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World Economic Outlook, Executive Board Meeting, April 2, 19991 Directors concurred that, while the global economic slowdown is likely to continue in 1999, the risk of a global recession had [...]

Since the finalization of the May 1998 World Economic Outlook, the recessions in the east Asian emerging market economies suffering from financial crisis and in Japan have deepened. And the [...]

The inflationary process in many developing and transition countries differs from that in the industrial countries because of the larger role of fiscal deficits, which in turn partly reflects the [...]

Given the strong beneficial effects of investment on growth, a challenge for policy in the transition countries is to ensure the availability of resources necessary to finance investment. Fiscal policy [...]

Sustained inflation is a relatively modern phenomenon. Until World War I, the international experience was one of long-run stability of prices: average prices essentially fluctuated around a stationary level, with [...]

Many developing countries lagging behind the emerging market countries have improved their economic performance markedly in recent years on the basis of strong adjustment and reform programs. These include a [...]

The medium-term scenario shown in Table 18 assumes, in particular, that the stabilization and reform programs of the transition countries will be fully implemented. It is unclear, however, whether these [...]

The substantial increase in net private capital flows to developing countries since the late 1980s has been distributed very unevenly in absolute terms among different countries and regions, but much [...]

Traditionally monetary policy has been seen as influencing an economy in the short run, mainly through cost of capital effects - essentially the effects of changes in short-term interest rates [...]

Another key policy challenge for industrial countries is the promotion of high employment. The maintenance of high levels of employment is a primary objective of economic policy in all countries [...]

Banking sector difficulties also may influence the transmission of monetary policy and therefore need to be taken into account. Several factors seem to underlie banking problems in the industrial countries, [...]

World economic growth has continued, on average, at a satisfactory pace, supported in particular by buoyant growth in many emerging market countries. However, growth slowed more markedly than expected during [...]

Robust growth in developing countries in recent years has been associated with increasing openness and greater integration into the global economy (Chart 18). Traditional trade linkages have been deepened and [...]

For the first time since the late 1980s, recorded output is growing in most countries in transition. In some, such as Albania, Poland, and Slovenia, real GDP has already surged [...]

Bond yields and exchange rates have posted relatively large movements over the past year and a half. During 1994, long-term interest rates rose between 175 and 500 basis points across [...]

The Final Act of the Uruguay Round agreement was signed in April 1994 and will become effective in 1995 after ratification by national legislatures. The Uruguay Round will substantially reduce [...]

The outlook for global growth in 1993 and 1994 is little changed from the projections presented in the May 1993 World Economic Outlook. Weaker-than-expected activity in the industrial countries is [...]

During the past two decades there have been wide disparities in the pace of economic growth among developing countries. Differences in the external environment account for some of these divergences, [...]

Previous issues of the World Economic Outlook have examined the consequences of asset price inflation and deflation for private sector financial positions and for the business cycle. Asset price inflation [...]

economic objec- tives in the EC 1 For the United States, Federal Reserve Act, Section 2A, 1913 and subsequent amendments; for Japan, Bank of Japan Act of 1942, Law No. [...]

The dismantling of trade barriers among the industrial countries in the 1950s and 1960s contributed to a period of unprecedented world economic growth. In the 1970s and the 1980s, an [...]

The growth of regional trading arrangements in the postwar period, on balance, has been accompanied by multilateral and unilateral reductions in trade barriers, which may have helped pave the way [...]

The countries in transition--the former centrally planned economies of central Europe, the former Soviet Union, and Mongolia--have adopted, or are in the process of adopting, economic reforms on an unprecedented [...]

This annex provides additional information on three aspects of fiscal adjustment in developing countries discussed in Chapter III: first, the trends in government expenditures and revenues during the last decade [...]

Economic activity in the developing world has been relatively resilient to the slowdown in the industrial countries, partly as a result of recent reductions in macroeconomic imbalances and the adoption [...]

Medium-Term Prospects and Policy Issues in the Industrial Countries This chapter begins with a description of the staff's medium-term baseline projections and continues with an examination of the factors contributing [...]

Medium-Term Prospects and Policy Issues in the Developing Countries Introduction The developing countries, and in particular those with debt-servicing difficulties, face a number of challenges over the medium term. First, [...]

Medium-Term Prospects and Policy Issues in Developing Countries Despite some progress with the debt strategy and the implementation of domestic policy reforms, the economic situation of many indebted developing countries [...]

Medium-Term Prospects and Policy Issues in Developing Countries Since the early 1980s, external payments problems, and in particular the burden of debt, have been the main policy issue in many [...]