Monthly Briefing on the World Economic Situation and Prospects, No. 63

• Emerging economies face renewed financial turbulence?
• U.S. economy registered robust GDP growth in the?fourth quarter of 2013
• ?Last quarter of 2013 revealed a heterogeneous?economic performance in developing world

In January 2014, the currencies of several developing economies?depreciated sharply vis-?-vis the U.S. dollar once again, repeating?the episode of the summer of 2013 when the United States Federal?Reserve (Fed) announced its intention to begin tapering the purchase of long-term assets in the near future. This new episode may?indicate a revaluation of financial positions in emerging economies,?triggering further capital outflows and requiring painful monetary?adjustments, particularly for countries that have relied on relatively?accommodative monetary conditions to boost their economies.