the World Economic Situation and Prospects, No. 24
September 2010
Summary:
Global economic recovery is losing steam?
Flooding inflicts immense damage on Pakistan?s economy?
Wheat prices soar following drought in Russia, but no food shortage expected
There are increasing signs of a widespread deceleration in the global recovery. These are particularly alarming in the United States and Japan. The?pace of economic activity in China has also been cooling notably, although?it has been partly engineered by policy measures. Although Germany and?a few other European economies have registered a better-than-anticipated?growth rate in the past quarter, and the recovering momentum seems to?have been maintained so far in other emerging economies such…
Monthly Briefing on the World Economic Situation and Prospects, No. 23
August 2010
Summary:
World trade is nearing full recovery thanks to strong developing country growth
Yet, global economic recovery is losing speed as risk for deflation in developed economies has increased
Despite debt relief, humanitarian situation in Haiti remains alarming
The world economy has been in recovery for about a year. World trade is now?almost back to its 2008 pre-crisis level. But it has been the emerging market?economies and other developing economies that have set the pace of the recovery.?Trade flows to and from these countries already surpassed 2008 pre-crisis levels?in February and have increased further since, albeit at a slowing pace. Trade by?developed economies, in…
Monthly Briefing on the World Economic Situation and Prospects, No. 22
July 2010
Summary:
Global growth may decelerate in the second half of 2010, as the effects of both the upward inventory adjustment and fiscal stimuli fade
G20 leaders agreed to ensure a full return to growth with quality jobs, to reform and strengthen financial systems, and to create strong, sustainable and balanced global growth
China resumed more flexible exchange rate mechanism, while other East Asian Governments introduced measures to manage short-term capital inflows
World financial markets experienced another month of turbulence in June. Concerns about the sustainability of sovereign debt?in some European economies continued to linger, and there were increasing uncertainties about…
Monthly Briefing on the World Economic Situation and Prospects, No. 21
June 2010
Summary:
The world economy is rebounding but the recovery remains uneven, weak and fragile?
At the present speed of the recovery, unemployment rates will take five years to drop to pre-crisis levels
The recovery is still mainly driven by government stimulus measures; concerns about widening ?fiscal deficits are pressuring for withdrawal of stimulus, risking taking steam out of the recovery
As stressed in the recent?World Economic Situation and Prospects as of mid-2010, the world economy continues to rebound from its deepest?crisis since World War II. After contracting by 2.0 per cent in 2009, the?world economy is forecast to grow at 3.0 per cent in 2010 and 3.2 per cent?in 2011…
Monthly Briefing on the World Economic Situation and Prospects, No. 20
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