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Monthly Briefing on the World Economic Situation and Prospects, No. 69

Monthly Briefing on the World Economic Situation and Prospects, No. 69
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Monthly Briefing on the World Economic Situation and Prospects, No. 69
Unit: Global Economic Monitoring Branch (GEMB)Theme: Global Macroeconomic ProspectsSustainable Development Goals: SDG #8: Decent work and economic growth

August 2014

Summary:

  • Global equity markets face potential policy shocks
  • ?BRICS announce the creation of the?New Development Bank
  • ?Argentina defaults on its sovereign debt

Extremely loose monetary policies adopted by major monetary?authorities in developed economies over the past few years have?helped equity markets in both developed and developing economies?to bounce back from the low of 2009.

During the sixth annual summit of the BRICS countries (Brazil,?Russian Federation, India, China and South Africa), the creation?of the New Development Bank (NDB) was officially announced.?The BRICS countries, which together represent approximately 40?per cent of the world population and one fifth of the global economy, established the NDB with the purpose of mobilizing financial?resources for infrastructure and sustainable development projects?in emerging and developing economies.

Download the World Economic Situation and Prospects Monthly Briefing No. 69